Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account to the extent of funds on deposit with respect to Loan Group I therein and distributed for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on each Distribution Date on and after the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority: 1. to each Class of Class I-A Certificates and Class I-X 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; 2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates; 3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and 4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority: (A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effect, the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows: 1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero; 2. to the Class I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and 10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar5)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account and the Pre-Funding Account, in each case to the extent of funds on deposit with respect to Loan Group I therein therein, and distributed for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on each Distribution Date on and after the Distribution Date in January May 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effect, the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a Certificates, pro rata basis rata, until the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
(B) For each Distribution Date on or after the related Stepdown Date, so long as a Group I Trigger Event is not in effect, the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to the Class I-A Certificates, from the Group I Principal Distribution Amount, an amount equal to the Class I-A Principal Distribution Amount will be distributed to each Class of Class I-A Certificates, pro rata, until the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-1 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-2 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-3 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-4 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-5 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-6 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-7 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-8 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, from any remaining Group I Principal Distribution Amount, the Class I-B-9 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero. Fourth, from any Excess Cashflow with respect to Loan Group I, to the Class I-A Certificates, pro rata in accordance with the respective amounts owed to each such Class, an amount equal to (a) any remaining Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Fifth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-1 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Sixth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-2 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Seventh, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-3 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Eighth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-4 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Ninth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-5 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Tenth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-6 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Eleventh, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-7 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Twelfth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-8 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Thirteenth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-9 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Fourteenth, from amounts in the Adjustable Rate Supplemental Fund with respect to Loan Group I (only with respect to the initial Distribution Date as described herein) and from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-A Certificates, any Basis Risk Shortfall Carry-Forward Amount for each such Class for such Distribution Date, pro rata, based on the Basis Risk Shortfall Carry-Forward Amount owed to each such Class; Fifteenth, from amounts in the Adjustable Rate Supplemental Fund with respect to Loan Group I (only with respect to the initial Distribution Date as described herein) and from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, any Basis Risk Shortfall Carry-Forward Amount, for each such Class for such Distribution Date; Sixteenth, if the Adjustable Rate Supplemental Fund has not been terminated pursuant to Section 4.05, to the Adjustable Rate Supplemental Fund, the lesser of (A) any remaining amounts, and (B) the amount which, when added to amounts on deposit in the Adjustable Rate Supplemental Fund, would equal $590,000 with respect to Loan Group I; Seventeenth, from any remaining Excess Cashflow with respect to Loan Group I, to the Class I-B-IO Certificates, the Class I-B-IO Distribution Amount for such Distribution Date, and Eighteenth, any remaining amounts with respect to Loan Group I to the Residual Certificates. If on the initial Distribution Date, the amounts payable to the Class I-A Certificates and the Class I-B Certificates in respect of the related Interest Funds for such Distribution Date is reduced due to the application of the related Net Rate Cap, the Trustee shall transfer from amount on deposit in the Adjustable Rate Supplemental Fund for Loan Group I for distribution to the applicable Class or Classes of Group I Certificates on such Distribution Date, an amount equal to the lesser of (i) the amount on deposit in the Adjustable Rate Supplemental Fund for Loan Group I, and (ii) the amount of such applicable shortfall. All payments of amounts in respect of Basis Risk Shortfall or Basis Risk Shortfall Carry-Forward Amounts made pursuant to the provisions of this paragraph (a) (including amounts paid from the Adjustable Rate Supplemental Fund) shall, for federal income tax purposes, be deemed to have been distributed from REMIC IVto the Holder of the Class I-B-IO Certificates and then paid outside of any 2007-AR4 REMIC to the recipients thereof pursuant to an interest rate cap contract. By accepting their Certificates, the Holders of the Certificates agree so to treat such payments for purposes of filing their income tax returns. For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2007-AR4 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest, the ownership of which is represented by such Class of Certificates receiving such payment.
