Distributions on the Group II Certificates. (a)(i) Interest and principal (as applicable) on the Group II Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006, in an amount equal to the Available Funds for such Loan Group on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Available Funds in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows: (A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 Certificates as follows: first, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, Class II-1A-2 and Class II-1X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1; and third, to the Class II-1A-1 Certificates and Class II-1A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1, until the Certificate Principal Balance of each such Class has been reduced to zero. (B) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 will be distributed to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates as follows: first, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2; and third, to the Class II-2A-1A, Class II-2A-1B and Class II-2A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2, until the Certificate Principal Balance of each such Class has been reduced to zero. (C) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 will be distributed to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates as follows: first, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, Class II-3A-2 and Class II-3X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3; and third, to the Class II-3A-1 Certificates and Class II-3A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3, until the Certificate Principal Balance of each such Class has been reduced to zero. (D) Except as provided in clauses (E) and (F) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (C) above, will be distributed sequentially in the following order: first to the Class II-B-1 Certificates and Class II-BX-1 Certificates, pro rata, and then sequentially to the Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Allocable Share, as applicable, for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for Loan Group II. (E) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Group or Groups to zero, the remaining Certificate Group or Groups in such Loan Group II will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Group immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or Groups. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II Senior Optimal Principal Amount in accordance with priority third in clauses (A) through (C) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates). (F) If on any Distribution Date on which the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related Sub-Loan Group and any Group II 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 Group II Subordinate Certificates in respect of principal will be distributed to such Group II Senior Certificates in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is equal to the aggregate Stated Principal Balance of the Mortgage Loans in its related Sub-Loan Group, and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan Group. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 Certificates. If there exists more than one undercollateralized Sub-Loan Group on a Distribution Date, amounts distributable to such undercollateralized Certificate Groups pursuant to this paragraph will be allocated between such undercollateralized Sub-Loan Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan Groups. (G) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (C) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances. (H) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Certificates; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein), before any Available Funds are distributed in accordance with this clause to the Residual Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006September 2005, in an amount equal to the Available Funds for such Loan Group on deposit in the Distribution Account in respect of Loan Group II for such Distribution Date. On each Distribution Date, the Available Funds in respect of for Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 II will be distributed to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates as follows: first, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1II; and third, to the Class II-1A-1 Certificates and Class II-1A-2 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-1II, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 will be distributed to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates as follows: first, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2; and third, to the Class II-2A-1A, Class II-2A-1B and Class II-2A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(C) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 will be distributed to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates as follows: first, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, Class II-3A-2 and Class II-3X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3; and third, to the Class II-3A-1 Certificates and Class II-3A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3, until the Certificate Principal Balance of each such Class has been reduced to zero.
(D) Except as provided in clauses (E) and (F) below, on On each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses clause (A) through (C) above, above will be distributed sequentially sequentially, in the following order: first , to the Class II-B-1 Certificates and Class II-BX-1 CertificatesB-1, pro rata, and then sequentially to the Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 B-5, Class II-B-6 and Class II-B-6 B-7 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's ’s Allocable Share, as applicable, Share for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for Loan Group II.
(E) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Group or Groups to zero, the remaining Certificate Group or Groups in such Loan Group II will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Group immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or Groups. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II Senior Optimal Principal Amount in accordance with priority third in clauses (A) through (C) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(F) If on any Distribution Date on which the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related Sub-Loan Group and any Group II 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 Group II Subordinate Certificates in respect of principal will be distributed to such Group II Senior Certificates in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is equal to the aggregate Stated Principal Balance of the Mortgage Loans in its related Sub-Loan Group, and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan Group. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 Certificates. If there exists more than one undercollateralized Sub-Loan Group on a Distribution Date, amounts distributable to such undercollateralized Certificate Groups pursuant to this paragraph will be allocated between such undercollateralized Sub-Loan Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan Groups.
(G) If, after distributions have been made pursuant to priorities first and second of clauses paragraph (A) through (C) above above, on any Distribution Datedistribution date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount, the Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among to the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal BalancesClass II-1A-1 Certificates.
(HD) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Class R Certificates; provided that if .
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Certificate Principal Balance of such Certificate has been reduced to zero.
