Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.
Appears in 1 contract
Samples: Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H1)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates (other than the Interest Only Certificates) will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementJune 2003, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining Available Funds on deposit in the Payment Distribution Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) 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, Class R-III and Class I-A-1 Certificates, in reduction of the 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;
(ii) 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 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;
(iii) 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 such Classes 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 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;
(iv) 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;
(v) Except as provided in (vi) and (vii) 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 (i), (ii), (iii) and (iv) 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.
(vi) 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 (vi) 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.
(vii) 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, (A) 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 (B) 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)(i), (ii), (iii) and (iv) 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 reducex, xxx xxxx xxxxxxxxx xxxxs 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 Payment Date during Class of Certificates after the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Distribution Date on which the Optional Redemption Price 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 distributedless 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 portionshortfall 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, if any, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Optional Redemption Price equal to the sum Certificates of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant related Classes entitled to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trusteesuch 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 has provided the Mortgage Loan data delivered by the Servicer or otherwise, except to the Indenture Trustee pursuant to Section 4.09(aextent of applicable Compensating Interest Payments.
(g) The expenses and fees of the Sale and Servicing Agreement (the "Indenture Trustee Report"), Trust shall deliver or make available the report to be provided paid by the Indenture Trustee pursuant to Section 4.09 each of the Sale REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and Servicing Agreement for such Payment Date to all other expenses and fees of the Trust shall be paid pro rata by each Residual Certificateholderof the REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Securities Administrator monthly on each Distribution Date, commencing in January 2006, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 Available Funds will be distributed in the following order of priority among the Senior Certificates except as otherwise noted: first, to the Class A Certificates and Class A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Certificates as described below; provided, however, that with respect to the Senior Certificates on each Distribution Date, the interest distribution amount that would otherwise be distributed to the Class A-IO Certificates will be reduced by the Required Reserve Fund Deposit (as defined below) and will not be distributed to the Class A-IO Certificates; second, to the Class A Certificates and Class A-IO Certificates, pro rata, 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 to the Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each Class of Senior Certificates for such Distribution Date; and third, to the Class A Certificates, in reduction of the Class Certificate Balance thereof, the Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Available Funds, until the Class Certificate Balance of such Class has been reduced to zero.
(B) 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 remaining Available Funds after the distributions in clause (A) above will be distributed sequentially, in the following order: first, to the Class X-0, Xxxxx X-0, Class M-3 and Class M-IO 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; provided, however, that with respect to the Class M Certificates on each Distribution Date, the interest distribution amount that would otherwise be distributed to the Class M-IO Certificates will be reduced by the Required Reserve Fund Deposit and will not be distributed to the Class M-IO Certificates, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class’s (other than the Class M-IO Certificates) Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining Available Funds second, from the Reserve Fund, to the classes of LIBOR Certificates, Class A-IO Certificates and Class M-IO Certificates, in the manner, order and priority described in Section 6.08 third, to the 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 Available Funds.
(C) 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-II Certificates. It is not anticipated that there will be any significant amounts remaining for such distribution.
(D) 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 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 L of Subordinate Certificates and with the highest payment priority to which Realized Losses have been allocated, 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 Principal Certificate Balance of the Class P Certificate 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 distributed pursuant to this Section 3.11 applied to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Certificate Balance of the each Certificate of such Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderin accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10)
Distributions on the Certificates. The Certificateholders (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) of each Certificate Group will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementJuly 2005, in an amount equal to the Available Funds for the related Loan Group on deposit in the Distribution Account for such Distribution Date and the Pre-Funding Reserve Account in respect of each Loan Group for such Distribution Date. In addition, on the Distribution Date occurring in July 2005, the Sale and Servicing Agreement and Class R Deposit will be distributed to the IndentureHolder of the Class R Certificates in reduction of the Current Principal Amount thereof. With respect to any Payment On each Distribution Date, any amounts remaining the Available Funds for each Loan Group on deposit in the Payment Distribution Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(iA) with respect (I) on each Distribution Date, the Available Funds for Loan Group I will be distributed to any Payment Date during the Managed Amortization Period, concurrentlyClass I-A Certificates and the Group I Component as follows: first, to the Class B Certificateholders I-A Certificates and Group I Component, the Accrued Certificate Interest on each such Class or Component for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class or Component, and with respect to the Class I-A Certificates and the Class L Certificateholdersinitial Distribution Date, 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 prepayment charge 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 including amounts withdrawn from the Class P Certificates until the Class Principal Balance thereof is reduced to zero and A Reserve Fund; second, to the Class B Certificateholders and I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the Class L Certificateholders, pro rata based extent such amount was deducted from the Accrued Certificate Interest on their respective Class Principal Balancesthe Group I Component for such Distribution Date; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlythird, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L I-A Certificates and the Class Principal Balance of Group I Component, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the Class P undistributed Accrued Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect Interest owed to each Payment Date, the Indenture TrusteeClass or Component, to the extent the Servicer has provided the Mortgage of remaining Available Funds for Loan data delivered by the Servicer Group I; and fourth, to the Indenture Trustee pursuant extent of remaining Available Funds for Loan Group I, the related Senior Optimal Principal Amount for such Distribution Date, to: (i) the Class I-A Certificates, pro rata, in reduction of their Current Principal Amounts, until each such Class has been reduced to Section 4.09(azero, and then (ii) the Group I Component, in reduction of the Sale and Servicing Agreement (the "Indenture Trustee Report")Component I-X-1 Principal Balance, shall deliver or make available the report until such amount has been reduced to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderzero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar3)
Distributions on the Certificates. The Certificateholders Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee monthly on each Distribution Date, commencing in September 2004, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 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 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-3 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-3 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, Class II-A-2 and Class II-A-3 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 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 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 Available Funds.
(D) 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 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 Subordinate Percentage equals or exceeds approximately 6.90% on or after the Distribution Date in September 2007 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 50%, then the additional allocation of principal prepayments to the Senior Certificates in accordance with this clause (D) will not be made.
(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 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) or (B) 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 R-II Certificates; provided that if on 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 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 Certificate Principal Balance of the Class L of Subordinate Certificates and with the highest payment priority to which Realized Losses have been allocated, 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 Certificate Principal Balance of the Class P Certificate 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 distributed pursuant to this Section 3.11 applied to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Certificate Principal Balance of the each Certificate of such Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderin accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV INC MLMI Series 2004-A2)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II 5.01(a)(II) of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "“Indenture Trustee Report"”), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.
Appears in 1 contract
Samples: Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-H1)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II 5.01(a)(II) of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.
Appears in 1 contract
Samples: Trust Agreement (Indymac MBS Inc)
Distributions on the Certificates. The Certificateholders (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) of each Certificate Group will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementJuly 2005, in an amount equal to the Available Funds for the related Loan Group on deposit in the Distribution Account for such Distribution Date and the Pre-Funding Reserve Account in respect of each Loan Group for such Distribution Date. In addition, on the Distribution Date occurring in August 2005, the Sale and Servicing Agreement and Class R Deposit will be distributed to the IndentureHolder of the Class R Certificates in reduction of the Current Principal Amount thereof. With respect to any Payment On each Distribution Date, any amounts remaining the Available Funds for each Loan Group on deposit in the Payment Distribution Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(iA) with respect (I) on each Distribution Date, the Available Funds for Loan Group I will be distributed to any Payment Date during the Managed Amortization Period, concurrentlyClass I-A Certificates and the Class X-1 Certificates as follows: first, to the Class B Certificateholders I-A Certificates and the Class L CertificateholdersX-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, pro rata rata, based on their respective Class Principal Balancesthe Accrued Certificate Interest owed to each such Class, provided that, if such Payment Date is a Payment Date immediately following the expiration of the latest prepayment charge term on a Mortgage Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed first, and with respect to the holders of Class I-A Certificates and the initial Distribution Date, including amounts withdrawn from the Class P Certificates until the Class Principal Balance thereof is reduced to zero and A Reserve Fund; second, to the Class B Certificateholders and I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class L Certificateholders, pro rata based on their respective Class Principal BalancesX-1 Certificates for such Distribution Date; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlythird, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L I-A Certificates and the Class Principal Balance of X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the Class P undistributed Accrued Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect Interest owed to each Payment Date, the Indenture TrusteeClass, to the extent the Servicer has provided the Mortgage of remaining Available Funds for Loan data delivered by the Servicer Group I; and fourth, to the Indenture Trustee pursuant to Section 4.09(a) extent of remaining Available Funds for Loan Group I, the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement related Senior Optimal Principal Amount for such Payment Date Distribution Date, to: (i) the Class I-A Certificates, pro rata, in reduction of their Current Principal Amounts, until each such Class has been reduced to each Residual Certificateholderzero, and then (ii) the Class X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar4)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on (a) On each Payment Distribution Date, the Available Distribution Amount for such Distribution Date shall be withdrawn by the Securities Administrator to the extent of funds on deposit in the Distribution Account and distributed as provided directed in this Agreement, accordance with the Sale and Servicing Agreement and the Indenture. With respect to any Payment Remittance Report for such Distribution Date, any amounts remaining in the Payment Account for payment to following order of priority: First, in the Certificateholders pursuant to Section 5.01(a)II following order of priority:
1. from the Sale and Servicing AgreementInterest Remittance Amount, to the Final Maturity Reserve Account, the Final Maturity Reserve Amount, if any, on such Distribution Date;
2. to the extent such funds are received by of the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrentlyremaining Interest Remittance Amount, to the Class B Certificateholders and holders of the Class L Certificateholders, Senior Certificates on a pro rata basis based on their respective the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class Principal Balances, provided that, if and such Payment Date is a Payment Date immediately following Distribution Date;
3. to the expiration extent of the latest prepayment charge term on a Mortgage Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed firstremaining Interest Remittance Amount, to the holders of the Class P Certificates until M-1 Certificates, the Interest Distribution Amount for such Class Principal Balance thereof is reduced for such Distribution Date;
4. to zero and secondthe extent of the remaining Interest Remittance Amount, to the Class B Certificateholders and holders of the Class L CertificateholdersM-2 Certificates, pro rata based on their respective the Interest Distribution Amount for such Class Principal Balancesfor such Distribution Date;
5. to the extent of the remaining Interest Remittance Amount, to the holders of the Class M-3 Certificates, the Interest Distribution Amount for such Class for such Distribution Date;
6. to the extent of the remaining Interest Remittance Amount, to the holders of the Class M-4 Certificates, the Interest Distribution Amount for such Class for such Distribution Date;
7. to the extent of the remaining Interest Remittance Amount, to the holders of the Class M-5 Certificates, the Interest Distribution Amount for such Class for such Distribution Date; and
8. for application as part of Net Monthly Excess Cashflow for such Distribution Date, as described under clause Third below, any such Interest Remittance Amount remaining after application pursuant to clauses (1) through (7) above for such Distribution Date. Second, to pay to the Offered Certificates in respect of principal, to the extent of the Available Distribution Amount remaining on each Distribution Date, the Principal Distribution Amount for each Distribution Date, in the following amount and order of priority:
(A) On each Distribution Date (i) prior to the Stepdown Date or (ii) with respect on which a Trigger Event is in effect, the Principal Distribution Amount for that Distribution Date will be distributed in the following amounts and order of priority:
1. to any Payment Date during the Rapid Amortization PeriodFinal Maturity Reserve Account, the Final Maturity Reserve Amount, if any, remaining unpaid after giving effect to the distribution of the Interest Remittance Amount for such Distribution Date:
2. the Senior Principal Distribution Amount will be distributed to the holders of the Senior Certificates in the following order of priority:
(a) the Senior Sequential Allocation Percentage of the Principal Distribution Amount will be distributed as follows: first, concurrently, to the Class B Certificateholders; provided, furtherA-5 Certificates and Class A-6 Certificates, on a pro rata basis, based on the Payment Certificate Principal Balance of each such class, the Lockout Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance of each such Class has been reduced to zero; second, concurrently, to the Class A-1A Certificates and Class A-1B Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; third, sequentially, to the Class A-2, Class A-3 and Class A-4 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and fourth, concurrently, to the Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; and
(b) the Pass-Through Allocation Percentage of the Principal Distribution Amount, to the Class A-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
3. to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
4. to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
5. to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
6. to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
7. to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
8. for application as part of Net Monthly Excess Cashflow for such Distribution Date, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (7) above for such Distribution Date.