(b) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group II for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account and the Pre-Funding Account, in each case to the extent of funds on deposit with respect to Loan Group II therein, and distributed in the following order of priority: First, from Interest Funds with respect to Loan Group II, to pay any accrued and unpaid interest on the Class II-A Certificates and the Class II-B Certificates in the following order of priority:
1. 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 Current Interest and Interest Carry Forward Amount due to each such Class;
2. to the Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group II to the extent necessary to meet a level of overcollateralization equal to the Group II Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group II and will be included as part of the Group II Principal Distribution Amount and distributed in accordance with Second (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group II will be the Remaining Excess Spread with respect to Loan Group II and will be applied, together with the Group II Overcollateralization Release Amount, as Excess Cashflow for Loan Group II pursuant to clauses Third through Fifteenth below. Second, to pay as principal on the Class II-A Certificates and Class II-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) on which a Group II Trigger Event is in effect, from the Group II Principal Distribution Amount for such Distribution Date:
5. to each Class of Class II-A-1 Certificates, pro rata, until the Current Principal Amount of each such Class is reduced to zero;
6. to the Class II-B Certificates in the following order of priority:
a. to the Class II-B-1 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
b. to the Class II-B-2 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
c. to the Class II-B-3 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
d. to the Class II-B-4 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
e. to the Class II-B-5 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
f. to the Class II-B-6 Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account to the extent of funds on deposit with respect to Loan Group I therein and distributed as directed in accordance with distribution instructions provided to it by the Securities Administrator for such Distribution Date, in the following order of priority: First, from Interest FundsFunds will be distributed, from Loan Group I, on each Distribution Date on and after the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following manner and order of priority:
1. From Interest Funds in respect of:
(a) Loan Group I, to each Class of the Class I-A Certificates Certificates, the Current Interest and then any Interest Carry Forward Amount for such Class;
(b) Loan Group II, to the Class III-X 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 each such Class;
(c) Loan Group III, to each the Class III-A Certificates, the Current Interest and then any Interest Carry Forward Amount for such Class;
2. From remaining Interest Funds in respect of:
(a) Loan Group I, to each Class of Class II-A Certificates and the Class III-A Certificates, the Current Interest and any Interest Carry Forward Amount for each such Class to the extent not paid in clauses 1(b) and 1(c) above, pro rata based on the remaining amounts owed to such Classes;
(b) Loan Group II, to the Class I-B-1A Certificates and the Class III-A Certificates, the Current Interest and any Interest Carry Forward Amount for each such Class to the extent not paid in clauses 1(a) and 1(c) above, pro rata based on the remaining amounts owed to such Classes;
(c) Loan Group III, to the Class I-B-2A Certificates and each Class of Class II-A Certificates, the Current Interest and any Interest Carry Forward Amount for each such Class to the extent not paid in clauses 1(a) and 1(b) above, pro rata based on the remaining amounts owed to such Classes;
3. From remaining Interest Funds in respect of all Loan Groups, to the Class M-1, the Class M-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 B-1 and Class I-B-9 B-2 Certificates, sequentially, in that order, the Current Interest for each such Class of CertificatesClass;
34. any Any Excess Spread with respect to Loan Group I Spread, to the extent necessary to meet a level of overcollateralization cause the Overcollateralization Amount to equal to the Group I Overcollateralization Target Amount Amount, will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third second (A) and (B) below; and
45. any remaining Any Remaining Excess Spread will be applied as Excess Cashflow pursuant to clauses Third through Twelfth below. 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. On any Distribution Date, the Group II Senior Percentage of any Deferred Interest on a Group II Loan with respect to Loan Group I the related Due Period will be allocated to the Remaining Excess Spread Class II-A Certificates on a pro rata basis in accordance with respect to Loan Group I their respective Certificate Principal Balances, and the remainder of such Deferred Interest will be appliedallocated to the Class M-1 Certificates, together the Class M-2 Certificates, the Class B-1 Certificates and the Class B-2 Certificates, on a pro rata basis, in accordance with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth belowtheir respective Certificate Principal Balances. ThirdSecond, to pay as principal on the Class I-A Certificates and Class I-B Certificatesentitled to payments of principal, in the following order of priority:
(A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effect, from the Principal Funds and the Extra Principal Distribution Amount for such Distribution Date:
(a) To the Class I-A Certificates, an amount equal to the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:until the Certificate Principal Balance thereof is reduced to zero;
1. to each (b) To the Class of Class III-A Certificates on a Certificates, an amount equal to the Group II Principal Distribution Amount will be distributed pro rata basis between
(i) the Class II-A-1 Certificates until the Current Certificate Principal Amount Balance thereof is reduced to zero; and
(ii) the Class II-A-2 Certificates and the Class III-A-3 Certificates, sequentially, in that order, in each case until the Certificate Principal Balance of each such Class has been reduced to zero; and
(c) To the Class III-A Certificates, an amount equal to the Group III Principal Distribution Amount will be distributed until the Certificate Principal Balance thereof is reduced to zero;
2. to To the Class I-B-1 M-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Certificate Principal Amount Balance thereof is reduced to zero;
3. to To the Class I-B-2 M-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Certificate Principal Amount Balance thereof is reduced to zero;
4. to To the Class I-B-3 B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Certificate Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount Balance thereof is reduced to zero; and
105. To the Class B-2 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 and the Extra Principal Distribution Amount for such Distribution Date:
(a) To the Class I-A Certificates, an amount equal to the Class I-B-9 A Principal Distribution Amount will be distributed, until the Certificate Principal Balance thereof is reduced to zero;
(b) To the Class II-A Certificates, an amount equal to the Class II-A Principal Distribution Amount will be distributed pro rata between:
(i) the Class II-A-1 Certificates until the Certificate Principal Balance thereof is reduced to zero; and
(ii) the Class II-A-2 Certificates and the Class II-A-3 Certificates, sequentially, in that order, in each case until the Certificate Principal Balance of such Class has been reduced to zero; and
(c) To the Class III-A Certificates, an amount equal to the Class III-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;