(c) If on any Distribution Date there are any the Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective is less than the Accrued Certificate Principal Balances Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and then the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Class of Senior Certificates. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Group II Subordinate Senior Certificates (unless otherwise described herein)on subsequent Distribution Dates, before any to the extent of the applicable Available Funds are distributed after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in accordance with this clause interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the Residual Certificatesextent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-8 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-8 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-8 REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-8)
Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates of each Certificate Group will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November January 2006, in an amount equal to the Available Funds for such the related Sub-Loan Group on deposit in the Distribution Account in respect of each Sub-Loan Group in Loan Group II for such Distribution Date. On each Distribution Date, the Available Funds for each Sub-Loan Group in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-1 Certificates as follows: first, to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-1 Certificates, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1; and third, to the Class II-1A-1 Certificates and the Class II-1A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 will be distributed to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates as follows: first, to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2; and third, to the Class II-2A-1A, Class II-2A-1B II-2A-1 Certificates and the Class II-2A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(C) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 will be distributed to the Class II-3A-1, II-3A-1 Certificates and the Class II-3A-2 and Class II-3X-1 Certificates as follows: first, to the Class II-3A-1, II-3A-1 Certificates and the Class II-3A-2 and Class II-3X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, II-3A-1 Certificates and the Class II-3A-2 and Class II-3X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3; and third, to the Class II-3A-1 Certificates and the Class II-3A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3, until the Certificate Principal Balance of each such Class has been reduced to zero.
(D) on each Distribution Date, the Available Funds for Sub-Loan Group II-4 will be distributed to the Class II-4A-1, Class II-4A-2 and Class II-4X-1 Certificates as follows: first, to the Class II-4A-1, Class II-4A-2 and Class II-4X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-4A-1, Class II-4A-2 and Class II-4X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-4; and third, to the Class II-4A-1 Certificates and the Class II-4A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Senior Optimal Principal Amount with respect to the Sub-Loan Group II-4 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-4, until the Certificate Principal Balance of each such Class has been reduced to zero.
(E) on each Distribution Date, the Available Funds for Sub-Loan Group II-5 will be distributed to the Class II-5A-1 Certificates and Class II-5X-1 Certificates as follows: first, to the Class II-5A-1 Certificates and Class II-5X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-5A-1 Certificates and Class II-5X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-5; and third, to the Class II-5A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Sub-Loan Group II-5 Certificates for such Distribution Date to the extent of remaining Available Funds for Sub-Loan Group II-5, until the Certificate Principal Balance of such Class has been reduced to zero.
(F) Except as provided in clauses (EG) and (FH) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (CE) above, above will be distributed sequentially sequentially, in the following order: first , to the Class II-B-1 Certificates and Class II-BX-1 CertificatesB-1, pro rata, and then sequentially to the Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 B-5, Class II-B-6, Class II-B-7, Class II-B-8, Class II-B-9, Class II-B-10, Class II-B-11 and Class II-B-6 B-12 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's ’s Allocable Share, as applicable, Share for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for in Loan Group II.
(EG) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Certificate Group or Groups to zero, the remaining Certificate Group or Groups in such Loan related to the Group II Mortgage Loans will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Certificate Group related to the Group II Mortgage Loans immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' ’ respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or GroupsCertificate Group. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II related Senior Optimal Principal Distribution Amount in accordance with priority third in clauses (A) through (CE) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Subordinate Percentages for each Sub-Loan Group in Loan Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages for each Sub-Loan Group in Loan Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group or Certificate Groups related to the Group II Mortgage Loans will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(FH) If For any Undercollateralized Certificate Group on any Distribution Date on which prior to the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related SubCross-Loan Group and any Group II Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Over Date, (i) 100% of amounts otherwise allocable to the Group II Subordinate Certificates in respect of principal will be distributed to such the Group II Senior Certificates of such Undercollateralized Certificate Group on a pro rata basis in accordance with their respective Certificate Principal Balances in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is an amount equal to the aggregate Stated Principal Balance of the Group II Mortgage Loans in its the related Sub-Loan Group, Group and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to one month’s interest at a rate equal to the Accrued Certificate Interest related Pass-Through Rate for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan GroupUndercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 B-12 Certificates. If there exists more than one undercollateralized Sub-Loan Undercollateralized Certificate Group on a Distribution Date, amounts distributable to such undercollateralized Undercollateralized Certificate Groups pursuant to this paragraph clause will be allocated between such undercollateralized Sub-Loan Undercollateralized Certificate Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan GroupsUndercollateralized Amounts.