(B) On each Distribution Date (i) on or after the Stepdown Date or (ii) on which the Optional Redemption Price a Trigger Event is distributednot in effect, the portionPrincipal Distribution Amount for that Distribution Date will be distributed in the following amounts and order of priority:
1. to the Final Maturity Reserve Account, the Final Maturity Reserve Amount, if any, remaining unpaid after giving effect to the distribution of the Optional Redemption Price Interest Remittance Amount for such Distribution Date:
2. the Senior Principal Distribution Amount will be distributed to the holders of the Senior Certificates in the following order of priority:
(a) the Senior Sequential Allocation Percentage of the Senior Principal Distribution Amount will be distributed as follows: first, concurrently, to the Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, the Lockout Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance of each such Class has been reduced to zero; second, concurrently, to the Class A-1A Certificates and Class A-1B Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; third, sequentially, to the Class A-2, Class A-3 and Class A-4 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and fourth, concurrently, to the Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; and
(b) the Pass-Through Allocation Percentage of the Senior Principal Distribution Amount, to the Class A-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
3. to the Class M-1 Certificates, in an amount equal to the sum Class M-1 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof has been reduced to zero.
4. to the Class M-2 Certificates, in an amount equal to the Class M-2 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof has been reduced to zero.
5. to the Class M-3 Certificates, in an amount equal to the Class M-3 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof has been reduced to zero.
6. to the Class M-4 Certificates, in an amount equal to the Class M-4 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof has been reduced to zero.
7. to the Class M-5 Certificates, in an amount equal to the Class M-5 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof has been reduced to zero.
8. for application as part of Net Monthly Excess Cashflow for such Distribution Date, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (7) above for such Distribution Date. Notwithstanding the foregoing, on any Distribution Date after the Certificate Principal Balances of the Mezzanine Certificates have been reduced to zero, the Senior Principal Distribution Amount for that Distribution Date will be allocated among the Senior Certificates concurrently and on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero. Third, after the payment of interest and principal to the Certificates as described in Clauses First and Second above and after taking into account distributions to the Offered Certificates from the Supplemental Interest Trust, any Net Monthly Excess Cashflow for such Distribution Date in the following manner and order of priority:
(i) concurrently, to the holders of the Senior Certificates, on a pro rata basis, based on the entitlement of each such Class, any remaining Interest Carry Forward Amount for each such Class for such Distribution Date;
(ii) sequentially, to the holders of the Class Principal Balance X-0, Xxxxx X-0, Class M-3, Class M-4 and Class M-5 Certificates, in that order, first, any remaining Interest Distribution Amount and any remaining Interest Carry Forward Amount for each such Class for such Distribution Date;
(iii) to the Reserve Fund and then from the Reserve Fund to the holders of the Senior Certificates, concurrently, any Net WAC Rate Carryover Amount for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class; provided, however that any distribution to the Class A-4 Certificates pursuant to the clause (iii) will be made prior to giving effect to amounts paid under the Cap Contract;
(iv) to the Reserve Fund and then from the Reserve Fund, sequentially, to the holders of the Class L X-0, Xxxxx X-0, Class M-3, Class M-4 and Class M-5 Certificates, in that order, any Net WAC Rate Carryover Amount for each such Class for such Distribution Date;
(v) concurrently, to the holders of the Senior Certificates, any Realized Loss Amortization Amount for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class;
(vi) sequentially, to the holders of the Class X-0, Xxxxx X-0, Class M-3, Class M-4 and Class M-5 Certificates, in that order, any Realized Loss Amortization Amount for each such Class for such Distribution Date;
(vii) to the Supplemental Interest Trust, any Swap Termination Payment owed to the Swap Provider in the event of a Swap Provider Trigger Event and the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the ISDA Master Agreement) not paid on prior Distribution Dates and to the extent not paid by the Securities Administrator from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee;
(viii) to the Final Maturity Reserve Account, the Supplemental Final Maturity Reserve Amount for such Distribution Date;
(ix) to the Class X Certificates, the Class X Distribution Amount; and
(x) to the Class R Certificates in respect of the Class R-II Interest, any remaining amounts.
(b) 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 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 Certificate Certificates.
(c) On the Distribution Date in June 2012, the Securities Administrator shall be distributed pursuant to this Section 3.11 make a payment of principal to the Class L Certificateholders P Certificates in reduction of the Certificate Principal Balance thereof from amounts on deposit in a separate reserve account established and maintained by the Securities Administrator for the exclusive benefit of the Class P Certificateholders.
(d) Subject to Section 10.02 hereof respecting the final distribution on a Class of Certificates, respectively, and on each Distribution Date the portion remainingSecurities Administrator shall make distributions to each Holder of a 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 any, of (i) such Holder has so notified the Optional Redemption Price equal Securities Administrator at least five (5) Business Days prior to the related Record Date and (ii) such Holder shall hold Regular Certificates with aggregate principal denominations of not less than $1,000,000 or evidencing a Percentage Interest aggregating ten percent (10%) or more with respect to such Class Principal Balance or, if not, by check mailed by First Class Mail to such Certificateholder at the address of such Holder appearing in the Class B Certificate Register. Notwithstanding the foregoing, but subject to Section 10.02 hereof respecting the final distribution, distributions with respect to the Certificates registered in the name of a Depository shall be distributed pursuant made to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make such Depository in immediately available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderfunds.
Appears in 1 contract
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementMay 2002, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price an aggregate amount equal to the sum of the Class Principal Balance of Available Funds for such Distribution Date. On each Distribution Date, the Class L Certificates and the Class Principal Balance of the Class P Certificate Available Funds shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to follows:
(A) on each Payment Distribution Date, the Indenture TrusteeAvailable Funds will be distributed to the Senior Certificates as follows: FIRST, to the 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 Senior Certificates 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 described below; SECOND, to the Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds; and THIRD, the Servicer has provided the Mortgage Loan data delivered by the Servicer Senior Optimal Principal Amount for such Distribution Date to the Indenture Trustee pursuant extent of remaining Available Funds shall be distributed as follows:
(a) sequentially, in the following order, to Section 4.09(a) the Class R-I Certificates and Class R-II Certificates, in reduction of the Sale Current Principal Amounts thereof, until the Current Principal Amounts of such Classes have been reduced to zero; and
(b) to the Class A-1 Certificates and Servicing Agreement Class A-2 Certificates, on a pro rata basis, based on the Current Principal Amounts thereof, until the Current Principal Amounts of such Classes have been reduced to zero;
(B) On each Distribution Date on or prior to the "Indenture Trustee Report")Cross-Over Date, shall deliver or make available an amount equal to the report remaining Available Funds after the distributions in (A) above will be distributed to be provided by the Indenture Trustee pursuant Class A-3 Certificates, up to Section 4.09 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 Sale and Servicing Agreement for such Payment remaining Available Funds.
(C) On each Distribution Date on or prior to each Residual Certificateholder.the Cross-Over Date, an amount equal to the sum of the remaining Available Funds after the distributions in (A) and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Securities Administrator monthly on each Distribution Date, commencing in November 2005, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 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 REMIC III I-A Certificates and Class I-A-IO Certificates, pro rata, the Accrued Certificate Interest on each Class of Group I Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III I-A Certificates and Class I-A-IO 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 third, to the REMIC III 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 REMIC III II-A Certificates and Class II-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group II Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III II-A Certificates 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 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 third, to the REMIC III 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 Senior Certificates except as otherwise noted: first, to the REMIC III III-A Certificates and Class III-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group III Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III III-A Certificates and Class III-A-IO 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 third, to the REMIC III 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, including any Swap Payments, 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 and Class IV-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group IV Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group IV Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group IV Certificates as described below; second, to the Class IV-A Certificates and Class IV-A-IO 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 Class IV-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of 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, the Group V Available Funds will be distributed in the following order of priority to the Group V Certificates except as otherwise noted: first, to the Class V-A Certificates and Class V-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group V Certificates 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 interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class V-A Certificates as described below; second, to the Class V-A Certificates and Class V-A-IO 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 each class of Group V Certificates for such Distribution Date; and third, to the Class V-A Certificates, 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) 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, Group IV and Group V Available Funds after the distributions in clauses (A), (B), (C), (D) and (E) above and after any distributions required to be made pursuant to clauses (G) and (H) below, will be distributed first, 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 the Accrued Certificate Interest thereon for such Distribution Date, second, 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, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and third, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates such Class’s Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining Available Funds.
(G) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the aggregate Class Certificate Balance of the Senior Certificates of a Certificate Group to zero, the remaining Class or Classes of Senior Certificates in the remaining Certificate Group or Groups, will be entitled to receive in reduction of their Class Certificate Balances, pro rata based upon their Class Certificate Balances immediately prior to such Distribution Date, in addition to any principal payments related to such remaining Senior Certificates’ respective Loan Group allocated to such Senior Certificates, 100% of the principal payments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if both (a) the weighted average Subordinate Percentage equals or exceeds 200% of the original Subordinate Percentage as of the Closing Date on or after the Distribution Date in November 2008 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 L Certificate Balance of the Class M Certificates and Class B Certificates, does not exceed 100%, then the additional allocation of principal payments to the Senior Certificates in accordance with this clause (G) will not be made and 100% of the principal payments 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.
(H) 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 P Certificate shall 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 pursuant to this Section 3.11 to the Class L Certificateholders and Undercollateralized Senior Certificates in reduction of the Class P CertificateholdersCertificate Balances thereof, respectively, and until the portion remaining, if any, aggregate Class Certificate Balance of the Optional Redemption Price such Class or Classes of Undercollateralized Senior Certificates is equal to the Class 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 B or Classes of Undercollateralized Senior Certificates shall be distributed pursuant to this Section 3.11 clause first of clauses (A), (B), (C), (D) or (E) 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 CertificateholdersB-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 applicabledescribed above, will be distributed to the Class R-III Certificates; provided that if on any Distribution Date on and after the Credit Support Depletion Date there are any Group I, Group II, Group III, Group IV or 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 R-III Certificates. With It is not anticipated that there will be any significant amounts remaining for such distribution. In addition to the foregoing distributions, with respect to each Payment Dateany Subsequent Recoveries, the Indenture Trustee, to Master Servicer shall deposit such amounts into the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee Protected Account pursuant to Section 4.09(a) 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 Sale 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 Servicing Agreement (whose Class Certificate Balance has been reduced to zero, but not by more than the "Indenture Trustee Report"), shall deliver or make available the report amount of Realized Losses previously allocated to be provided by the Indenture Trustee that Class of Certificates pursuant to Section 4.09 6.02(a). The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Sale 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 Servicing Agreement 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 Payment Date increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Residual CertificateholderCertificate of such Class in accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee monthly on each Distribution Date, commencing in September 2004, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 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 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 Certificates, the Accrued Certificate Interest on the Class II-A Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Class II-A 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 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 Class II-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class II-A Certificates for such Distribution Date; and third, to the Class II-A Certificates 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 Senior Certificates except as otherwise noted: first, to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, pro rata, the Accrued Certificate Interest on each Class of the Group III Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group III Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Group III Senior Certificates as described below; second, to the Class III-A-1, Class III-A-2 and Class III-A-3 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 Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group III Senior Certificates for such Distribution Date; and third, to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, pro rata, 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-1, Class IV-A-2 and Class IV-A-3 Certificates, pro rata, the Accrued Certificate Interest on each Class of the Group IV Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group IV Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Group IV Senior Certificates as described below; second, to the Class IV-A-1, Class IV-A-2 and Class IV-A-3 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 Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group IV Senior Certificates for such Distribution Date; and third, to the Class IV-A-1, Class IV-A-2 and Class IV-A-3 Certificates, pro rata, 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 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 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 -86- Subxxxxxxxx Xxxxxxxxxx xxxxxx xx xxxxxxx xxproximately 7.30% on or after the Distribution Date in September 2007 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 50%, then the additional allocation of principal prepayments to the Senior Certificates in accordance with this clause (F) will not 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 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 R-II Certificates; provided that if on any Distribution 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 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 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 Certificate Principal Balance of the Class L of Subordinate Certificates and with the highest payment priority to which Realized Losses have been allocated, 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 Certificate Principal Balance of the Class P Certificate 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 distributed pursuant to this Section 3.11 applied to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Certificate Principal Balance of the each Certificate of such Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderin accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Securities Administrator monthly on each Distribution Date, commencing in January 2006, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 Available Funds will be distributed in the following order of priority among the Senior Certificates except as otherwise noted: first, to the Class A Certificates and Class A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Certificates as described below; provided, however, that with respect to the Senior Certificates on each Distribution Date, the interest distribution amount that would otherwise be distributed to the Class A-IO Certificates will be reduced by the Required Reserve Fund Deposit (as defined below) and will not be distributed to the Class A-IO Certificates; second, to the Class A Certificates and Class A-IO Certificates, pro rata, 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 to the Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each Class of Senior Certificates for such Distribution Date; and third, to the Class A Certificates, in reduction of the Class Certificate Balance thereof, the Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Available Funds, until the Class Certificate Balance of such Class has been reduced to zero.