4. To the Class B-1 Certificates, from any remaining Principal Distribution Amount, the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero; and
5. To the Class B-2 Certificates, from any remaining Principal Distribution Amount, the Class B-2 Principal Distribution Amount, until the Certificate Principal Balance thereof is reduced to zero. Notwithstanding the provisions of clauses Second (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 respective aggregate Certificate Balances of the Certificate Groups, after giving effect to the distributions described in clauses Second (A) and (B) above, and will be distributed among the certificates in each Certificate Group in the manner set forth in clauses Second (A) or (B) above, as applicable, until the Certificate Principal Balance of each such Class is reduced to zero. Third, from any remaining Excess Cashflow, the following amounts to the Class A, Certificates, pro rata among the Classes based on the amount due: (a) any Interest Carry Forward Amount to the extent not paid pursuant to clause First 1 and 2 above and then (b) any Unpaid Realized Loss Amount, in each case for such Class for such Distribution Date; Fourth, from any remaining Excess Cashflow, the following amounts to the Class M-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; Fifth, from any remaining Excess Cashflow, the following amounts to the Class M-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; Sixth, from 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; Seventh, from any remaining Excess Cashflow, 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; Eighth, from any remaining Excess Cashflow, to each Class of Class A Certificates, any Basis Risk Shortfall and any Basis Risk Shortfall Carryforward Amount for each such Class for such Distribution Date, pro rata based on the Basis Risk Shortfall and Basis Risk Shortfall Carryforward Amount owed to such Class; Ninth, from any remaining Excess Cashflow, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates, in that order, any Basis Risk Shortfall and any Basis Risk Shortfall Carryforward Amount, in each case for such Class for such Distribution Date; Tenth, from any remaining Excess Cashflow, to the Class B-IO Certificates, the Class B-IO Distribution Amount; Eleventh, from any remaining Excess Cashflow, to the Class B-IO Certificates, any unreimbursed Class B-IO Advanced Amounts; and Twelfth, any remaining amounts to the Residual Certificates. All payments of amounts in respect of Basis Risk Shortfall or Basis Risk Shortfall Carryforward Amount made pursuant to the provisions of this paragraph (a) shall, for federal income tax purposes, be deemed to have been distributed from REMIC III to the holder of the Class B-IO Certificates and then paid outside of any 2004-6 REMIC to the recipients thereof pursuant to an interest rate cap contract. By accepting their Certificates the holders of the Certificates agree so to treat such payments for purposes of filing their income tax returns.
(b) On each Distribution Date, the related Cap Contract Payment Amount with respect to such Payment Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(i) first, to the holders of the related Class of Certificates, the payment of any Basis Risk Shortfall or Basis Risk Shortfall Carry Forward Amount for such Distribution Date, to the extent not covered by Excess Cashflow for such Distribution Date;
(ii) second, from any remaining amounts, the payment of an amount equal to any Current Interest and Interest Carry Forward Amount for the related Class of Certificates to the extent not covered by Interest Funds or Excess Cashflow on such Distribution Date;
(iii) third, from any remaining amounts, available from the Cap Contracts relating to the Class I-A Certificates and Class III-A Certificates, to the Class M-1, the Class M-2, the Class B-1 and the Class B-2 Certificates, in that order, to the extent not paid pursuant to clauses (i) or (ii) above; and
(iv) to the Class B-IO Certificates, any remaining Group I amount. All Cap Contract Payment Amounts made with respect to Current Interest and Interest Carry Forward Amounts will be treated, for federal income tax purposes, as reimbursable advances ("Class B-IO Advances") made from the holder of the Class B-IO Certificates. Such Class B-IO Advances will be paid back to the holder of the Class B-IO Certificate pursuant to Section 6.01(a).
(c) On each Distribution Date, all amounts 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 XP 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 XP Certificates. In addition, as provided in Section 4.07 hereof, on the Distribution Amount Date immediately following the Prepayment Period in which the last Prepayment Charge is collectible on the Prepayment Charge Loans, which Prepayment Period is the month of May 2010, the Trustee shall distribute the amount on deposit in the Class XP Reserve Account to the Class XP Certificates in reduction of the Certificate Principal Balance thereof until the Current Certificate Principal Amount Balance thereof is reduced to zero.
(d) The expenses and fees of the Trust shall be paid by each of the 2004-6 REMICs, to the extent that such expenses relate to the assets of each of such respective 2004-6 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2004-6 REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 6)
Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in December 2002, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date.
(i) On each Distribution Date, the Available Funds shall be distributed as follows:
(A) On the first Distribution Date only and from the amount deposited by the Seller in the Distribution Account on the Closing Date pursuant to Section 2.01(a) hereof, to the Class R-I and Class R-II Certificate, pro rata, in reduction of their respective Current Principal Amounts, until their respective Current Principal Amounts have been reduced to zero.
(B) On each Distribution Date prior to the Cross-Over 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, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Group 1 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds; third, to the Group 1 Senior Certificates, the Group 1 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, until the Current Principal Amount of the Group 1 Senior Certificates has been reduced to zero;
(C) On each Distribution Date prior to the Cross-Over Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: first, to the Group 2 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; 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, 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 the Group 2 Senior Certificates has been reduced to zero.
(D) On each Distribution Date prior to the Cross-Over 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; 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 of the Group 3 Senior Certificates has been reduced to zero
(E) On each Distribution Date prior to the Cross-Over 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; 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 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 the Group 4 Senior Certificates has been reduced to zero.
(F) Except as provided in (G) and (H) 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 (B), (C), (D) and (E) 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 Funds and Principal Funds with respect to Loan Group I thereon for such Distribution Date shall be withdrawn by the Trustee Date, (b) any Accrued Certificate Interest thereon remaining undistributed from the previous Distribution Account to the extent of funds on deposit with respect to Loan Group I therein Dates and distributed (c) such Class's Allocable Share for such Distribution Date, in each case, to the following order extent of priority: First, from Interest remaining Available Funds, from Loan Group I, on .