(GI) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (CE) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(HJ) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Class R Certificates; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein)full, before any Available Funds are distributed in accordance with this clause to the Residual 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 Certificate Principal Balance of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Group II 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 the holders of the Class of Senior Certificates in such Certificate Group 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 2005-10 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-10 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-10 REMICs.
(e) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans with respect to the Group II Mortgage 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 II-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 (BSALTA 2005-10, Mortgage Pass-Through Certificates, Series 2005-10)
Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates of each Certificate Group will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006March 2005, in an amount equal to the Available Funds for such the related Loan Group on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Available Funds for each Loan Group in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-A-1 Certificates as follows: first, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-A-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date; second, to the Class II-A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-1; and third, to the Class II-A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-1 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-1, until the Certificate Principal Balance of such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Loan Group II-2 will be distributed to the Class II-A-2a Certificates and the Class II-A-2b Certificates as follows: first, to the Class II-A-2a Certificates and the Class II-A-2b Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, II-A-2a Certificates and the Class II-1A-2 and Class II-1X-1 II-A-2b Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1II-2; and third, to the Class II-1A-1 II-A-2a Certificates and the Class II-1A-2 II-A-2b Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(BC) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 II-3 will be distributed to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-A-3 Certificates as follows: first, to the Class II-2A-1AII-A-3 Certificates, the Accrued Certificate Interest on such Class II-2A-1Bfor such Distribution Date; second, to the Class II-2A-2II-A-3 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-3; and third, to the Class II-2X-1II-A-3 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-3 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-3, until the Certificate Principal Balance of such Class II-2X-2has been reduced to zero.
(D) on each Distribution Date, the Available Funds for Loan Group II-4 will be distributed to the Class II-2X-3II-A-4 Certificates and the Class II-X-4 Certificates as follows: first, to the Class II-2X-4 II-A-4 Certificates and the Class II-2X-5 II-X-4 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, II-A-4 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-X-4 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2II-4; and third, to the Class II-2A-1A, Class II-2A-1B and Class II-2A-2 II-A-4 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 II-4 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-2II-4, until the Certificate Principal Balance of each such Class has been reduced to zero.
(CE) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 II-5 will be distributed to the Class II-3A-1, II-A-5 Certificates and the Class II-3A-2 and Class II-3X-1 II-X-5 Certificates as follows: first, to the Class II-3A-1, II-A-5 Certificates and the Class II-3A-2 and Class II-3X-1 II-X-5 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, II-A-5 Certificates and the Class II-3A-2 and Class II-3X-1 II-X-5 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3II-5; and third, to the Class II-3A-1 Certificates and Class II-3A-2 II-A-5 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 II-5 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-3II-5, until the Certificate Principal Balance of each such Class has been reduced to zero.
(DF) on each Distribution Date, the Available Funds for Loan Group II-6 will be distributed to the Class II-A-6 Certificates as follows: first, to the Class II-A-6 Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Class II-A-6 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-6; and third, to the Class II-A-6 Certificates, in reduction of the Certificate Principal Balances thereof, the Senior Optimal Principal Amount with respect to the Group II-6 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-6, until the Certificate Principal Balance of such Class has been reduced to zero.
(G) Except as provided in clauses (EH) and (FI) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (CF) above, above will be distributed sequentially sequentially, in the following order: first , to the Class II-B-1 Certificates and Class II-BX-1 CertificatesB-1, pro rata, and then sequentially to the Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 B-5, Class II-B-6, Class II-B-7 and Class II-B-6 B-8 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's ’s Allocable Share, as applicable, Share for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for in Loan Group II.