(B) 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 remaining Available Funds after the distributions in clause (A) above will be distributed sequentially, in the following order: first, to the Class X-0, Xxxxx X-0, Class M-3 and Class M-IO 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; provided, however, that with respect to the Class M Certificates on each Distribution Date, the interest distribution amount that would otherwise be distributed to the Class M-IO Certificates will be reduced by the Required Reserve Fund Deposit and will not be distributed to the Class M-IO Certificates, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class’s (other than the Class M-IO Certificates) Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining Available Funds second, from the Reserve Fund, to the classes of LIBOR Certificates, Class A-IO Certificates and Class M-IO Certificates, in the manner, order and priority third, to the 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 Available Funds.
(C) 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-II Certificates. It is not anticipated that there will be any significant amounts remaining for such distribution.
(D) 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 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 L of Subordinate Certificates and with the highest payment priority to which Realized Losses have been allocated, 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 Principal Certificate Balance of the Class P Certificate 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 distributed pursuant to this Section 3.11 applied to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Certificate Balance of the each Certificate of such Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderin accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10)
Distributions on the Certificates. The Certificateholders will (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds for such Distribution Date shall be entitled withdrawn by the Trustee from the Distribution Account to distributions the extent of funds on deposit therein and distributed for such Distribution Date, in the following order of priority: First, from Interest Funds, from each Loan Group on a pro rata basis, on each Payment DateDistribution Date on and after the Distribution Date in April 2016, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreementif applicable, to the extent Final Maturity Reserve Account, an amount equal to the related Coupon Strip for such funds are received by Distribution Date. Second, to pay any accrued and unpaid interest on the Owner Trusteerelated Class A, shall be distributed by Class B and Class X Certificates in the Owner Trustee as followsfollowing order of priority:
(i) with 1. From remaining Interest Funds in respect to any Payment Date during the Managed Amortization Period, concurrentlyof:
a. Loan Group I, to the Class B Certificateholders I-A Certificates, the Current Interest and then any Interest Carry Forward Amount for such Class;
b. Loan Group II, first, to each Class of Class II-A Certificates, the Current Interest and then any Interest Carry Forward Amount for each such Class, pro rata, based on the amounts owed to 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 but only to the extent of the portion of any delinquent interest collections received on the related Mortgage Loans that resulted in such Deficiency Amount on a prior Distribution Date and would otherwise be payable to the Class II-A-2 Certificates;
c. Loan Group III, to each Class of Class III-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
d. Loan Group IV, to each Class of Class IV-A Certificates and the Class L CertificateholdersIV-X Certificates, the Current Interest and then any Interest Carry Forward Amount for each such Class, pro rata rata, based on their respective Class Principal Balances, provided that, if the Current Interest and Interest Carry Forward Amount due to each such Payment Date is a Payment Date immediately following the expiration Class;
2. From remaining Interest Funds in respect of the latest prepayment charge term on a Mortgage all Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed firstGroups, to the holders Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6 and Class B-7 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 Principal Distribution Amount and distributed in accordance with Third (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 Fourth through Fifteenth below. Third, to pay as principal on the Class P A and Class B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect, from the Principal Funds and the Extra Principal Distribution Amount for such Distribution Date:
(a) An amount equal to the Group I Principal Distribution Amount will be distributed to the Class I-A Certificates until the Current Principal Amount of such Class is reduced to zero;
(b) An amount equal to the Group II Principal Balance thereof Distribution Amount will be distributed first to each Class of Class II-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero and second, to the Class B Certificateholders 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 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 L CertificateholdersII-A-2 Certificates;
(c) To the Class III-A Certificates, an amount equal to the Group III Principal Distribution Amount will be distributed on a pro rata based basis until the Current Principal Amount of each such Class is reduced to zero;
(d) To the Class IV-A Certificates, an amount equal to the Group IV Principal Distribution Amount will be distributed on their respective a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. To the Class B-1 Certificates, any remaining Principal BalancesDistribution 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;
6. To the Class B-5 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. To the Class B-6 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
8. To the Class B-7 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
(iiB) For each Distribution Date on or after the Stepdown Date, so long as a Trigger Event is not in effect, from the Principal Funds and the Extra Principal Distribution Amount for such Distribution Date:
(a) An amount equal to the Class I-A Principal Distribution Amount will be distributed to the Class I-A Certificates until the Current Principal Amount of such Class is reduced to zero;
(b) An amount equal to the Class II-A Principal Distribution Amount will be distributed first to each class of Class II-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 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 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 II-A-2 Certificates;
(c) To the Class III-A Certificates, an amount equal to the Class III-A Principal Distribution Amount will be distributed on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
(d) To the Class IV-A Certificates, an amount equal to the Class IV-A Principal Distribution Amount will be distributed on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. To the Class B-1 Certificates, from any Payment Date during remaining Principal Distribution Amount, the Rapid Amortization PeriodClass B-1 Principal Distribution Amount, concurrentlyuntil 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;
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;
7. To the Class B-6 Certificates, from any remaining Principal Distribution Amount, the Class B-6 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; and
8. To the Class B-7 Certificates, from any remaining Principal Distribution Amount, the Class B-7 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero. Fourth, from any Excess Cashflow, first, to the Class B CertificateholdersI-A, Class II-A, Class III-A and Class IV-A Certificates, pro rata in accordance with the respective amounts owed to each such Class, (i) any Interest Carry-Forward Amount for each such Class to the extent not fully paid pursuant to subclauses Second 1 above and (ii) any Unpaid Realized Loss Amount for each such class, allocated to such Class from Mortgage Loans in the related Loan Group, for such Distribution Date and second, to the Certificate Insurer, any accrued and unpaid Reimbursement Amounts to the extent not paid in pursuant to priority Second 1(b); providedFifth, furtherfrom any remaining Excess Cashflow, the following amounts to the Class B-1 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Sixth, from any remaining Excess Cashflow, the following amounts to the Class B-2 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Seventh, from any remaining Excess Cashflow, the following amounts to the Class B-3 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Eighth, from any remaining Excess Cashflow, the following amounts to the Class B-4 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Ninth, from any remaining Excess Cashflow, the following amounts to the Class B-5 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Tenth, from any remaining Excess Cashflow, the following amounts to the Class B-6 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Eleventh, from any remaining Excess Cashflow, the following amounts to the Class B-7 Certificates: (a) any Interest Carry Forward Amount and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Twelfth, from any remaining Excess Cashflow, to the Class I-A, Class II-A, Class III-A and Class IV-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 Payment Date on which Basis Risk Shortfall and Basis Risk Shortfall Carry Forward Amount owed to each such Class; Thirteenth, from any remaining Excess Cashflow, to the Optional Redemption Price is distributedClass B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6 and Class B-7 Certificates, in that order, any Basis Risk Shortfall and any Basis Risk Shortfall Carry Forward Amount, in each case owed to such Class for such Distribution Date; Fourteenth, from any remaining Excess Cashflow, to the Class B-IO Certificates, the portionClass B-IO Distribution Amount for such Distribution Date; and Fifteenth, if any, of the Optional Redemption Price equal any remaining amounts to the sum Residual Certificates. All payments of amounts in respect of Basis Risk Shortfall or Basis Risk Shortfall Carry Forward Amount made pursuant to the provisions of this paragraph (a) shall, for federal income tax purposes, be deemed to have been distributed from REMIC IV to the holder of the Class Principal Balance B-IO Certificates and then paid outside of any 2006-AR3 REMIC to the recipients thereof pursuant to an interest rate cap contract. By accepting their Certificates the holders of the Class L Certificates and the Class Principal Balance agree so to treat such payments for purposes of filing their income tax returns. For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Class P Certificate shall be distributed pursuant to this Section 3.11 Modified Net Rate Cap, to the Class L Certificateholders A and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be treated as paid outside of any 2006-AR3 REMIC and shall not be part of the entitlement of the REMIC IV Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.
(b) Notwithstanding the provisions of clauses Third (A) and (B) above, if on any Distribution Date the certificates in a Certificate Group are no longer outstanding, the portion of the Principal Distribution Amount or the related Class A Principal Distribution Amount, as applicable, otherwise allocable to such Certificate Group will be allocated among the other Certificate Groups, pro rata, based on the aggregate Certificate Balance of the Certificate Group, after giving effect to distributions in Third (A) and (B) above, and will be distributed pursuant among the Certificates in each Certificate Group in the manner set forth in Third (A) or (B) above, as applicable, until the Certificate Principal Balance of each such Class is reduced to this Section 3.11 zero.
(c) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of 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 B Certificateholders, as applicable. With respect XP Certificates and shall not be available for distribution to the holders of any other Class of Certificates.
(d) The expenses and fees of the Trust shall be paid by each Payment Date, of the Indenture Trustee2006-AR3 REMICs, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer that such expenses relate to the Indenture Trustee pursuant to Section 4.09(a) assets of each of such respective 2006-AR3 REMICs, and all other expenses and fees of the Sale and Servicing Agreement (the "Indenture Trustee Report"), Trust shall deliver or make available the report to be provided paid pro rata by the Indenture Trustee pursuant to Section 4.09 each of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder2006-AR3 REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GreenPoint MFT 2006-Ar3)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Securities Administrator monthly on each Distribution Date, commencing in November 2005, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer or the Securities Administrator, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 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 REMIC III I-A Certificates and Class I-A-IO Certificates, pro rata, the Accrued Certificate Interest on each Class of Group I Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III I-A Certificates and Class I-A-IO 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 third, to the REMIC III 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 REMIC III II-A Certificates and Class II-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group II Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III II-A Certificates 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 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 third, to the REMIC III 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 Senior Certificates except as otherwise noted: first, to the REMIC III III-A Certificates and Class III-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group III Certificates for such Distribution Date. As described below, Accrued Certificate Interest on each class of 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; second, to the REMIC III III-A Certificates and Class III-A-IO 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 third, to the REMIC III 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 and Class IV-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group IV Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group IV Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group IV Certificates as described below; second, to the Class IV-A Certificates and Class IV-A-IO 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 Class IV-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of 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, the Group V Available Funds will be distributed in the following order of priority to the Group V Certificates except as otherwise noted: first, to the Class V-A Certificates and Class V-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group V Certificates 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 interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class V-A Certificates as described below; second, to the Class V-A Certificates and Class V-A-IO 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 each class of Group V Certificates for such Distribution Date; and third, to the Class V-A Certificates, 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) 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, Group IV and Group V Available Funds after the distributions in clauses (A), (B), (C), (D) and (E) above and after any distributions required to be made pursuant to clauses (G) and (H) below, will be distributed first, 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 the Accrued Certificate Interest thereon for such Distribution Date, second, 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, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and third, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates such Class’s Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining Available Funds.
(G) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the aggregate Class Certificate Balance of the Senior Certificates of a Certificate Group to zero, the remaining Class or Classes of Senior Certificates in the remaining Certificate Group or Groups, will be entitled to receive in reduction of their Class Certificate Balances, pro rata based upon their Class Certificate Balances immediately prior to such Distribution Date, in addition to any principal payments related to such remaining Senior Certificates’ respective Loan Group allocated to such Senior Certificates, 100% of the principal payments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if both (a) the weighted average Subordinate Percentage equals or exceeds 200% of the original Subordinate Percentage as of the Closing Date on or after the Distribution Date in November 2008 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 L Certificate Balance of the Class M Certificates and Class B Certificates, does not exceed 100%, then the additional allocation of principal payments to the Senior Certificates in accordance with this clause (G) will not be made and 100% of the principal payments 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.