(G) On each Distribution Date on and prior to the Cross-Over Date, but after the reduction of the Current Principal Amount 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 of Senior Certificates; provided, however, that if (A) the weighted average Subordinate Percentage equals or exceeds 5.80% 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 January 2017foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), if applicableaveraged over the last six months, as a percentage of the sum of the Current Principal Amounts of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Final Maturity Reserve AccountSenior Certificates in accordance with this clause (G) will not be made.
(H) 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, (i) 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 Coupon Strip 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 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 clause (a)(i)(A) and priorities first and second of clauses (a)(i)(B), (C), (D) and (E) above on any Distribution Date, the remaining Group 1, Group 2, Group 3 Group 4 Available Funds are less than the sum of the Group 1, Group 2, Group 3 or Group 4 Senior Optimal Principal Amounts such amount shall be reduced, and such remaining funds will be distributed on the related Senior Certificates on the basis of such reduced amount.
(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 either the Class R-I or Class R-II Certificates, as provided in Section 5.01(d); 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-I or Class R-II Certificates, as applicable.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(f) If on any Distribution Date the Available Funds for any class of Senior Certificates is less than the Accrued Certificate Interest thereon for such Distribution Date prior to reduction for Net Interest Shortfall and the interest portion of Realized Losses, the shortfall will be allocated among the holders of such Class of Senior Certificates 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. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X CertificatesIn addition, the Current amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and then any Interest Carry Forward Amount for each will be distributable to holders of the Certificates of the related Classes entitled to such Classamounts on subsequent Distribution Dates, pro rata, based on the Current Interest and Interest Carry Forward Amount due to each such Class;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet 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 level reduction in the servicing compensation of overcollateralization equal the Master Servicer or otherwise, except to the Group I Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group I extent of applicable Compensating Interest Payments.
(g) The expenses and will be included as part fees of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will Trust shall be paid by each of the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. ThirdREMICs, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior extent that such expenses relate to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effectassets of each of such respective REMICs, and all other expenses and fees of the Group I Principal Distribution Amount for such Distribution Date will Trust shall be distributed as follows:
1. to each Class of Class I-A Certificates on a paid pro rata basis until by both of the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zeroREMICs.
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from shall withdraw funds on deposit in the Distribution Account and make distributions to the extent of funds on deposit Certificates as directed in accordance with respect to Loan Group I therein and distributed the related Remittance Report for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on :
(i) On each Distribution Date on and after Date, the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip Interest Remittance Amount for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Date will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, paid in the following order of priority:
(A1) For from the Interest Remittance Amount for Loan Group I, Loan Group II and Loan Group III, to the Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for such Class and such Distribution Date, applied in accordance with the last paragraph of this clause (i);
(2) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-1 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(3) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-2 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(4) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-3 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(5) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-4 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date; and
(6) for application as part of Monthly Excess Cashflow for such Distribution Date, any Monthly Excess Interest for such Distribution Date.
(a) the Interest Remittance Amount for Loan Group I will be distributed in the following order of priority: (x) first, to the Class I-A Certificates, Current Interest and any Carryforward Interest for such Class for such Distribution Date; and then (y) concurrently, to (1) the Class II-A Certificates and (2) to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group II and the Interest Remittance Amount for Loan Group 3 on such Distribution Date; (b) the Interest Remittance Amount for Loan Group II will be distributed in the following order of priority: (x) first, to the Class II-A Certificates, Current Interest and any Carryforward Interest for such Class for such Distribution Date; and then (y) concurrently, to (1) the Class I-A Certificates and (2) to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group III on such distribution date; and (c) the Interest Remittance Amount for Loan Group III will be distributed in the following order of priority: (x) first, concurrently, to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class I-A Certificates and (2) to the Class II-A Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group II on such Distribution Date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
I. On each Distribution Date (ia) prior to the related Stepdown Date or (iib) on with respect to which a Group I Trigger Event is in effect, the Principal Payment Amount will be paid in the following order of priority:
(i) (a) from the Principal Remittance Amount derived from the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. Mortgage Loans, to the Class I-B-1 A Certificates, any remaining Group I until its Certificate Principal Distribution Amount until the Current Principal Amount thereof is Balance has been reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from shall withdraw funds on deposit in the Distribution Account and make distributions to the extent of funds on deposit Certificates as directed in accordance with respect to Loan Group I therein and distributed the related Remittance Report for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on :
(i) On each Distribution Date on and after Date, the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip Interest Remittance Amount for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Date will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, paid in the following order of priority:
(A1) For from the Interest Remittance Amount for Loan Group I, Loan Group II and Loan Group III, to the Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for each such Class and such Distribution Date, applied in accordance with the last paragraph of this clause (i);
(2) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-1 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(3) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-2 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(4) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-3 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(5) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-4 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date; and
(6) for application as part of Monthly Excess Cashflow for such Distribution Date, any Monthly Excess Interest for such Distribution Date.