(EH) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Certificate Group or Groups to zero, the remaining Certificate Group or Groups in such Loan related to the Group II Mortgage Loans will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Certificate Group related to the Group II Mortgage Loans immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' ’ respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or GroupsCertificate Group. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II related Senior Optimal Principal Distribution Amount in accordance with priority third in clauses (A) through (CF) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group or Certificate Groups related to the Group II Mortgage Loans will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(FI) If For any Undercollateralized Certificate Group on any Distribution Date on which prior to the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related SubCross-Loan Group and any Group II Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Over Date, (i) 100% of amounts otherwise allocable to the Group II Subordinate Certificates in respect of principal will be distributed to such the Group II Senior Certificates of such Undercollateralized Certificate Group on a pro rata basis in accordance with their respective Certificate Principal Balances in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is an amount equal to the aggregate Stated Principal Balance of the Group II Mortgage Loans in its the related Sub-Loan Group, Group and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to one month’s interest at a rate equal to the Accrued Certificate Interest related Pass-Through Rate for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan GroupUndercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 B-8 Certificates. If there exists more than one undercollateralized Sub-Loan Undercollateralized Certificate Group on a Distribution Date, amounts distributable to such undercollateralized Undercollateralized Certificate Groups pursuant to this paragraph clause will be allocated between such undercollateralized Sub-Loan Undercollateralized Certificate Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan GroupsUndercollateralized Amounts.
(GJ) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (CF) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(HK) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Class R Certificates; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein)full, before any Available Funds are distributed in accordance with this clause to the Residual 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 Certificate Principal Balance of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Group II 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 the holders of the Class of Senior Certificates in such Certificate Group 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 2005-2 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-2 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-2 REMICs.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 05 2)
Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates of each Certificate Group will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006May 2005, in an amount equal to the Available Funds for such the related Loan Group on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Available Funds for each Loan Group in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates as follows: first, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date; second, to the Class II-1A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-1; and third, to the Class II-1A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-1 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-1, until the Certificate Principal Balance of such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Loan Group II-2 will be distributed to the Class II-2A-1, Class II-2A-2 and Class II-2A-3 Certificates as follows: first, to the Class II-2A-1, Class II-2A-2 and Class II-2A-3 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1II-2A-1, Class II-1A-2 II-2A-2 and Class II-1X-1 II-2A-3 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1II-2; and third, to the Class II-1A-1 Certificates II-2A-1, Class II-2A-2 and Class II-1A-2 II-2A-3 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(BC) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 II-3 will be distributed to the Class II-2A-1AII-3A-1, Class II-2A-1BII-3A-2, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 II-3A-3 and Class II-2X-5 II-3A-4 Certificates as follows: first, to the Class II-2A-1AII-3A-1, Class II-2A-1BII-3A-2, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 II-3A-3 and Class II-2X-5 II-3A-4 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1AII-3A-1, Class II-2A-1BII-3A-2, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 II-3A-3 and Class II-2X-5 II-3A-4 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2II-3; and third, to the Class II-2A-1AII-3A-1, Class II-2A-1B II-3A-2, Class II-3A-3 and Class II-2A-2 II-3A-4 Certificates, in reduction of the each Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2II-3, until the Certificate Principal Balance of each such Class has been reduced to zero.
(CD) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 II-4 will be distributed to the Class II-3A-1, II-4A-1 Certificates and the Class II-3A-2 and Class II-3X-1 II-4A-2 Certificates as follows: first, to the Class II-3A-1, II-4A-1 Certificates and the Class II-3A-2 and Class II-3X-1 II-4A-2 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, II-4A-1 Certificates and the Class II-3A-2 and Class II-3X-1 II-4A-2 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3II-4; and third, to the Class II-3A-1 II-4A-1 Certificates and the Class II-3A-2 II-4A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 II-4 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3II-4, until the Certificate Principal Balance of each such Class has been reduced to zero.
(DE) on each Distribution Date, the Available Funds for Loan Group II-5 will be distributed to the Class II-5A-1 Certificates and the Class II-5A-2 Certificates as follows: first, to the Class II-5A-1 Certificates and the Class II-5A-2 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-5A-1 Certificates and the Class II-5A-2 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Loan Group II-5; and third, to the Class II-5A-1 Certificates and the Class II-5A-2 Certificates, in reduction of each Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-5 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Loan Group II-5, until the Certificate Principal Balance of each such Class has been reduced to zero.
(F) Except as provided in clauses (EG) and (FH) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (CE) above, above will be distributed sequentially sequentially, in the following order: first , to the Class II-B-1 Certificates and M-1, Class II-BX-1 CertificatesM-2, pro rataClass II-M-3, and then sequentially to the Class II-M-4, 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, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's ’s Allocable Share, as applicable, Share for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for in Loan Group II.