(H) 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 P Certificate shall 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 pursuant to this Section 3.11 to the Class L Certificateholders and Undercollateralized Senior Certificates in reduction of the Class P CertificateholdersCertificate Balances thereof, respectively, and until the portion remaining, if any, aggregate Class Certificate Balance of the Optional Redemption Price such Class or Classes of Undercollateralized Senior Certificates is equal to the Class 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 B or Classes of Undercollateralized Senior Certificates shall be distributed pursuant to this Section 3.11 clause first of clauses (A), (B), (C), (D) or (E) 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 CertificateholdersB-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 applicabledescribed above, will be distributed to the Class R-III Certificates; provided that if on any Distribution Date on and after the Credit Support Depletion Date there are any Group I, Group II, Group III, Group IV or 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 R-III Certificates. With It is not anticipated that there will be any significant amounts remaining for such distribution. In addition to the foregoing distributions, with respect to each Payment Dateany Subsequent Recoveries, the Indenture Trustee, to Master Servicer shall deposit such amounts into the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee Protected Account pursuant to Section 4.09(a) 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 Sale 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 Servicing Agreement (whose Class Certificate Balance has been reduced to zero, but not by more than the "Indenture Trustee Report"), shall deliver or make available the report amount of Realized Losses previously allocated to be provided by the Indenture Trustee that Class of Certificates pursuant to Section 4.09 6.02(a). The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Sale 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 Servicing Agreement 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 Payment Date increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Residual CertificateholderCertificate of such Class in accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementNovember 2005, in an aggregate amount equal to the Available Funds for such Distribution Date. On each Distribution Date, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, Available Funds shall be distributed by the Owner Trustee as follows, provided, however, that any Swap Payment on deposit in the Swap Account shall be used solely to make payments pursuant to clauses (iii) and (iv) below:
(i) with respect to any Payment Date during FIRST, from amounts on deposit in the Managed Amortization Period, concurrentlySwap Account, to the Class B Certificateholders and Swap Provider, the related Net Swap Payment (as defined herein), if any, for such Distribution Date, plus any related Net Swap Payment remaining unpaid from previous Distribution Dates;
(ii) SECOND, from amounts on deposit in the Swap Account, to the Swap Provider, any related Swap Termination Payments (other than any related Swap Termination Payments resulting from a Swap Provider Trigger Event);
(iii) THIRD, to the Certificateholders, Accrued Certificate Interest on the Class L I-A Certificates for such Distribution Date;
(iv) FOURTH, to the 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 prepayment charge term on a Mortgage Loan identified any Accrued Certificate Interest on the Mortgage Loan ScheduleClass I-A Certificates remaining undistributed from previous Distribution Dates, or to the extent of remaining Available Funds;
(v) FIFTH, any Payment Date thereafter, then such funds principal distributions received from the Underlying Class I-A Certificates shall be distributed first, to the holders Certificates, in reduction of the Class P Certificates Current Principal Amount thereof, until the Class Current Principal Balance Amount thereof is has been reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balanceszero; and
(iivi) SIXTH, from amounts on deposit in the Swap Account, to the related Swap Provider, any related Swap Termination Payments resulting from a Swap Provider Trigger Event.
(b) No Accrued Certificate Interest will be payable with respect to any Payment Date during the Rapid Amortization Period, concurrently, to Certificates after the Class B Certificateholders; provided, further, on the Payment Distribution Date on which the Optional Redemption Price is distributed, the portion, if any, Current Principal Amount of the Optional Redemption Price equal Certificates has been reduced to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderzero.
Appears in 1 contract
Samples: Grantor Trust Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Securities Administrator monthly on each Distribution Date, commencing in November 2007, as follows:
(i) with respect to any Payment Date during instructed by the Managed Amortization PeriodMaster Servicer, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 Available Funds will be distributed in the following order of priority among the 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 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 Senior Certificates, pro rata, the Accrued Certificate Interest for such Distribution Date. As described below, Accrued Certificate Interest is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Certificates as described below; third, to the Senior Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates (reduced by any Deferred Interest previously allocated on each prior Distribution Date), to the extent of remaining Available Funds, any shortfall in available amounts being allocated to the Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Certificates for such Distribution Date; fourth, concurrently (i) sequentially to the Class A-R Certificate until the Certificate Principal Balance of such class has been reduced to zero and then to the Class A-1 and Class A-2 Certificates, pro rata, in reduction of their respective Certificate Principal Balances, the Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Available Funds, until the Certificate Principal Balances of such classes have been reduced to zero and (ii) to the Class X Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; fifth, 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 (reduced by any Deferred Interest allocable thereto), (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates (reduced by any Deferred Interest previously allocated on each prior Distribution Date) and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining Available Funds; and sixth, 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. Any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated first to the Class X Certificates (by increasing the Class X-PO Component Principal Balance) to the extent of interest otherwise accrued on such class for such Interest Accrual Period. Thereafter, Deferred Interest for any Distribution Date will be allocated pro rata based upon the Accrued Certificate Interest for each class other than the Class X Certificates for such Distribution Date. The amount of the shortfall in Accrued Certificate Interest distributable to each class of Certificates attributable to Net Negative Amortization will be added to the Certificate Principal Balance of that class. As a result of Net Negative Amortization, a portion of the interest accrued on the Certificates will be distributed to such Certificates later than otherwise anticipated. 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 Certificate Principal Balance of the Class L 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 Certificate Principal 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 Certificate Principal Balance of the Class P 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 distributed pursuant to this Section 3.11 applied to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Certificate Principal Balance of the each Certificate of such Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholderin accordance with its respective Percentage Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on (a) On each Payment Distribution Date, an amount equal to the Interest Funds and Principal Funds for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account and distributed as provided directed in this Agreement, accordance with the Sale and Servicing Agreement and the Indenture. With respect to any Payment Remittance Report for such Distribution Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II following order of the Sale and Servicing Agreementpriority: FIRST, to pay any accrued and unpaid interest on the extent such funds are received by Certificates, in the Owner Trustee, shall be distributed by the Owner Trustee as followsfollowing order of priority:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently1. From Interest Funds, to the Class B Certificateholders A Certificates, the Current Interest and then any Interest Carry Forward Amount for such Class;
2. From remaining Interest Funds, to the Class M-1 Certificates, the Class M-2 Certificates and the Class L CertificateholdersM-3 Certificates, pro rata based on their respective Class sequentially, in that order, the Current Interest for each such Class;
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 Balances, provided that, if such Payment Date is a Payment Date immediately following the expiration Distribution Amount and will be included as part of the latest prepayment charge term on a Mortgage Loan identified Principal Distribution Amount and distributed in accordance with clauses 1, 2, 3 and 4 of SECOND (A) below; and
4. Any Remaining Excess Spread will be added to any Excess Overcollateralization Amount and will be applied as Excess Cashflow pursuant to clauses THIRD through NINTH below. Notwithstanding the provisions of clause FIRST 3 and 4, above, on the Mortgage Loan Schedulefirst Distribution Date, or the Excess Spread (exclusive of any Payment Date thereafter, then amount thereof necessary to offset any Realized Losses for such funds shall Distribution Date) will be distributed first, paid to the holders of the Class P B-IO Certificates. On any Distribution Date, any shortfalls resulting from the application of the Relief Act and any Prepayment Interest Shortfalls to the extent not covered by Compensating Interest Payments will be allocated as set forth in the definition of "Current Interest" herein. SECOND, to pay as principal on the Certificates entitled to payments of principal, in the following order of priority:
(A) For each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect, from the Principal Funds for such Distribution Date:
1. To the Class A Certificates, the Principal Distribution Amount until the Class Certificate Principal Balance thereof is reduced to zero and secondzero;
2. To the Class M-1 Certificates, any remaining Principal Distribution Amount until the Certificate Principal Balance thereof is reduced to zero;
3. To the Class M-2 Certificates, any remaining Principal Distribution Amount until the Certificate Principal Balance thereof is reduced to zero; and
4. To the Class M-3 Certificates, any remaining Principal Distribution Amount until the Certificate Principal Balance 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, from the Principal Funds for such Distribution Date:
1. To the Class A Certificates from the Principal Distribution Amount for such Distribution Date, the Class A Principal Distribution Amount until the Certificate Principal Balance thereof is reduced to zero;
2. To the Class M-1 Certificates, from any remaining Principal Distribution Amount, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero;
3. To the Class M-2 Certificates, from any remaining Principal Distribution Amount, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero; and
4. To the Class M-3 Certificates, from any remaining Principal Distribution Amount, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero; THIRD, from any remaining Excess Cashflow, to the Class B Certificateholders and A Certificates, any remaining Interest Carry Forward Amount for such Class to the Class L Certificateholdersextent not fully paid pursuant to subclause FIRST 1 above; FOURTH, pro rata based on their respective Class Principal Balances; and
(ii) with respect to from any Payment Date during the Rapid Amortization Period, concurrentlyremaining Excess Cashflow, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price M-1 Certificates an amount equal to the sum of the (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 for such Distribution Date; FIFTH, from any remaining Excess Cashflow, to the Class L Certificateholders and the Class P Certificateholders, respectivelyM-2 Certificates an amount equal to (a) any Interest Carry Forward Amount, and the portion remainingthen (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; SIXTH, if anyfrom any remaining Excess Cashflow, of the Optional Redemption Price equal to the Class Principal Balance of the M-3 Certificates an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class B Certificates shall be distributed pursuant to this Section 3.11 for such Distribution Date; SEVENTH, any remaining Excess Cashflow, to the Class B CertificateholdersA, as applicable. With respect to each Payment Class M-1, Class M-2 and Class M-3 Certificates, in that order, any Basis Risk Shortfall Carryforward Amount for such Distribution Date; EIGHTH, the Indenture Trusteefrom any remaining Excess Cashflow, to the extent Class B-IO Certificates, the Servicer has provided the Mortgage Loan data delivered by the Servicer Class B-IO Distribution Amount; and NINTH, any remaining amounts to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual CertificateholderCertificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert Ser 2002-2)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. Notwithstanding any other provision of this Trust Agreement, any amounts allocated for the purpose of payment of the Class S Certificates under Section 3.02 of the Indenture shall be distributed under this Trust Agreement solely for such purpose. With respect to any Payment Date, amounts received by the Certificate Paying Agent in respect of distributions to the Class S Certificates pursuant to Sections 3.02(a)(2), 3.02(b)(1)(i) and 3.02(b)(2)(i) of the Indenture shall be distributed by the Certificate Paying Agent to the Class S Certificates, the Class X Distribution Amount, to the extent received by the Certificate Paying Agent pursuant to Section 3.02(c)(3) of the Indenture shall be distributed by the Certificate Paying Agent to the Class X Certificates and any amounts received by the Certificate Paying Agent pursuant to Section 3.02(c)(3) of the Indenture for distribution to the Class R Certificates shall be distributed by the Certificate Paying Agent to the Class R Certificates. Any amounts remaining in the Payment Account for payment distribution to the Certificateholders pursuant to Section 5.01(a)II 4.06 of the Sale and Servicing AgreementAgreement on the Payment Date on which the Note Balance is reduced to zero, to the extent such funds are received by the Owner TrusteeCertificate Paying Agent, shall be distributed by the Owner Trustee Certificate Paying Agent as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrentlyfirst, to the Class B Certificateholders Owner Trustee, any unpaid and unreimbursed Expenses due and owing to it pursuant to the Operative Agreements (including Section 7.02 herein);
(ii) second, any amounts payable to the Holders of the Class L CertificateholdersS Certificates, pro rata as set forth in Section 3.02 of the Indenture and not previously paid under this Trust Agreement;
(iii) third, to the Holders of the Class X Certificates, the Class X Distribution Amount; and
(iv) fourth, to the Holders of the Class R Certificates, any remaining amounts after distributions pursuant to clauses (i), (ii) and (iii) above, based on their respective Class Principal Balancesthe related REMIC in which such amounts remain. provided, provided that, if such that on the Payment Date on which the Redemption Price is a Payment Date immediately following distributed, the expiration of the latest prepayment charge term on a Mortgage Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds Redemption Price shall be distributed first, to the holders of the Class P S Certificates until the Class Certificate Principal Balance thereof is has been reduced to zero and and, second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, X Certificates in an amount up to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual CertificateholderX Distribution Amount.
Appears in 1 contract
Distributions on the Certificates. The Certificateholders (a) Interest and principal (as applicable) on the Certificates will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementOctober 2003, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining Available Funds on deposit in the Payment Distribution Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect on each Distribution Date, the Group I Available Funds will be distributed to any Payment Date during the Managed Amortization Period, concurrentlyGroup I Senior Certificates as follows: FIRST, to the Class B Certificateholders I-A Certificates and Class I-X 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 Class L Certificateholders, pro rata based on their respective I-A Certificates and Class Principal Balances, provided that, if such Payment Date I-X Certificates is a Payment Date immediately following subject to reduction in the expiration event of the latest prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and secondcertain Net Interest Shortfalls allocable thereto; SECOND, to the Class B Certificateholders 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 I Available Funds; and THIRD, to the Class L CertificateholdersI-A Certificates, pro rata based on their respective in reduction of the Current Principal Amount thereof, the Group I Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Current Principal Amount of such Class Principal Balances; andhas been reduced to zero.