(a) the Interest Remittance Amount for Loan Group I will be distributed in the following order of priority: (x) first, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date on a pro rata basis based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class II-A Certificates and (2) the Class III-A-1, Class III-A-2, Class III-A-3, Class III-A-4 and Class III-A-5 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group II and the Interest Remittance Amount for Loan Group 3 on such Distribution Date; (b) the Interest Remittance Amount for Loan Group II will be distributed in the following order of priority: (x) first, to the Class II-A Certificates, Current Interest and any Carryforward Interest for such Class for such Distribution Date; and then (y) concurrently, to (1) the Class I-A-1 Certificates and Class I-A-2 Certificates and (2) the Class III-A-1, Class III-A-2, Class III-A-3, Class III-A-4 and Class III-A-5 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group III on such distribution date; and (c) the Interest Remittance Amount for Loan Group III will be distributed in the following order of priority: (x) first, concurrently, to the Class III-A-1, Class III-A-2, Class III-A-3, Class III-A-4 and Class III-A-5 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class I-A-1 Certificates and Class I-A-2 Certificates and (2) the Class II-A Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group II on such Distribution Date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
I. On each Distribution Date (ia) prior to the related Stepdown Date or (iib) on with respect to which a Group I Trigger Event is in effect, the Principal Payment Amount will be paid in the following order of priority:
(i) (a) from the Principal Payment Amount derived from the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. Mortgage Loans, concurrently, to the Class I-B-1 A-1 Certificates and Class I-A-2 Certificates, any remaining Group I on a pro rata basis, based on their respective Certificate Principal Distribution Amount Balances until the Current Certificate Principal Amount thereof is Balance of each such Class has been reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar3)
Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in June 2002, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date.
(i) On each Distribution Date, the Available Funds shall be distributed as follows:
(A) On the first Distribution Date only and from the amount deposited by the Seller in the Distribution Account on the Closing Date pursuant to Section 2.01(a) hereof, to the Class R-I and Class R-II Certificate, pro rata, in reduction of their respective Current Principal Amounts, until their respective Current Principal Amounts have been reduced to zero.
(B) On each Distribution Date prior to the Cross-Over 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, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Group 1 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds; third, to the Group 1 Senior Certificates, the Group 1 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, until the Current Principal Amount of the Group 1 Senior Certificates has been reduced to zero;
(C) On each Distribution Date prior to the Cross-Over Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: first, to the Group 2 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; 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, 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 the Group 2 Senior Certificates has been reduced to zero.
(D) On each Distribution Date prior to the Cross-Over 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; 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 of the Group 3 Senior Certificates has been reduced to zero.
(E) Except as provided in (F) and (G) below, on each Distribution Date prior to the Cross-Over Date, an amount equal to any remaining Group 1, Group 2 and Group 3 Available Funds after the distributions in (B), (C) and (D) above will be distributed sequentially, in the following order, to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest Funds and Principal Funds with respect to Loan Group I thereon for such Distribution Date shall be withdrawn by the Trustee Date, (b) any Accrued Certificate Interest thereon remaining undistributed from the previous Distribution Account to the extent of funds on deposit with respect to Loan Group I therein Dates and distributed (c) such Class's Allocable Share for such Distribution Date, in each case, to the following order extent of priority: First, from Interest remaining Available Funds, from Loan Group I, on .
(F) On each Distribution Date on and prior to the Cross-Over Date, but after the reduction of the Current Principal Amount of the Group 1, Group 2 or Group 3 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 6.00% 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 January 2017foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), if applicableaveraged over the last six months, as a percentage of the sum of the Current Principal Amounts of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Final Maturity Reserve AccountSenior Certificates in accordance with this clause (F) will not be made.
(G) If on any Distribution Date on which the aggregate Current Principal Amount of any Class or Classes of Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Loan Group and any Subordinate Certificates are still outstanding in each case after giving effect to distributions to be made on such Distribution Date, (i) 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 Coupon Strip 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 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 clause (a)(i)(A) and priorities first and second of clauses (a)(i)(B), (C) and (D) above on any Distribution Date, the remaining Group 1, Group 2 or Group 3 Available Funds are less than the sum of the Group 1, Group 2 or Group 3 Senior Optimal Principal Amounts such amount shall be reduced, and such remaining funds will be distributed on the related Senior Certificates on the basis of such reduced amount.
(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 either the Class R-I or Class R-II Certificates, as provided in Section 5.01(d); provided that if on any Distribution Date there are any Group 1, Group 2 or Group 3 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-I or Class R-II Certificates, as applicable.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(f) If on any Distribution Date the Available Funds for any class of Senior Certificates is less than the Accrued Certificate Interest thereon for such Distribution Date prior to reduction for Net Interest Shortfall and the interest portion of Realized Losses, the shortfall will be allocated among the holders of such Class of Senior Certificates 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. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X CertificatesIn addition, the Current amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and then any Interest Carry Forward Amount for each will be distributable to holders of the Certificates of the related Classes entitled to such Classamounts on subsequent Distribution Dates, pro rata, based on the Current Interest and Interest Carry Forward Amount due to each such Class;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet 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 level reduction in the servicing compensation of overcollateralization equal the Master Servicer or otherwise, except to the Group I Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group I extent of applicable Compensating Interest Payments.
(g) The expenses and will be included as part fees of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will Trust shall be paid by each of the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. ThirdREMICs, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior extent that such expenses relate to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effectassets of each of such respective REMICs, and all other expenses and fees of the Group I Principal Distribution Amount for such Distribution Date will Trust shall be distributed as follows:
1. to each Class of Class I-A Certificates on a paid pro rata basis until by both of the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zeroREMICs.