(EG) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Certificate Group or Groups to zero, the remaining Certificate Group or Groups in such Loan related to the Group II Mortgage Loans will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Certificate Group related to the Group II Mortgage Loans immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' ’ respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or GroupsCertificate Group. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II related Senior Optimal Principal Distribution Amount in accordance with priority third in clauses (A) through (CE) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group or Certificate Groups related to the Group II Mortgage Loans will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(FH) If For any Undercollateralized Certificate Group on any Distribution Date on which prior to the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related SubCross-Loan Group and any Group II Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Over Date, (i) 100% of amounts otherwise allocable to the Group II Subordinate Certificates in respect of principal will be distributed to such the Group II Senior Certificates of such Undercollateralized Certificate Group on a pro rata basis in accordance with their respective Certificate Principal Balances in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is an amount equal to the aggregate Stated Principal Balance of the Group II Mortgage Loans in its the related Sub-Loan Group, Group and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to one month’s interest at a rate equal to the Accrued Certificate Interest related Pass-Through Rate for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan GroupUndercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 Certificates. If there exists more than one undercollateralized Sub-Loan Undercollateralized Certificate Group on a Distribution Date, amounts distributable to such undercollateralized Undercollateralized Certificate Groups pursuant to this paragraph clause will be allocated between such undercollateralized Sub-Loan Undercollateralized Certificate Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan GroupsUndercollateralized Amounts.
(GI) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (CE) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(HJ) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Class R Certificates; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein)full, before any Available Funds are distributed in accordance with this clause to the Residual 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 Certificate Principal Balance of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Group II 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 the holders of the Class of Senior Certificates in such Certificate Group 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 2005-4 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-4 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-4 REMICs.
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Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates of each Certificate Group will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006June 2005, in an amount equal to the Available Funds for such the related Loan Group on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Available Funds for each Loan Group in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-1 Certificates as follows: first, to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-1 Certificates, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, II-1A-1 Certificates and the Class II-1A-2 and Class II-1X-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1; and third, to the Class II-1A-1 Certificates and the Class II-1A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 will be distributed to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-1 Certificates as follows: first, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-1 Certificates, the Accrued Certificate Interest on such Classes Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2; and third, to the Class II-2A-1A, Class II-2A-1B and Class II-2A-2 II-2A-1 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(C) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 will be distributed to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-1 Certificates as follows: first, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-1 Certificates, the Accrued Certificate Interest on such Classes Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3; and third, to the Class II-3A-1 Certificates and Class II-3A-2 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-3, until the Certificate Principal Balance of each such Class has been reduced to zero.
(D) on each Distribution Date, the Available Funds for Loan Group II-4 will be distributed to the Class II-4A-1 Certificates as follows: first, to the Class II-4A-1 Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Class II-4A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-4; and third, to the Class II-4A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-4 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-4, until the Certificate Principal Balance of such Class has been reduced to zero.
(E) on each Distribution Date, the Available Funds for Loan Group II-1 will be distributed to the Class II-5A-1 Certificates as follows: first, to the Class II-5A-1 Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Class II-5A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-5; and third, to the Class II-5A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-5 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-5, until the Certificate Principal Balance of such Class has been reduced to zero.
(F) on each Distribution Date, the Available Funds for Loan Group II-6 will be distributed to the Class II-6A-1 Certificates as follows: first, to the Class II-6A-1 Certificates, the Accrued Certificate Interest on such Class for such Distribution Date; second, to the Class II-6A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds for Loan Group II-6; and third, to the Class II-6A-1 Certificates, in reduction of the Certificate Principal Balance thereof, the Senior Optimal Principal Amount with respect to the Group II-6 Certificates for such Distribution Date to the extent of remaining Available Funds for Loan Group II-6, until the Certificate Principal Balance of such Class has been reduced to zero.
(G) Except as provided in clauses (EH) and (FI) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (CF) above, above will be distributed sequentially sequentially, in the following order: first , to the Class II-B-1 Certificates and M-1, Class II-BX-1 CertificatesM-2, pro rataClass II-M-3, and then sequentially to the Class II-M-4, Class II-M-5, Class II-M-6, 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, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's ’s Allocable Share, as applicable, Share for such Distribution Date, in each case, to the extent of remaining Available Funds for all Sub-Loan Groups for in Loan Group II.