(ii) with respect on each Distribution Date, the Group II Available Funds will be distributed to any Payment Date during the Rapid Amortization Period, concurrentlyGroup II Senior Certificates as follows: FIRST, to the Class B Certificateholders; providedII-A Certificates, furtherthe Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Payment Date on which Class II-A Certificates is subject to reduction in the Optional Redemption Price is distributedevent of certain Net Interest Shortfalls allocable thereto; SECOND, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders II-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; and THIRD, to the Class P CertificateholdersII-A Certificates, respectively, and the portion remaining, if any, in reduction of the Optional Redemption Price Current Principal Amount thereof, the Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(iii) on each Distribution Date, the Group III Available Funds will be distributed to the Group III Senior Certificates as follows: FIRST, 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; 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; and THIRD, to the Class III-A Certificates, in reduction of the Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(iv) on each Distribution Date, the Group IV Available Funds will be distributed to the Group IV Senior Certificates as follows: FIRST, to the Class IV-A Certificates and Class IV-AM 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 Class IV-A Certificates and Class IV-AM Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class IV-A Certificates and Class IV-AM Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group IV Available Funds; THIRD, to the Class IV-AM Certificates, in reduction of the Current Principal Amount thereof, the Group IV Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group IV Available Funds in an amount equal to the Class IV-AM Optimal Principal Balance Amount, until the Current Principal Amount of the such Class B Certificates shall be distributed pursuant has been reduced to this Section 3.11 zero; FOURTH, to the Class B CertificateholdersIV-A Certificates, as applicable. With respect in reduction of the Current Principal Amount thereof, the remaining Group IV Senior Optimal Principal Amount for such Distribution Date to the extent of the remaining Group IV Available Funds until the Current Principal Amount of such Class has been reduced to zero; and FIFTH, to the Class IV-AM Certificates, in reduction of the Current Principal Amount thereof, the remaining Group IV Senior Optimal Principal Amount for such Distribution Date to the extent of the remaining Group IV Available Funds until the Current Principal Amount of such Class has been reduced to zero.
(v) on each Payment Distribution Date, the Indenture TrusteeGroup V Available Funds will be distributed to the Group V Senior Certificates as follows: FIRST, to the Class R-I, Class R-II, Class R-III, Class V-A and Class V-X 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 Class R-I, Class R-II, Class R-III, Class V-A and Class V-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class R-I, Class R-II, Class R-III, Class V-A and Class V-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer of remaining Group V Available Funds; THIRD, to the Indenture Trustee pursuant to Section 4.09(a) Class R-I, Class R-II and Class R-III Certificates, on a pro rata basis, in reduction of the Sale Current Principal Amounts thereof, the Group V Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group V Available Funds, until the Current Principal Amount of each such Class has been reduced to zero; and Servicing Agreement (FOURTH, to the "Indenture Trustee Report")Class V-A Certificates, shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 in reduction of the Sale and Servicing Agreement Current Principal Amount thereof, the Group V Senior Optimal Principal Amount for such Payment Distribution Date to the extent of remaining Group V Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(vi) on each Residual CertificateholderDistribution Date, the Group VI Available Funds will be distributed to the Group VI Senior 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 VI Available Funds; and THIRD, to the Class VI-A Certificates, in reduction of the Current Principal Amount thereof, the Group VI Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group VI Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(vii) on each Distribution Date, the Group VII Available Funds will be distributed to the Group VII Senior Certificates as follows: FIRST, to the Class VII-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Trust 03-7)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementJune 2002, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price 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 Group 1 Available Funds will be distributed in the following order of priority among the Group 1 Senior Certificates: 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. Any Net Interest Shortfalls shall be allocated among the Group 1 Senior Certificates as described below; 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; THIRD, sequentially, in the following order, to the Class R-I, Class R-II and Class I-A Certificates, the Group 1 Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, until the aggregate Current Principal Amount of the Group 1 Senior Certificates 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, the Accrued Certificate Interest on 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, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 2 Available Funds; THIRD, to the Group 2 Senior Certificates, 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 thereof 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; 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 thereof 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; THIRD, to the Group 4 Senior 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 thereof 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 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; THIRD, to the Group 5 Senior Certificates (other than the Class V-X Certificates), on a pro rata basis based on the Current Principal Amounts thereof, 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 thereof 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, on a pro rata basis, 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, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 6 Available Funds; THIRD, to the Group 6 Senior Certificates (other than the Class VI-X 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 thereof 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, on a pro rata basis, 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, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 7 Available Funds; THIRD, to the Group 7 Senior Certificates (other than the Class VII-X Certificates), in reduction of the Current Principal Amounts 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 thereof 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 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.
(I) 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, Group 6 or Group 7 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 of Senior Certificates; provided, however, that if (A) the weighted average Subordinate Percentage equals or exceeds 6.50% on such Distribution Date 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 (I) will not be made.
(J) If on any Distribution Date on which the aggregate Current Principal Amount of any Class L or Classes of Senior Certificates and would be greater than the Class aggregate Scheduled Principal Balance of the Class P Certificate shall 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, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed pursuant to this Section 3.11 to the such Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, or Classes of Senior Certificates in reduction of the Optional Redemption Price Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the Class aggregate Scheduled 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 B 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)(i)(A), (B), (C), (D), (E), (F) or (G) above on any Distribution Date, the remaining Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 Available Funds are less than the sum of the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 Senior Optimal Principal Amounts such amount shall be reduced, and such remaining funds will be distributed pursuant 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 this Section 3.11 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 B CertificateholdersR-II Certificates; provided that if on any Distribution Date there are any Group 1, as applicable. With Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 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-II Certificates.
(e) No Accrued Certificate Interest will be payable with respect to each Payment Dateany 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 Indenture Trusteeshortfall 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 has provided 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.
(h) On the first Distribution Date, the Special P&I Deposit Amount shall be treated as Scheduled Payment of the Mortgage Loans for which the July 1, 2002 Scheduled Payments were not included in the Trust and shall be allocated among the related Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 Available Funds. On the first Distribution Date, the Special Principal Deposit Amount shall be treated as partial Principal Prepayment for those Mortgage Loans for which the Stated Principal Balance on the Mortgage Loan data delivered by Schedule differs from the Servicer Stated Principal Balance transferred to the Indenture Trustee pursuant Trust on the Closing Date and shall be allocated among the related Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 Available Funds. In addition to Section 4.09(a) the foregoing, the Mortgage Loan Seller or its designee shall deposit one month's interest on the Special Principal Deposit Amount into the Master Servicer Collection Account on or before the Business Day prior to the first Distribution Date and shall be allocated to the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 or Group 7 Available Funds based on the related allocation of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual CertificateholderSpecial Principal Deposit Amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2002-7)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementDecember 2004, 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. On the first Distribution Date, the Sale and Servicing Agreement and Paying Agent will, prior to the Indenture. With respect distribution of Available Funds to any Payment Certificate, distribute the First Distribution Date Distribution Amount to the Class X Certificates, pro rata.
(A) On each Distribution Date, the Available Funds (or on the first Distribution Date, the Available Funds remaining following the distribution of the First Distribution Date Distribution Amount to the Class X Certificates) will be distributed to the Senior Certificates (other than the Residual Certificates) as follows: first, to the Senior Certificates (other than the Residual Certificates), the Accrued Certificate Interest on each such Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; provided, however, that the amount of Accrued Certificate Interest paid to the Class X Certificates will be reduced by the aggregate amount of any amounts remaining Carryover Shortfall Amounts on the Class A-1A, Class A-1B, Class M, Class B-1, Class B-2 and Class B-3 Certificates, in each case for that Distribution Date, which will be deposited into the Carryover Shortfall Reserve Fund. In addition, Accrued Certificate Interest on such Class A-1A, Class A-1B and Class X Certificates is subject to reduction in the Payment Account for payment to event of certain Net Interest Shortfalls allocable thereto. Any Net Interest Shortfalls will be allocated among such Class A-1A, Class A-1B and Class X Certificates in accordance with the Certificateholders pursuant to provisions of Section 5.01(a)II of the Sale and Servicing Agreement6.02(g); second, to the extent such funds are received by of remaining Available Funds, to the Owner TrusteeSenior Certificates (other than the Residual Certificates), shall be distributed by the Owner Trustee as follows:
Accrued Certificate Interest thereon pursuant to clause first remaining undistributed from previous Distribution Dates (i) other than, with respect to the Class X Certificates, any Payment Date during amounts pursuant to clause first deposited into the Managed Amortization PeriodCarryover Shortfall Reserve Fund), concurrentlypro rata, based on the undistributed Accrued Certificate Interest owed to each such Class; and third, to the Class B Certificateholders and the Class L Certificateholdersextent of remaining Available Funds, 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders A-1A and Class A-1B Certificates, in reduction of the respective Current Principal Amounts thereof, the remaining Senior Optimal Principal Amount for such Distribution Date, until the respective Current Principal Amounts of each such Class L Certificateholders, pro rata based on their respective Class Principal Balances; andhas been reduced to zero.
(iiB) with respect to any Payment On each Distribution Date during the Rapid Amortization Period, concurrently, on or prior to the Class B Certificateholders; providedCross-Over Date, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price an amount equal to the sum of the Class Principal Balance of remaining Available Funds after the Class L Certificates and the Class Principal Balance of the Class P Certificate shall distributions in (A) above will be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P CertificateholdersM Certificates, respectively, and the portion remaining, if any, of the Optional Redemption Price up to an amount equal to and in the Class Principal Balance of following order: (a) the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Accrued Certificate Interest thereon for such Distribution Date, the Indenture Trustee(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 Servicer sum of the remaining Available Funds.
(C) On each Distribution Date on or prior to the Cross-Over Date, an amount equal to the sum of the remaining Available Funds after the distributions in (A) and (B) 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 Available Funds.
(b) If, after distributions have been made pursuant to priorities first and second of clause (A) above on any Distribution Date, the remaining Available Funds are less than the Senior Optimal Principal Amount, then such amount shall be reduced, and such remaining funds will be distributed to the Senior Certificates (other than the Interest Only Certificates and the Residual Certificates) on the basis of such reduced amount.
(c) Pro rata" principal distributions among Classes of Certificates will be made in proportion to the then Current Principal Amount of such Classes. "Pro rata" interest distributions among Classes of Certificates on any Distribution Date will be made in proportion to the Accrued Certificate Interest payable on such Distribution Date.
(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-II Certificates.
(e) On each Distribution Date, any amounts in the Carryover Shortfall Reserve Fund will be distributed, in the following order, first to the Class A-1A and Class A-1B Certificates, pro rata, based on Accrued Certificate Interest on each such Class, and then sequentially to the Class M, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to any Carryover Shortfall Amounts with respect to such Class of Certificates.
(f) No Accrued Certificate Interest will be payable with respect to any Class or Classes of Certificates after the Distribution Date on which the Current Principal Amount or Notional Amount, as the case may be, of such Certificate or Certificates has provided been reduced to zero.
(i) If on any Distribution Date the Available Funds for the Senior Certificates are less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses on the Mortgage Loan data delivered by Loans, the Servicer Net Interest Shortfalls will be allocated first to the Indenture Trustee pursuant Class X Certificates (to Section 4.09(athe extent of Accrued Certificate Interest otherwise allocable on the related Distribution Date to such Certificates), and thereafter will be allocated among the holders of each Class of Senior Certificates (other than the Interest Only Certificates and the Residual Certificates) in proportion to the respective amounts of Accrued Certificate Interest for such Distribution Date that would have been allocated thereto in the absence of such Net Interest Shortfall and/or Realized Losses on the Mortgage Loans for such Distribution Date. In addition, the amount of any Interest Shortfalls with respect to the Mortgage Loans that are covered by subordination will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 Certificates of the Sale Classes entitled to such amounts on subsequent Distribution Dates, to the extent of Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Any Interest Shortfalls will not be offset by a reduction in the servicing compensation of the Master Servicer, the Servicers or otherwise, except to the extent of applicable Compensating Interest Payments.
(h) The expenses and Servicing Agreement for fees of the Trust shall be paid by each of the REMICs, to the extent that such Payment Date expenses relate to the assets of each Residual Certificateholderof 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 Mortgage Investments II Trust 2004-Ar7)
Distributions on the Certificates. The Certificateholders (a) Interest and principal on the Certificates (other than the Interest Only Certificates) will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementJune 2003, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining Available Funds on deposit in the Payment Distribution Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) 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, Class R-III and Class I-A-1 Certificates, in reduction of the 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;
(ii) 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 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;
(iii) 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 such Classes 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 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;
(iv) 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;
(v) Except as provided in (vi) and (vii) 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 (i), (ii), (iii) and (iv) 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.
(vi) 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 (vi) 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.
(vii) 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, (A) 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 (B) 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)(i), (ii), (iii) and (iv) 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 Payment Date during Class of Certificates after the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders; provided, further, on the Payment Distribution Date on which the Optional Redemption Price 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 distributedless 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 portionshortfall 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, if any, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Optional Redemption Price equal to the sum Certificates of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant related Classes entitled to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trusteesuch 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 has provided the Mortgage Loan data delivered by the Servicer or otherwise, except to the Indenture Trustee pursuant to Section 4.09(aextent of applicable Compensating Interest Payments.