Appears in 1 contract
Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in February 2002, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date.
(i) On each Distribution Date, the Available Funds shall be distributed as follows:
(A) On each Distribution Date prior to the Cross-Over 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 I Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Group I Senior Certificates, 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, 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, until the Current Principal Amounts thereof have been reduced to zero;
(B) On each Distribution Date prior to the Cross-Over Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: first, to the Group 2 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; 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, the Group 2 Optimal Principal Amount for such Distribution Date to the extent of remaining Group 2 Available Funds, until the Current Principal Amount of the Group 2 Senior Certificates has been reduced to zero.
(C) On each Distribution Date prior to the Cross-Over Date, the Group 3 Available Funds will be distributed to the Group 3 Senior Certificates as follows: first, to the Group 3 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; 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 Optimal Principal Amount for such Distribution Date to the extent of remaining Group 3 Available Funds, until the Current Principal Amount of the Group 3 Senior Certificates has been reduced to zero.
(D) Except as provided in (E) and (F) below, on each Distribution Date prior to the Cross-Over Date, an amount equal to any remaining Group 1, Group 2 and Group 3 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 Funds and Principal Funds with respect to Loan Group I thereon for such Distribution Date shall be withdrawn by the Trustee Date, (b) any Accrued Certificate Interest thereon remaining undistributed from the previous Distribution Account to the extent of funds on deposit with respect to Loan Group I therein Dates and distributed (c) such Class's Allocable Share for such Distribution Date, in each case, to the following order extent of priority: First, from Interest remaining Available Funds, from Loan Group I, on .
(E) On each Distribution Date on and prior to the Cross-Over Date, but after the reduction of the Current Principal Amount of the Group 1, Group 2 or Group 3 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 9.00% 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 January 2017foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), if applicableaveraged 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 Final Maturity Reserve AccountSenior Certificates in accordance with this clause (E) will not be made.
(F) 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, (i) 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 Coupon Strip for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount will be the Extra aggregate Scheduled Principal Distribution Amount with respect to Loan Group I and will be included as part Balance of the Group I Principal Distribution Amount Mortgage Loans in its related Loan Group, and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on which a Group I Trigger Event is in effect, the Group I Principal Distribution Amount for such Distribution Date will be reduced, if necessary, and distributed as follows:
1. to each such Class or Classes of Class I-A Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on a pro rata basis until the excess of (x) the aggregate Current Principal Amount Balance of each such Class is reduced to zero;
2or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. to 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 I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in August 2004, in an aggregate amount equal to the Available Funds for such Distribution Date. On each the first Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall Deposit Amount will be withdrawn by the Trustee from the Distribution Account distributed to the extent Class R-I, Class R-II and Class R-III Certificates, pro rata, in reduction of funds on deposit with respect their respective Current Principal Amounts, until their respective Current Principal Amounts have been reduced to Loan Group I therein and distributed for such zero. On the first Distribution Date, in the following order Paying Agent will, prior to the distribution of priority: FirstGroup I Available Funds to any Group I Certificate, from Interest Funds, from Loan Group I, on each distribute the First Distribution Date on and after the Distribution Date in January 2017, if applicable, Amount to the Final Maturity Reserve AccountClass I-X Certificates, pro rata, as follows:
(i) from Group I Available Funds, an amount equal to the Coupon Strip for such product of (x) the First Distribution Date Distribution Amount and (y) the Component 1X Distribution Percentage; and
(ii) from Group I Available Funds, an amount equal to the product of (x) the First Distribution Date Distribution Amount and (y) the Component 2X Distribution Percentage.
(A) On each Distribution Date. Second, from Interest Fundsthe Group I Available Funds (or on the first Distribution Date, from Loan the Group I, I Available Funds remaining following the distribution of the First Distribution Date Distribution Amount to pay any accrued and unpaid interest on the Class I-A, Class I-B X Certificates) will be distributed to the Group I Senior Certificates and the Class I-X Certificates in the following order of priorityas follows: first, concurrently, as follows:
(1. ) pro rata, to each Class the extent of Group I Available Funds allocable to Loan Subgroup I-1, to the Class I-A A-1 Certificates and Component 1X of the Class I-X Certificates, the Current Accrued Certificate Interest and then any Interest Carry Forward Amount for on each such ClassClass or Component for such Distribution Date, and to Component 2X of the Class I-X Certificates, the Subgroup I-1 Allocation Fraction of Accrued Certificate Interest on such Component for such Distribution Date; and
(2) pro rata, based on to the Current Interest and Interest Carry Forward Amount due extent of Group I Available Funds allocable to each such Class;
2. Loan Subgroup I-2, to the Class I-B-1A-2 Certificates, the Accrued Certificate Interest on such Class for such Distribution Date, and to Component 2X of the Class I-B-2X Certificates, the Subgroup I-2 Allocation Fraction of Accrued Certificate Interest on such Component for such Distribution Date; provided, however, that the amount of Accrued Certificate Interest paid to the Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, X Certificates in that order, the Current Interest for each such Class respect of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Component 1X will be reduced by the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part aggregate amount of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal Carryover Shortfall Amounts on the Class I-A Certificates and Class I-B A-1 Certificates, in and that the following order amount of priority:
(A) For each Distribution Date (i) prior Accrued Certificate Interest paid to the related Stepdown Date or (ii) on which a Class 91 second, to the extent of remaining Group I Trigger Event is in effectAvailable Funds allocable to such Class or Component of such Certificates, to the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class Senior Certificates and Component 1X and Component 2X of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 X Certificates, any the Accrued Certificate Interest thereon pursuant to clause first remaining Group I Principal undistributed from previous Distribution Amount until the Current Principal Amount thereof is reduced Dates (other than, with respect to zero;
3. to Component 1X and Component 2X of the Class I-B-2 X Certificates, any remaining Group I Principal Distribution Amount until amounts pursuant to clause first deposited into the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zeroCarryover Shortfall Reserve Fund); and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from shall withdraw funds on deposit in the Distribution Account and make distributions to the extent of funds on deposit Certificates as directed in accordance with respect to Loan Group I therein and distributed the related Remittance Report for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on :
(i) On each Distribution Date on and after Date, the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip Interest Remittance Amount for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Date will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, paid in the following order of priority:
(A1) For from the Interest Remittance Amount for Loan Group I, Loan Group II and Loan Group III, to the Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for each such Class and such Distribution Date, applied in accordance with the last paragraph of this clause (i);
(2) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-1 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(3) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-2 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(4) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-3 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(5) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-4 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(6) first, from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-5 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, any Monthly Excess Interest for such Distribution Date.
