Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows: (A) on each Distribution Date, the Available Funds will be distributed to the Senior Certificates as follows: first, to the Class I-A Certificates and Class I-X-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero. (B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds. (C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts. (D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates. (E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates. (b) 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. (c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments. (d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs. (e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date. (f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available: (A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date; (B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and (C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount. (g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available: (A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date; (B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and (C) third, for deposit into the Cap Reserve Account, any remaining amount. (h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005June 2006, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005June 2006, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-3 Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest A-2 Certificates, on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) 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.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed by the Trustee monthly on each Distribution DateDate based on the Certificates Distribution Report for such Distribution Date furnished by the Trustee pursuant to 6.05 hereof, commencing in December 2005September 2007, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the related Available Funds on deposit in the Distribution Account shall be distributed as follows:
(AI) Distributions on the Group I Certificates:
(i) On each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Group I Senior Certificates (other than the Class I-A Certificates and Class I-X-1 PO Certificates), on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Group I Senior Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on other than the Class I-X-1 Certificates for such Distribution Date; thirdPO Certificates), to the Class I-A Certificates and the Class I-X-1 Certificateson a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Group I Senior Optimal Principal Amount for such Distribution Date, sequentially to: Certificates (i) other than the Class I-A PO Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above), as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificatesprincipal, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Group I Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order described below, in reduction of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) 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 Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005September 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A Certificates A-1, Class R-I and Class IR-X-1 II Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to Accrued Certificate Interest on the Class I-A A-1, Class R-I and Class R-II Certificates and is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A A-1, Class R-I and Class R-II Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class IR-A I and Class R-II Certificates, on a pro rata basis, based on in reduction of the Current Principal Amounts thereof, the remaining Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) 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.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005May 2007, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005May 2007, the Class R R-I Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-II Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-III Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A Certificates A-1, Class I-A-2 and Class I-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1, Class I-A-2 and Class I-X-1 Certificates and is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A CertificatesA-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates A-2 and the Class I-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, based on in reduction of the Current Principal Amount thereof, the Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(Bii) On on each Distribution Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-A-1, Class II-A-2, Class II-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class II-A-1, Class II-A-2, Class II-X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-A-1, Class II-A-2, Class II-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; and third, to the Class II-A-1 Certificates and Class II-A-2 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group III Available Funds will be distributed to the Group III Senior Certificates as follows: first, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds; and third, to the Class III-A-1 Certificates and Class III-A-2 Certificates on a pro rata basis, in reduction of the Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to a the Cross-Over Date, an amount equal to the sum of any remaining Group I, Group II and Group III Available Funds after the distributions in clause clauses (Ai), (ii) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, and (iii) above will be distributed sequentially, in the following order: , to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 B-5, Class B-6 and Class I-B-6 B-7 Certificates, in each case up to an amount equal to and in the following order: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I, Group II and Group III Available Funds.
(Cv) On each Distribution Date prior to the Cross-Over Date but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Certificate Group to zero, the remaining Class or Classes of Senior Certificates in the remaining Certificate Groups will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the Class or Classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans Delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (vi) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Current Principal Amount of the Group I, Group II or Group III Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group and any Subordinate Certificates are still outstanding, in each case after giving effect to distributions to be made on such Distribution Date, (A) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Group I, Group II or Group III Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (B) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities firstfirst and second of clauses (a)(i), second (ii) and third of paragraph (Aiii) aboveabove on any Distribution Date, the remaining Group I, Group II or Group III Available Funds is are less than the Group I, Group II and Group III Senior Optimal Principal AmountAmounts, respectively, the Senior Optimal Principal Amount for such Loan Group shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of related Senior Certificates Certificates, on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(Ec) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-III Certificates; provided that if on any Distribution Date there are any Group I, Group II and Group III 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 Available Funds amounts are distributed in accordance with this clause to the Class R R-III Certificates.
(bd) For any Distribution Date, “pro rata” distributions among Classes of Certificates in respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest will be made in proportion to the amount of Accrued Certificate Interest or unpaid Accrued Certificate Interest, respectively, due on such Classes for such Distribution Date. For any Distribution Date, “pro rata” distributions among Classes of Certificates in respect of principal will be made in proportion to the Current Principal Amount of such Classes immediately prior to such Distribution Date.
(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.
(cf) If on any Distribution Date the Available Funds for the Senior Certificates in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to among the holders of the each Class of Senior Certificates on a pro rata basis in accordance with such Certificate Group in proportion to the amount respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for that such Distribution Date absent such shortfallsDate. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(dg) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-3)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005October 2006, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005October 2006, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-3 Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest A-2 Certificates, on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) 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.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-4)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed by the Trustee monthly on each Distribution DateDate based on the Certificates Distribution Report for such Distribution Date furnished by the Trustee pursuant to 6.05 hereof, commencing in December 20052006, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the related Available Funds on deposit in the Distribution Account shall be distributed as follows:
(AI) Distributions on the Group I Certificates, Class X Certificates and Class PO Certificates On each Distribution Date, the Group I Available Funds will be distributed as follows:
(i) on each Distribution Date, the Group I Available Funds will be distributed to the related Senior Certificates as follows: first, to the Class I-A Certificates and A1-1, Class I-X-1 CertificatesA1-2, Class I-A1-3, Class I-A1-4, Class I-A1-5, Class I-A2-1, Class I-A2-2 and the Class I-X Component, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A CertificatesA1-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the A1-2, Class I-X-1 Certificates for such Distribution Date; thirdA1-3, to the Class I-A Certificates A1-4, Class I-A1-5, Class I-A2-1, Class I-A2-2 and the Class I-X-1 CertificatesX Component, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) 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.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2)