(g) The expenses and fees of the Sale and Servicing Agreement (the "Indenture Trustee Report"), Trust shall deliver or make available the report to be provided paid by the Indenture Trustee pursuant to Section 4.09 each of the Sale REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and Servicing Agreement for such Payment Date to all other expenses and fees of the Trust shall be paid pro rata by each Residual Certificateholderof the REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Distributions on the Certificates. The (a) On each Distribution Date, the Securities Administrator will withdraw funds on deposit in the Distribution Account and make distributions to the Certificateholders in the following order of priority:
(i) On each Distribution Date, the Interest Remittance Amount for such Distribution Date will be entitled paid in the following order of priority:
(A) to distributions on each the Supplemental Interest Trust, any Net Swap Payment Date, and any Swap Termination Payment owed to the Swap Provider (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as provided defined in this the ISDA Master Agreement, ) and to the Sale and Servicing Agreement and extent not paid by the Indenture. With respect Securities Administrator from any upfront payment received pursuant to any Payment replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee);
(B) concurrently, to the Senior Certificates, pro rata based on the entitlement of each such Class, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(C) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(D) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(E) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(F) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(G) to the Class M-5 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(H) to the Class M-6 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(I) to the Class M-7 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date; and
(J) for application as part of Monthly Excess Cashflow for such Distribution Date, any amounts Interest Remittance Amount remaining after application pursuant to clauses (A) through (I) above (such amount, “Monthly Excess Interest”) for such Distribution Date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
A. On each Distribution Date (x) prior to the Stepdown Date or (y) with respect to which a Trigger Event is in effect, the Principal Payment Amount will be paid in the Payment Account for payment following order of priority:
(i) to the Certificateholders Supplemental Interest Trust, any Net Swap Payment and any Swap Termination Payment owed to the Swap Provider (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the ISDA Master Agreement and to the extent not paid by the Securities Administrator from any upfront payment received pursuant to Section 5.01(a)II of any replacement interest rate swap agreement that may be entered into by the Sale and Servicing AgreementSupplemental Interest Trust Trustee)) to the extent not paid from the Interest Remittance Amount on such Distribution Date;
(ii) concurrently, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee Senior Certificates as follows:
(1) to the Class A-1A Certificates and Class A-1B Certificates, the Class A-1 Allocation Percentage of the Principal Payment Amount remaining after distribution to the Supplemental Interest Trust pursuant to clause (i) with respect above, on a pro rata basis, based on their respective Certificate Principal Balances, until the Certificate Principal Balance of each such Class has been reduced to any zero; and
(2) the Senior Sequential Allocation Percentage of the Principal Payment Date during Amount remaining after distributions to the Managed Amortization PeriodSupplemental Interest Trust pursuant to clause (i) above, in the following order of priority:
(a) to the Class A-2 Certificates, until its Certificate Principal Balance has been reduced to zero;
(b) to the Class A-3 Certificates, until its Certificate Principal Balance has been reduced to zero; and
(c) concurrently, to the Class B Certificateholders A-4A Certificates and the Class L CertificateholdersA-4B Certificates, on a pro rata basis, based on their respective Class Certificate Principal Balances, provided thatuntil the Certificate Principal Balance of each such Class has been reduced to zero;
(iii) to the Class M-1 Certificates, if until its Certificate Principal Balance is reduced to zero;
(iv) to the Class M-2 Certificates, until its Certificate Principal Balance is reduced to zero;
(v) to the Class M-3 Certificates, until its Certificate Principal Balance is reduced to zero;
(vi) to the Class M-4 Certificates, until its Certificate Principal Balance is reduced to zero;
(vii) to the Class M-5 Certificates, until its Certificate Principal Balance is reduced to zero;
(viii) to the Class M-6 Certificates, until its Certificate Principal Balance is reduced to zero;
(ix) to the Class M-7 Certificates, until its Certificate Principal Balance is reduced to zero; and
(x) for application as part of Monthly Excess Cashflow for such Distribution Date pursuant to subclause (iii) below, any such Principal Payment Amount remaining after application pursuant to clauses A(i) through (ix) above.
B. On each Distribution Date (x) on or after the Stepdown Date and (y) with respect to which a Trigger Event is a not in effect, the Principal Payment Date immediately Amount will be paid in the following order of priority:
(i) to the expiration Supplemental Interest Trust, any Net Swap Payment and any Swap Termination Payment owed to the Swap Provider (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the ISDA Master Agreement and to the extent not paid by the Securities Administrator from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee)) remaining unpaid after the distribution of the latest prepayment charge term Interest Remittance Amount on a Mortgage Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed firstDistribution Date;
(ii) concurrently, to the holders of Senior Certificates, the Class P Certificates until the Class Senior Principal Balance thereof is reduced to zero and secondPayment Amount, as follows:
(1) to the Class B Certificateholders A-1A Certificates and Class A-1B Certificates, the Class L CertificateholdersA-1 Allocation Percentage of the Senior Principal Payment Amount, on a pro rata basis, based on their respective Class Certificate Principal Balances, until the Certificate Principal Balance of each such Class has been reduced to zero; and
(ii2) with respect the Senior Sequential Allocation Percentage of the Senior Principal Payment Amount, in the following order of priority:
(a) to any Payment Date during the Rapid Amortization PeriodClass A-2 Certificates, until its Certificate Principal Balance has been reduced to zero;
(b) to the Class A-3 Certificates, until its Certificate Principal Balance has been reduced to zero; and
(c) concurrently, to the Class B Certificateholders; provided, furtherA-4A Certificates and the Class A-4B Certificates, on a pro rata basis, based on their respective Certificate Principal Balances, until the Payment Date on which Certificate Principal Balance of each such Class has been reduced to zero;
(iii) to the Optional Redemption Price is distributedClass M-1 Certificates, the portionClass M-1 Principal Payment Amount for such Distribution Date, if anyuntil its Certificate Principal Balance is reduced to zero;
(iv) to the Class M-2 Certificates, the Class M-2 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero;
(v) to the Class M-3 Certificates, the Class M-3 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero;
(vi) to the Class M-4 Certificates, the Class M-4 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero;
(vii) to the Class M-5 Certificates, the Class M-5 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero;
(viii) to the Class M-6 Certificates, the Class M-6 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero;
(ix) to the Class M-7 Certificates, the Class M-7 Principal Payment Amount for such Distribution Date, until its Certificate Principal Balance is reduced to zero; and
(x) for application as part of Monthly Excess Cashflow for such Distribution Date pursuant to clause (iii) below, any such Principal Payment Amount remaining after application pursuant to clauses B(i) through (ix) above. Notwithstanding the priority of distributions described above with respect to the Senior Certificates, on any Distribution Date which occurs after the Certificate Principal Balances of the Optional Redemption Price equal Mezzanine Certificates have been reduced to zero distributions in respect of principal to the sum Senior Certificates will be made on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero.
(iii) On each Distribution Date, the Monthly Excess Cashflow will be distributed in the following order of priority:
(A) (i) until the aggregate Certificate Principal Balance of the Senior Certificates and Mezzanine Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, on each Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period to the extent received or advanced, unscheduled collections of principal received during the related Prepayment Period and after reduction for Realized Losses on the Mortgage Loans incurred during the related Due Period) (x) prior to the Stepdown Date or (y) with respect to which a Trigger Event is in effect, to the extent of Monthly Excess Interest for such Distribution Date, to the Senior Certificates and Mezzanine Certificates, in the following order of priority:
(1) Concurrently, to the Senior Certificates as follows:
(a) to the Class L A-1A Certificates and Class A-1B Certificates, the Class A-1 Allocation Percentage of the Monthly Excess Cashflow, on a pro rata basis, based on their respective Certificate Principal Balances, until the Certificate Principal Balance of each such Class has been reduced to zero; and
(b) the Senior Sequential Allocation Percentage of the Monthly Excess Cashflow, in the following order of priority:
(I) to the Class A-2 Certificates, until its Certificate Principal Balance has been reduced to zero;
(II) to the Class A-3 Certificates, until its Certificate Principal Balance has been reduced to zero; and
(III) concurrently, to the Class A-4A Certificates and the Class A-4B Certificates, on a pro rata basis, based on their respective Certificate Principal Balances, until the Certificate Principal Balance of each such Class has been reduced to zero;
(2) To the Class P M-1 Certificates, until its Certificate shall be distributed pursuant Principal Balance is reduced to this Section 3.11 to zero;
(3) To the Class L Certificateholders and M-2 Certificates, until its Certificate Principal Balance is reduced to zero;
(4) To the Class P CertificateholdersM-3 Certificates, respectively, and the portion remaining, if any, of the Optional Redemption Price equal until its Certificate Principal Balance is reduced to zero;
(5) To the Class M-4 Certificates, until its Certificate Principal Balance of is reduced to zero; and
(6) To the Class B Certificates shall be distributed pursuant M-5 Certificates, until its Certificate Principal Balance is reduced to this Section 3.11 to zero;
(7) To the Class B CertificateholdersM-6 Certificates, as applicable. With respect until its Certificate Principal Balance is reduced to each Payment Datezero; and
(8) To the Class M-7 Certificates, the Indenture Trustee, until its Certificate Principal Balance is reduced to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.zero;
Appears in 1 contract
Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II 5.01(a)(II) of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 P Certificates until the Class Principal Balance thereof is reduced to zero and secondconcurrently , to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlyconcurrently , to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement (the "“Indenture Trustee Report"”), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.
Appears in 1 contract
Samples: Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H4)
Distributions on the Certificates. The Certificateholders (a) Interest and (as applicable) principal on the Certificates (other than the Residual Certificates) will be entitled to distributions distributed monthly on each Payment Distribution Date, as provided commencing in this AgreementApril 2005, in an aggregate amount equal to the Sale and Servicing Agreement and Available Funds for such Distribution Date. On the Indenture. With respect to any Payment first Distribution Date, any amounts remaining in the Payment Account for payment an amount equal to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, Deposit Amount shall be distributed by to the Owner Trustee Residual Certificates, pro rata, in reduction of their Current Principal Amounts, until their respective Current Principal Amounts are reduced to zero. On the first Distribution Date, the Paying Agent will, prior to the distribution of Available Funds to any Certificate, distribute the Class X-1 Payment to the Class X-1 Certificates, as follows:
(i) from Group I Available Funds, an amount equal to the product of (x) the Class X-1 Payment and (y) the Component 1X Distribution Percentage;
(ii) from Group II Available Funds, an amount equal to the product of (x) the Class X-1 Payment and (y) the Component 2X Distribution Percentage.
(A) On each Distribution Date, the Group I Available Funds (or on the first Distribution Date, the Group I Available Funds remaining following the distribution of the Class X-1 Payment to the Class X-1 Certificates) will be distributed to the Group I Senior Certificates (other than the Residual Certificates) and the Class X-1 Certificates as follows: first, to the Group I Senior Certificates (other than the Residual Certificates) and Component 1X of the Class X-1 Certificates, the Accrued Certificate Interest on each such Class or Component of Certificates for such Distribution Date, and to Component 2X of the Class X-1 Certificates, the Group I Allocation Fraction of Accrued Certificate Interest on such Component for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class or Component of Certificates; provided, however, that the amount of Accrued Certificate Interest paid to the Class X-1 Certificates in respect of Component 1X will be reduced by the aggregate amount of any Carryover Shortfall Amounts on the Class A-1 Certificates, and that the amount of Accrued Certificate Interest paid to the Class X-1 Certificates pursuant to this clause in respect of Component 2X will be reduced by the Group I Allocation Fraction of any Carryover Shortfall Amounts on the Class M, Class B-1, Class B-2 and Class B-3 Certificates, in each case for that Distribution Date, which will be deposited into the Carryover Shortfall Reserve Fund. In addition, Accrued Certificate Interest on such Class A-1 Certificates and each such Component of the Class X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto. Any Net Interest Shortfalls shall be allocated among such Class A-1 Certificates and Components of the Class X-1 Certificates in accordance with the provisions of Section 6.02(g); second, to the extent of remaining Group I Available Funds, to the Group I Senior Certificates (other than the Residual Certificates) and Component 1X and Component 2X of the Class X-1 Certificates, the Accrued Certificate Interest thereon pursuant to clause first remaining undistributed from previous Distribution Dates (other than, with respect to Component 1X and Component 2X of the Class X-1 Certificates, any Payment Date during amounts pursuant to clause first deposited into the Managed Amortization PeriodCarryover Shortfall Reserve Fund), concurrentlypro rata, based on the undistributed Accrued Certificate Interest owed to each such Class or Component of Certificates; and third, to the extent of remaining Group I Available Funds, to the Class B Certificateholders and A-1 Certificates, in reduction of the Current Principal Amount thereof, the remaining Group I Senior Optimal Principal Amount for such Distribution Date, until the Current Principal Amount of such Class has been reduced to zero.