(a) the Interest Remittance Amount for Loan Group I will be distributed in the following order of priority: (x) first, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date on a pro rata basis based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Certificates and (2) the Class III-A-1 Certificates and Class III-A-2 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group II and the Interest Remittance Amount for Loan Group III on such Distribution Date; (b) the Interest Remittance Amount for Loan Group II will be distributed in the following order of priority: (x) first, to the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Certificates, Current Interest and any Carryforward Interest for such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class I-A-1 Certificates and Class I-A-2 Certificates and (2) the Class III-A-1 Certificates and Class III-A-2 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group III on such distribution date; and (c) the Interest Remittance Amount for Loan Group III will be distributed in the following order of priority: (x) first, concurrently, to the Class III-A-1 Certificates and Class III-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to (1) the Class I-A-1 Certificates and Class I-A-2 Certificates and (2) the Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5 and Class II-A-6 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I and the Interest Remittance Amount for Loan Group II on such Distribution Date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
I. On each Distribution Date (ia) prior to the related Stepdown Date or (iib) on with respect to which a Group I Trigger Event is in effect, the Principal Payment Amount will be paid in the following order of priority:
(i) (a) from the Principal Payment Amount derived from the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. Mortgage Loans, concurrently, to the Class I-B-1 A-1 Certificates and Class I-A-2 Certificates, any remaining Group I on a pro rata basis, based on their respective Certificate Principal Distribution Amount Balances, until the Current Certificate Principal Amount thereof is Balance of each such Class has been reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar4)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from the Distribution Account and the Pre-Funding Account, in each case to the extent of funds on deposit with respect to Loan Group I therein therein, and distributed for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on each Distribution Date on and after the Distribution Date in January May 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, in the following order of priority:
(A) For each Distribution Date (i) prior to the related Stepdown Date or (ii) on which a Group I Trigger Event is in effect, the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a Certificates, pro rata basis rata, until the Current Principal Amount of each such Class is reduced to zero;
2. to the Class I-B-1 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Grantor Trust Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from shall withdraw funds on deposit in the Distribution Account and make distributions to the extent of funds on deposit Certificates as directed in accordance with respect to Loan Group I therein and distributed the related Remittance Report for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on :
(i) On each Distribution Date on and after Date, the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip Interest Remittance Amount for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Date will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, paid in the following order of priority:
(A1) For from the Interest Remittance Amount for Loan Group I and Loan Group II, to the Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for each such Class and such Distribution Date, applied in accordance with the last paragraph of this clause (i);
(2) first, from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-1 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(3) first, from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-2 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(4) first, from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-3 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(5) first, from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-4 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date;
(6) first, from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-5 Certificates, Current Interest and Carryforward Interest for such Class and Distribution Date; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, any Monthly Excess Interest for such Distribution Date.