(EH) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Certificate Group or Groups to zero, the remaining Certificate Group or Groups in such Loan related to the Group II Mortgage Loans will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Certificate Group related to the Group II Mortgage Loans immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates' ’ respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or GroupsCertificate Group. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II related Senior Optimal Principal Distribution Amount in accordance with priority third in clauses (A) through (CF) above, as applicable, in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages for each Loan Group in Loan Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group relating to the fully paid Certificate Group or Certificate Groups related to the Group II Mortgage Loans will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(FI) If For any Undercollateralized Certificate Group on any Distribution Date on which prior to the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related SubCross-Loan Group and any Group II Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Over Date, (i) 100% of amounts otherwise allocable to the Group II Subordinate Certificates in respect of principal will be distributed to such the Group II Senior Certificates of such Undercollateralized Certificate Group on a pro rata basis in accordance with their respective Certificate Principal Balances in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is an amount equal to the aggregate Stated Principal Balance of the Group II Mortgage Loans in its the related Sub-Loan Group, Group and (ii) the Accrued Certificate Interest otherwise allocable to the Group II Subordinate Certificates on such Distribution Date will be reduced and distributed to such Group II Senior Certificates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to one month’s interest at a rate equal to the Accrued Certificate Interest related Pass-Through Rate for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan GroupUndercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 Certificates. If there exists more than one undercollateralized Sub-Loan Undercollateralized Certificate Group on a Distribution Date, amounts distributable to such undercollateralized Undercollateralized Certificate Groups pursuant to this paragraph clause will be allocated between such undercollateralized Sub-Loan Undercollateralized Certificate Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan GroupsUndercollateralized Amounts.
(GJ) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (CF) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(HK) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual Class R Certificates; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein)full, before any Available Funds are distributed in accordance with this clause to the Residual 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 Certificate Principal Balance of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Group II 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 the holders of the Class of Senior Certificates in such Certificate Group 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 2005-5 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-5 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-5 REMICs.
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Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-5)
Distributions on the Group II Certificates. (a)(ia) Interest and principal (as applicable) on the Group II Certificates of each Certificate Group will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in November 2006August 2005, in an amount equal to the Available Funds for such the related Sub-Loan Group on deposit in the Distribution Account and the Pre-Funding Reserve Account in respect of each Sub-Loan Group in Loan Group II for such Distribution Date. On each Distribution Date, the Available Funds for each Sub-Loan Group in respect of Loan Group II on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Loan Group II-1 will be distributed to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates as follows: first, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-1A-1, Class II-1A-2 and Class II-1X-1 II-1A-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-1; and third, to the Class II-1A-1 Certificates and Class II-1A-2 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-1 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-1, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) on each Distribution Date, the Available Funds for Sub-Loan Group II-2 will be distributed to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates as follows: first, to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-2A-1A, II-2A-1 Certificates and the Class II-2A-1B, Class II-2A-2, Class II-2X-1, Class II-2X-2, Class II-2X-3, Class II-2X-4 and Class II-2X-5 II-2A-2 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2; and third, to the Class II-2A-1A, Class II-2A-1B II-2A-1 Certificates and the Class II-2A-2 Certificates, in reduction of the Certificate Principal Balance of each such Class, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-2 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, to the extent of remaining Available Funds for Sub-Loan Group II-2, until the Certificate Principal Balance of each such Class has been reduced to zero.
(C) on each Distribution Date, the Available Funds for Sub-Loan Group II-3 will be distributed to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-1 Certificates as follows: first, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-1 Certificates, the Accrued Certificate Interest on such Classes Class for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-3A-1, Class II-3A-2 and Class II-3X-1 II-3A-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 such Class, to the extent of remaining Available Funds for Sub-Loan Group II-3; and third, to the Class II-3A-1 Certificates and Class II-3A-2 Certificates, in reduction of the Certificate Principal Balance of each such Classthereof, the Group II Senior Optimal Principal Amount with respect to the Sub-Loan Group II-3 Certificates for such Distribution Date, pro rata, based on the Certificate Principal Balance of each such Class, Date to the extent of remaining Available Funds for Sub-Loan Group II-3, until the Certificate Principal Balance of each such Class has been reduced to zero.