(B) On each Distribution Date, the Group II Available Funds will be distributed to the Class L CertificateholdersA-2 Certificates, pro rata based on their respective Class Principal Balances, provided that, if such Payment Date is a Payment Date immediately following the expiration to Component 2X of the latest prepayment charge term on a Mortgage Loan identified on Class X-1 Certificates and to the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed Class X-2 Certificates as follows: first, to the holders Class A-2 and Class X-2 Certificates, the Accrued Certificate Interest on each such Class of Certificates for such Distribution Date, and to Component 2X of the Class P Certificates until X-1 Certificates, the Group II Allocation Fraction of Accrued Certificate Interest on such Component for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class or Component of Certificates, provided, however, that the amount of Accrued Certificate Interest paid to the Class Principal Balance thereof X-1 Certificates pursuant to this clause in respect of Component 2X will be reduced by the Group II Allocation Fraction of any Carryover Shortfall Amounts on the Class M, Class B-1, Class B-2 and Class B-3 Certificates, for that Distribution Date, which will be deposited into the Carryover Shortfall Reserve Fund. In addition, Accrued Certificate Interest on the Class A-2 and Class X-2 Certificates and on Component 2X of the Class X-1 Certificates is reduced subject to zero reduction in the event of certain Net Interest Shortfalls allocable thereto. Any Net Interest Shortfalls shall be allocated among the Class A-2 and Class X-2 Certificates and on Component 2X of the Class X-1 Certificates in accordance with the provisions of Section 6.02(g); second, to the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances; and
(ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlyextent of remaining Group II Available Funds, to the Class B CertificateholdersA-2 and Class X-2 Certificates and to Component 2X of the Class X-1 Certificates, any Accrued Certificate Interest thereon pursuant to clause first remaining undistributed from previous Distribution Dates (other than, with respect to Component 2X of the Class X-1 Certificates, any amounts pursuant to clause first deposited into the Carryover Shortfall Reserve Fund), pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class or Component of Certificates; providedand third, furtherto the extent of remaining Group II Available Funds, to the Class A-2 Certificates, in reduction of the Current Principal Amount thereof, the Group II Senior Optimal Principal Amount for such Distribution Date, until the Current Principal Amount of such Class of Certificates has been reduced to zero.
(C) Except as provided in paragraphs (E) and (F) below, on the Payment each Distribution Date on which or prior to the Optional Redemption Price is distributedCross-Over Date, the portion, if any, of the Optional Redemption Price an amount equal to the sum of the remaining Group I Available Funds and Group II Available Funds after the distributions in (A) and (B) above will be distributed to the Class M Certificates, 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 of Certificates' Allocable Share for such Distribution Date, in each case, to the extent of the sum of the remaining Group I Available Funds and Group II Available Funds.
(D) Except as provided in paragraphs (E) and (F) below, on each Distribution Date on or prior to the Cross-Over Date, an amount equal to the sum of the remaining Group I Available Funds and Group II Available Funds after the distributions in (A), (B) and (C) 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 I Available Funds and Group II Available Funds.
(E) On each Distribution Date prior to the Cross-Over Date but after the reduction of the Current Principal Amount of any of the Group I Senior Certificates (other than the Residual Certificates) or Group II Senior Certificates to zero, the Group II Senior Certificates or the Group I Senior Certificates (other than the Residual Certificates), as the case may be, will be entitled to receive in reduction of their Current Principal Amount, 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 such fully repaid Class of Senior Certificates; provided, however, that if (A) the weighted average of the Senior Mezzanine and Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Senior Mezzanine and Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Class L 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 Amounts of the Senior Mezzanine Certificates and Subordinate Certificates, does not exceed 100%, then the additional allocation of Principal Prepayments to such Group I Senior Certificates or Group II Senior Certificates in accordance with this clause (E) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to such fully prepaid Class of Senior Certificates will be allocated on a pro rata basis to the Senior Mezzanine Certificates and Subordinate Certificates.
(F) If on any Distribution Date the Current Principal Amount of the Group I Senior Certificates (other than the Residual Certificates) or the Group II Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Class P Certificate shall Mortgage Loans in the related Loan Group and any Senior Mezzanine Certificates and Subordinate Certificates are still outstanding, in each case after giving effect to distributions to be made on such Distribution Date, then (i) 100% of amounts otherwise allocable to the Senior Mezzanine Certificates and Subordinate Certificates in respect of principal collections on the Mortgage Loans will be distributed pursuant to this Section 3.11 to the Class L Certificateholders and Group II Senior Certificates or to the Class P CertificateholdersGroup I Senior Certificates (other than the Residual Certificates), respectivelyas applicable, and the portion remaining, if any, in reduction of the Optional Redemption Price Current Principal Amount thereof, until the Current Principal Amount of such Class of Senior Certificates is an amount equal to the Class aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (ii) the Accrued Certificate Interest otherwise allocable to the Senior Mezzanine Certificates and Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class B of Senior Certificates shall in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the Current Principal Amount of such Class 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 Senior Mezzanine Certificates and Subordinate Certificates will be distributed pursuant to this Section 3.11 allocated on a pro rata basis in reverse order of the numerical designations of the Subordinate Certificates, commencing with the Class B-6 Certificates, and then will be allocated to the Class B CertificateholdersM Certificates.
(b) If, as applicable. With respect after distributions have been made pursuant to each Payment priorities first and second of clause (A) above or priorities first and second of clause (B) above on any Distribution Date, the Indenture Trusteeremaining Group I Available Funds or Group II Available Funds, respectively, are less than the Group I Senior Optimal Principal Amount and Group II Senior Optimal Principal Amount, respectively, then such respective amounts shall be reduced, and such remaining funds will be distributed to the related Senior Certificates (other than the Residual Certificates and the Interest Only Certificates) on the basis of such reduced amounts.
(c) Pro rata" principal distributions among Classes of Certificates will be made in proportion to the then Current Principal Amounts of such Classes. "Pro rata" interest distributions among Classes of Certificates that bear interest on any Distribution Date will be made in proportion to the Accrued Certificate Interest payable on such Distribution Date.
(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 I Available Funds or Group II 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 (other than the Residual Certificates and the Interest Only Certificates), pro rata, based upon their Current Principal Amounts, until all amounts due to all such Classes of Senior Certificates (other than the Residual Certificates and the Interest Only Certificates) have been paid in full, before any amounts are distributed to the Class R-III Certificates.
(e) On each Distribution Date, any amounts in the Carryover Shortfall Reserve Fund will be distributed, in the following order, first to the Class A-1 Certificates, and then sequentially to the Class M, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to any Carryover Shortfall Amounts with respect to such Class of Certificates.
(f) No Accrued Certificate Interest will be payable with respect to any Class or Classes of Certificates that bears interest after the Distribution Date on which the Current Principal Amount of such Certificate or Certificates or Notional Amount of a Component of such Certificate or Certificates has been reduced to zero.
(g) (i) If on any Distribution Date the Group I Available Funds or Group II Available Funds for the Group I Senior Certificates (other than the Residual Certificates) or Group II Senior Certificates, respectively, in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates (other than the Residual Certificates) for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses on the related Mortgage Loans, the shortfall will be allocated among the holders of each Class of related Senior Certificates (other than the Residual Certificates) in such Certificate Group and the applicable Components of the Class X-1 Certificates in proportion to the respective amounts of Accrued Certificate Interest for such Distribution Date that would have been allocated thereto in the absence of such Net Interest Shortfall and/or Realized Losses on the related Mortgage Loans for such Distribution Date. In addition, the amount of any interest shortfalls (not including Interest Shortfalls or the interest portion of Related Losses) with respect to the Mortgage Loans in the related Loan Group that are not covered by servicing advances will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes (other than the Residual Certificates) entitled to such amounts on subsequent Distribution Dates, to the extent of the Servicer has provided related Loan Group's Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Any interest shortfalls will not be offset by a reduction in the Mortgage Loan data delivered by servicing compensation of the Servicer Master Servicer, the Servicers or otherwise, except to the Indenture Trustee pursuant to Section 4.09(aextent of applicable Compensating Interest Payments.
(h) The expenses and fees of the Sale and Servicing Agreement (the "Indenture Trustee Report"), Trust shall deliver or make available the report to be provided paid by the Indenture Trustee pursuant to Section 4.09 each of the Sale REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and Servicing Agreement for such Payment Date to all other expenses and fees of the Trust shall be paid pro rata by each Residual Certificateholderof the REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2005-Ar1)
Distributions on the Certificates. The Certificateholders will (a) [Reserved]
(b) On each Distribution Date, amounts on deposit in the Distribution Account shall be entitled treated for federal income tax purposes as applied to distributions on the interests in each of the SWAP REMIC and the Lower Tier REMIC in an amount sufficient to make the distributions on the respective Certificates on such Distribution Date in accordance with the provisions of this Section 6.01. On each Distribution Date, the interest distributable with respect to each class of Certificates is the interest which has accrued thereon at the then applicable related Pass-Through Rate during the related Accrual Period less applicable related Prepayment Interest Shortfalls and Deferred Interest, if any, allocated to that class. All calculations of interest on the Certificates will be made on the basis of a 360-day year and the actual number of days elapsed in the applicable Accrual Period.
(c) On each Distribution Date (or on the related Swap Payment Date, as provided in this Agreementwith respect to payments to the Supplemental Interest Trust), the Sale Interest Funds for such Distribution Date are required to be distributed in the following order of priority, until such Interest Funds have been fully distributed:
(i) to the Class P Certificates, any Prepayment Charges collected on the Prepayment Charge Mortgage Loans and Servicing (A) any amounts paid by the Sponsor or the applicable Servicer in respect of Prepayment Charges pursuant to this Agreement and (B) any amounts received in respect of any indemnification paid as a result of a Prepayment Charge being unenforceable in breach of the Indenturerepresentations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period;
(ii) to the Supplemental Interest Trust, any Net Swap Payments owed to the Swap Counterparty;
(iii) to the Supplemental Interest Trust, any Swap Termination Payment owed by the Supplemental Interest Trust to the Swap Counterparty (other than any Defaulted Swap Termination Payment);
(iv) to the Final Maturity Reserve Account, any amounts payable and required to be deposited therein;
(v) concurrently, to each class of the Senior Certificates, the Current Interest and any Interest Carry Forward Amount with respect to each such class; provided, however, that if Interest Funds are insufficient to make a full distribution of the aggregate Current Interest and the aggregate Interest Carry Forward Amount to the Senior Certificates, Interest Funds will be distributed pro rata among each class of the Senior Certificates based upon the ratio of (x) the Current Interest and Interest Carry Forward Amount for each class of the Senior Certificates to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Senior Certificates in the aggregate;
(vi) to the Class M-1 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(vii) to the Class M-2 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(viii) to the Class M-3 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(ix) to the Class M-4 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(x) to the Class M-5 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(xi) to the Class M-6 Certificates, the Current Interest for such class and any Interest Carry Forward Amount with respect to such class;
(xii) to the Class B-1 Certificates, the Current Interest for each such class and any Interest Carry Forward Amount with respect to each such class;
(xiii) to the Class B-2 Certificates, the Current Interest for each such class and any Interest Carry Forward Amount with respect to each such class;
(xiv) to the Class B-3 Certificates, the Current Interest for each such class and any Interest Carry Forward Amount with respect to each such class; and
(xv) any remainder pursuant to Section 6.01(g) hereof. With respect to any Payment Distribution Date, any amounts remaining in the Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)II of the Sale and Servicing Agreement, to the extent such funds are received that the Prepayment Interest Shortfall exceeds the Compensating Interest Payment payable by the Owner TrusteeServicers or the Master Servicer, such amount shall reduce the Current Interest with respect to each Class of Certificates, pro rata, based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Offered Certificates pro rata based upon the current Certificate Principal Balance of each such class, up to the Current Interest accrued on such class of Certificates, in reduction of the amount of interest otherwise distributable to such class of Certificates; provided, however, that to the extent the amount of Net Negative Amortization otherwise allocable to a class of Offered Certificates exceeds the amount of Current Interest accrued on the Corresponding REMIC Regular Interest of such class of Certificates (as reduced by such class's share of any Prepayment Interest Shortfalls for such Distribution Date), then such excess Net Negative Amortization shall be allocated, first, to the Class C Certificates, to the extent payments would otherwise be made to the Class C Certificates in respect of the Uncertificated Class C Interest on such Distribution Date, and, second, to the Offered Certificates pro rata based upon and up to the amount of any remaining Current Interest otherwise accrued on the Corresponding REMIC Regular Interest of each class of Offered Certificates. The amount of the reduction of Current Interest distributable to each class of Certificates attributable to Net Negative Amortization will be added to the Certificate Principal Balance of that class.