(a) the Interest Remittance Amount for Loan Group I will be distributed in the following order of priority: (x) first, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date on a pro rata basis based on the entitlement of each such Class; and then (y) concurrently, to the Class II-A-1, Class II-A-2 and Class II-A-3 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group II on such Distribution Date; and (b) the Interest Remittance Amount for Loan Group II will be distributed in the following order of priority: (x) first, to the Class II-A-1, Class II-A-2 and Class II-A-3 Certificates, Current Interest and any Carryforward Interest for such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to the Class I-A-1 Certificates and Class I-A-2 Certificates, Current Interest and Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I on such distribution date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
I. On each Distribution Date (ia) prior to the related Stepdown Date or (iib) on with respect to which a Group I Trigger Event is in effect, the Principal Payment Amount will be paid in the following order of priority:
(i) (a) from the Principal Payment Amount derived from the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. Mortgage Loans, concurrently, to the Class I-B-1 A-1 Certificates and Class I-A-2 Certificates, any remaining Group I on a pro rata basis, based on their respective Certificate Principal Distribution Amount Balances, until the Current Certificate Principal Amount thereof is Balance of each such Class has been reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AR1)
Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds with respect to Loan Group I for such Distribution Date shall be withdrawn by the Trustee from shall withdraw funds on deposit in the Distribution Account and make distributions to the extent of funds on deposit Certificates as directed in accordance with respect to Loan Group I therein and distributed the related Remittance Report for such Distribution Date, in the following order of priority: First, from Interest Funds, from Loan Group I, on :
(i) On each Distribution Date on and after Date, the Distribution Date in January 2017, if applicable, to the Final Maturity Reserve Account, an amount equal to the Coupon Strip Interest Remittance Amount for such Distribution Date. Second, from Interest Funds, from Loan Group I, to pay any accrued and unpaid interest on the Class I-A, Class I-B and Class I-X Certificates in the following order of priority:
1. to each Class of Class I-A Certificates and Class I-X 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;
2. to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5, Class I-B-6, Class I-B-7, Class I-B-8 and Class I-B-9 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates;
3. any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount Date will be the Extra Principal Distribution Amount with respect to Loan Group I and will be included as part of the Group I Principal Distribution Amount and distributed in accordance with Third (A) and (B) below; and
4. any remaining Excess Spread with respect to Loan Group I will be the Remaining Excess Spread with respect to Loan Group I and will be applied, together with the Group I Overcollateralization Release Amount, as Excess Cashflow for Loan Group I pursuant to clauses Fourth through Eighteenth below. Third, to pay as principal on the Class I-A Certificates and Class I-B Certificates, paid in the following order of priority:
(1) from the Interest Remittance Amount for Loan Group I, Loan Group II, Loan Group III and Loan Group IV to the Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for each such Class and such Distribution Date, applied in accordance with the last paragraph of this Section 5.06;
(2) first, from the Interest Remittance Amount for Loan Group IV, then from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(3) first, from the Interest Remittance Amount for Loan Group IV, then from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(4) first, from the Interest Remittance Amount for Loan Group IV, then from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(5) first, from the Interest Remittance Amount for Loan Group IV, then from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date;
(6) first, from the Interest Remittance Amount for Loan Group IV, then from the Interest Remittance Amount for Loan Group III, then from the Interest Remittance Amount for Loan Group II and then from the Interest Remittance Amount for Loan Group I, to the Class M-5 Certificates, Current Interest and any Carryforward Interest for such Class and Distribution Date; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, any Monthly Excess Interest for such Distribution Date. The Interest Remittance Amount for Loan Group I, Loan Group II, Loan Group III and Loan Group IV distributed pursuant to Section 5.06(i)(1) above will be applied to the Senior Certificates as follows: (a) the Interest Remittance Amount for Loan Group I will be distributed in the following order of priority: (x) first, to the Class I-A Certificates, Current Interest and any Carryforward Interest for such Distribution Date; then (y) concurrently, to the Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2, Class III-A-3, Class IV-A-1 and Class IV-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group II, the Interest Remittance Amount for Loan Group III and the Interest Remittance Amount for Loan Group IV on such Distribution Date; (b) the Interest Remittance Amount for Loan Group II will be distributed in the following order of priority: (x) first, concurrently to the Class II-A-1 Certificates and Class II-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to the Class I-A, Class III-A-1, Class III-A-2, Class III-A-3, Class IV-A-1 Class IV-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I, the Interest Remittance Amount for Loan Group III and the Interest Remittance Amount for Loan Group IV on such distribution date; (c) For the Interest Remittance Amount for Loan Group III will be distributed in the following order of priority: (x) first, concurrently, to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to the Class I-A, Class II-A-1 Class II-A-2, Class IV-A-1 and Class IV-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I, the Interest Remittance Amount for Loan Group II and the Interest Remittance Amount for Loan Group IV on such Distribution Date; and (d) the Interest Remittance Amount for Loan Group IV will be distributed in the following order of priority: (x) first, concurrently, to the Class IV-A-1 Certificates and Class IV-A-2 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis, based on the entitlement of each such Class; and then (y) concurrently, to the Class I-A, Class II-A-1, Class II-A-2, Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, Current Interest and any Carryforward Interest for each such Class for such Distribution Date, on a pro rata basis based on the entitlement of each such Class, after taking into account the distribution of the Interest Remittance Amount for Loan Group I, the Interest Remittance Amount for Loan Group II and the Interest Remittance Amount for Loan Group III on such Distribution Date.
(ii) The Principal Payment Amount will be paid on each Distribution Date as follows:
I. On each Distribution Date (ia) prior to the related Stepdown Date or (iib) on with respect to which a Group I Trigger Event is in effect, the Principal Payment Amount will be paid in the following order of priority:
(i) (a) from the Principal Payment Amount derived from the Group I Principal Distribution Amount for such Distribution Date will be distributed as follows:
1. to each Class of Class I-A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero;
2. Mortgage Loans, to the Class I-B-1 A Certificates, any remaining Group I Principal Distribution Amount until the Current Certificate Principal Amount thereof is Balance of such Class has been reduced to zero;
3. to the Class I-B-2 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
4. to the Class I-B-3 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
5. to the Class I-B-4 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
6. to the Class I-B-5 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
7. to the Class I-B-6 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
8. to the Class I-B-7 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero;
9. to the Class I-B-8 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and
10. to the Class I-B-9 Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3)