(d) [RESERVED]
(e) On each Distribution Date (or on the related Swap Payment Date, with respect to payments to the Supplemental Interest Trust), the Securities Administrator shall, to the extent of funds then available, make the following distributions from the Distribution Account of an amount equal to the Principal Distribution Amount in the following order of priority, and each such distribution shall be made only after all distributions pursuant to Section 6.01(c) above shall have been made until such amount shall have been fully distributed for such Distribution Date:
(i) to the Supplemental Interest Trust, any Net Swap Payments owed to the Swap Counterparty, to the extent not paid pursuant to Section 6.01(c)(ii);
(ii) to the Supplemental Interest Trust, any Swap Termination Payment owed by the Owner Trustee Supplemental Interest Trust to the Swap Counterparty (other than any Defaulted Swap Termination Payment), to the extent not paid pursuant to Section 6.01(c)(iii);
(iii) to the Final Maturity Reserve Account, any amounts payable and required to be deposited therein to the extent not paid pursuant to Section 6.01(c)(iv);
(iv) to the Senior Certificates, the Senior Principal Distribution Amount as follows: first, to the Class R Certificate until its Certificate Principal Balance has been reduced to zero, and second, pro rata to the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates until the Certificate Principal Balance of each such Class has been reduced to zero;
(v) to the Class M-1 Certificates, the Class M-1 Principal Distribution Amount;
(vi) to the Class M-2 Certificates, the Class M-2 Principal Distribution Amount;
(vii) to the Class M-3 Certificates, the Class M-3 Principal Distribution Amount;
(viii) to the Class M-4 Certificates, the Class M-4 Principal Distribution Amount;
(ix) to the Class M-5 Certificates, the Class M-5 Principal Distribution Amount;
(x) to the Class M-6 Certificates, the Class M-6 Principal Distribution Amount;
(xi) to the Class B-1 Certificates, the Class B-1 Principal Distribution Amount;
(xii) to the Class B-2 Certificates, the Class B-2 Principal Distribution Amount;
(xiii) to the Class B-3 Certificates, the Class B-3 Principal Distribution Amount; and
(xiv) any remainder pursuant to Section 6.01(g) hereof.
(f) [RESERVED]
(g) On each Distribution Date (or on the related Swap Payment Date, with respect to payments to the Supplemental Interest Trust), the Securities Administrator shall, to the extent of Interest Funds and Principal Funds then available, make the following distributions up to the following amounts from the Distribution Account of the remainders pursuant to Section 6.01(c)(xv) and (e)(xiv) hereof and each such distribution shall be made only after all distributions pursuant to Sections 6.01(c) and (e) above shall have been made until such remainders shall have been fully distributed for such Distribution Date:
(i) to the Senior Certificates, any amounts due as described in the same order of priority as set forth in Section 6.01(c)(v) to the extent unpaid by Interest Funds;
(ii) to the Subordinate Certificates, any amounts due as described in the same order of priority as set forth in Section 6.01(c)(vi) through (xiv) to the extent unpaid by Interest Funds;
(iii) the Extra Principal Distribution Amount;
(iv) to the Class A-1 Certificates, any Unpaid Realized Loss Amount for such class;
(v) to the Class A-2 Certificates, any Unpaid Realized Loss Amount for such class;
(vi) to the Class A-3 Certificates, any Unpaid Realized Loss Amount for such class;
(vii) to the Class M-1 Certificates, any Unpaid Realized Loss Amount for such class;
(viii) to the Class M-2 Certificates, any Unpaid Realized Loss Amount for such class;
(ix) to the Class M-3 Certificates, any Unpaid Realized Loss Amount for such class;
(x) to the Class M-4 Certificates, any Unpaid Realized Loss Amount for such class;
(xi) to the Class M-5 Certificates, any Unpaid Realized Loss Amount for such class;
(xii) to the Class M-6 Certificates, any Unpaid Realized Loss Amount for such class;
(xiii) to the Class B-1 Certificates, any Unpaid Realized Loss Amount for such class;
(xiv) to the Class B-2 Certificates, any Unpaid Realized Loss Amount for such class;
(xv) to the Class B-3 Certificates, any Unpaid Realized Loss Amount for such class;
(xvi) to the Offered Certificates, on a pro rata basis, based upon outstanding Floating Rate Certificate Carryover for each such Class, the Floating Rate Certificate Carryover for each such Class;
(xvii) to the Supplemental Interest Trust, any Defaulted Swap Termination Payment to the extent not already paid; and
(xviii) the remainder pursuant to Section 6.01(h) hereof.
(h) on each Distribution Date, the Securities Administrator shall allocate the remainders pursuant to Section 6.01(g)(xviii) as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the Class B Certificateholders and C Certificates in the following order of priority, (I) the Class L CertificateholdersC Current Interest, pro rata based on their respective (II) the Class Principal BalancesC Interest Carry Forward Amount, provided that, if such Payment Date is a Payment Date immediately following the expiration of the latest prepayment charge term on a Mortgage Loan identified (III) as principal on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed first, to Class C Certificate until the holders Certificate Principal Balance of the Class P C Certificates until the Class Principal Balance thereof is has been reduced to zero and second, to (IV) the Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal BalancesC Unpaid Realized Loss Amount; and
(ii) the remainder pursuant to Section 6.01(i) hereof.
(i) On each Distribution Date, the Securities Administrator shall allocate the remainder pursuant to Section 6.01(h)(ii) hereof (i) to the Securities Administrator to reimburse amounts or pay indemnification amounts owing to the Securities Administrator from the Issuing Entity pursuant to Section 7.03 and (ii) to the Class R Certificate and such distributions shall be made only after all preceding distributions shall have been made until such remainder shall have been fully distributed.
(j) On each Distribution Date, after giving effect to distributions on such Distribution Date, the Securities Administrator shall allocate the Realized Loss Amount for the Certificates to reduce the Certificate Principal Balances of the Class C Certificates and the Certificates in the following order of priority:
(i) to the Class C Certificates, until the Class C Certificate Principal Balance is reduced to zero;
(ii) to the Class B-3 Certificates until the Class B-3 Certificate Principal Balance is reduced to zero;
(iii) to the Class B-2 Certificates until the Class B-2 Certificate Principal Balance is reduced to zero;
(iv) to the Class B-1 Certificates until the Class B-1 Certificate Principal Balance is reduced to zero;
(v) to the Class M-6 Certificates until the Class M-6 Certificate Principal Balance is reduced to zero;
(vi) to the Class M-5 Certificates until the Class M-5 Certificate Principal Balance is reduced to zero;
(vii) to the Class M-4 Certificates until the Class M-4 Certificate Principal Balance is reduced to zero;
(viii) to the Class M-3 Certificates until the Class M-3 Certificate Principal Balance is reduced to zero;
(ix) to the Class M-2 Certificates until the Class M-2 Certificate Principal Balance is reduced to zero;
(x) to the Class M-1 Certificates until the Class M-1 Certificate Principal Balance is reduced to zero;
(xi) to the Class A-3 Certificates until the Class A-3 Certificate Principal Balance is reduced to zero;
(xii) to the Class A-2 Certificates until the Class A-2 Certificate Principal Balance is reduced to zero; and
(xiii) to the Class A-1 Certificates until the Class A-1 Certificate Principal Balance is reduced to zero.
(k) Subject to Section 10.02 hereof respecting the final distribution, on each Distribution Date the Securities Administrator shall make distributions to each Certificateholder 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 such Holder has so notified the Securities Administrator at least five (5) Business Days prior to the related Record Date 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 any Payment Date during Certificates registered in the Rapid Amortization Period, concurrently, name of a Depository shall be made to the Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributedsuch Depository in immediately available funds. In accordance with this Agreement, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Principal Balance of the Class L Certificates Master Servicer shall prepare and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 3.11 to the Class B Certificateholders, as applicable. With respect to each Payment Date, the Indenture Trustee, to the extent the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) of the Sale and Servicing Agreement deliver an electronic report (the "Indenture Trustee Remittance Report"), shall deliver ) to the Securities Administrator (or by such other means as the Master Servicer and the Securities Administrator may agree from time to time) containing such data and information as to permit the Securities Administrator to prepare the Monthly Statement to Certificateholders and make available the report to be provided by required distributions for the Indenture Trustee pursuant to Section 4.09 of the Sale and Servicing Agreement for such Payment Date to each Residual Certificateholder.related
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar3)
Distributions on the Certificates. The Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. .
(a) With respect to the Group I Certificateholders and any Payment Date, any amounts remaining in the Payment Account for payment distribution to the Group I Certificateholders pursuant to Section 5.01(a)II 3.02 of the Sale and Servicing AgreementIndenture, to the extent such funds are received by the Owner TrusteeCertificate Paying Agent, shall be distributed by the Owner Trustee Certificate Paying Agent as follows:
(i) with respect to any Payment Date during the Managed Amortization Period, concurrently, to the 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 prepayment charge 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 Owner Trustee, any unpaid and unreimbursed Expenses due and owing to it pursuant to the Class P Certificates until the Class Principal Balance thereof is reduced to zero and Operative Agreements (including Section 7.02 herein);
(ii) second, to the Class B Certificateholders and Holders of the Class L CertificateholdersI-S Certificates, pro rata based on their respective as set forth in Section 3.02 of the Indenture;
(iii) third, to the Holders of the Class Principal BalancesI-E Certificates, 100% of the amounts distributed in respect of the Class I-E Interest; and
(iiiv) with respect to any Payment Date during the Rapid Amortization Period, concurrentlyfourth, to the Class B Certificateholders; Holders of the Group I Residual Certificates, any remaining amounts after distributions pursuant to clauses (i), (ii) and (iii) above, based on the related REMIC in which such amounts remain. provided, further, that on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the Optional Redemption Price equal to the sum of the Class Certificate Principal Balance of the Class L Certificates and the Class Principal Balance of the Class P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the Class P Certificateholders, respectively, and the portion remaining, if any, of the Optional Redemption Price equal to the Class Principal Balance of the Class B I-S Certificates shall be distributed pursuant to this Section 3.11 3.11(a) to the Class B I-S Certificateholders and the portion, if any, of the Redemption Price equal to the Certificate Principal Balance of the Class I-E Certificates shall be distributed pursuant to this Section 3.11(a) to the Class I-E Certificateholders, as applicable. .
(b) With respect to each the Group II Certificateholders and Holders of the Class I-R-1 Certificates and Class I-R-2 Certificates and any Payment Date, any amounts remaining in the Indenture TrusteePayment Account for distribution to the Group II Certificateholders and Holders of the Class I-R-1 Certificates and Class I-R-2 Certificates pursuant to Section 3.02 of the Indenture, to the extent the Servicer has provided the Mortgage Loan data delivered such funds are received by the Servicer Certificate Paying Agent, shall be distributed by the Certificate Paying Agent as follows:
(i) first, to the Indenture Trustee Owner Trustee, any unpaid and unreimbursed Expenses due and owing to it pursuant to the Operative Agreements (including Section 4.09(a7.02 herein);
(ii) second, to the Holders of the Sale Class II-S Certificates, as set forth in Section 3.02 of the Indenture;
(iii) third, to the Holders of the Class II-E Certificates, 100% of the amounts distributed in respect of the Class II-E Interest; and
(iv) fourth, to the Holders of the Group II Residual Certificates and Servicing Agreement Holders of the Class I-R-1 Certificates and Class I-R-2 Certificates, any remaining amounts after distributions pursuant to clauses (the "Indenture Trustee Report"i), (ii) and (iii) above, based on the related REMIC in which such amounts remain. provided, that on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Certificate Principal Balance of the Class II-S Certificates shall deliver or make available the report to be provided by the Indenture Trustee distributed pursuant to this Section 4.09 3.11(b) to the Class II-S Certificateholders and the portion, if any, of the Sale and Servicing Agreement for such Payment Date Redemption Price equal to each Residual Certificateholderthe Certificate Principal Balance of the Class II-E Certificates shall be distributed pursuant to this Section 3.11(b) to the Class II-E Certificateholders, as applicable.
Appears in 1 contract