(D) Except as provided in clauses (E) and (F) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Available Funds for all Sub-Loan Groups in Loan Group II after the distributions set forth in clauses (A) through (C) above, II-4 will be distributed sequentially in the following order: first to the Class II-B-1 II-4A-1 Certificates and Class II-BX-1 Certificatesas follows: first, pro rata, and then sequentially to the Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 II-4A-1 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon on such Class for such Distribution Date; second, (b) to the Class II-4A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Allocable Share, as applicable, for such Distribution Date, in each caseDates, to the extent of remaining Available Funds for all Sub-Loan Groups for Loan Group II.
(E) On each Distribution Date prior to the Group II Cross-Over Date, but after the reduction of the aggregate Certificate Principal Balance of the Group II Senior Certificates in any Sub-Loan Group or Groups II-4; and third, to zero, the remaining Certificate Group or Groups in such Loan Group II will be entitled to receive in reduction of their Certificate Principal Balances, pro rata based upon aggregate Certificate Principal Balance of the remaining Group II Senior Certificates in each Sub-Loan Group immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Class II-4A-1 Certificates' respective Sub-Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Group II Mortgage Loan in the Sub-Loan Group or Sub-Loan Groups relating to any fully paid Sub-Loan Group or Groups. Such amounts allocated to Group II Senior Certificates shall be treated as part of the Available Funds for the related Sub-Loan Group and distributed as part of the Group II Senior Optimal Principal Amount in accordance with priority third in clauses (A) through (C) above, as applicable, in reduction of the Certificate Principal Balances Balance thereof. Notwithstanding , the foregoing, if (i) Senior Optimal Principal Amount with respect to the weighted average of the Sub-Group II Subordinate Percentages on II-4 Certificates for such Distribution Date equals or exceeds two times the initial weighted average of the Group II Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans in all Sub-Loan Groups Delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Group II Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Certificate Principal Balance of the Group II Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group II Senior Certificates in accordance with this clause will not be made and 100% extent of the Principal Prepayments on any Group II Mortgage Loan in the remaining Available Funds for Sub-Loan Group relating to the fully paid Certificate Group will be allocated to the Group II Subordinate Certificates (other than the Class II-BX-1 Certificates).
(F) If on any Distribution Date on which the aggregate Certificate Principal Balance of the Group II Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the Group II Mortgage Loans in its related Sub-Loan Group and any Group II 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 Group II Subordinate Certificates in respect of principal will be distributed to such Group II Senior Certificates in reduction of the Certificate Principal Balances thereofII-4, until the aggregate Certificate Principal Balance of such Group II Senior Certificates is equal Class has been reduced to zero.
(E) on each Distribution Date, the aggregate Stated Principal Balance of the Mortgage Loans in its related Available Funds for Sub-Loan GroupGroup II-1 will be distributed to the Class II-5A-1 Certificates as follows: first, and (ii) to the Class II-5A-1 Certificates, the Accrued Certificate Interest otherwise allocable on such Class for such Distribution Date; second, to the Group II Subordinate Certificates on such Class II-5A-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Date will be reduced and distributed to such Group II Senior CertificatesDates, to the extent of any amount due and unpaid on such Group II Senior Certificates, in an amount equal to the Accrued Certificate Interest remaining Available Funds for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Group II Senior Certificates over (y) the aggregate Stated Principal Balance of the Group II Mortgage Loans in the related Sub-Loan Group. Any such reduction in the Accrued Certificate Interest on the Group II Subordinate Certificates will be allocated first to the Group II Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class II-B-6 Certificates. If there exists more than one undercollateralized Sub-Loan Group on a Distribution Date, amounts distributable to such undercollateralized Certificate Groups pursuant to this paragraph will be allocated between such undercollateralized Sub-Loan Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceed the aggregate Stated Principal Balance of the Group II Mortgage Loans in their respective Sub-Loan Groups.
(G) If, after distributions have been made pursuant to priorities first and second of clauses (A) through (C) above on any Distribution Date, the remaining Available Funds for any Sub-Loan Group in Loan Group II is less than the Group II Senior Optimal Principal Amount for that Sub-Loan Group, the Group II Senior Optimal Principal Amount for such Sub-Loan Group shall be reduced by that amount, and the remaining Available Funds for such Sub-Loan Group will be distributed as principal among the related Classes of Group II Senior Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(H) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Group II Certificates entitled thereto, will be distributed to the Residual CertificatesII-5; provided that if on any Distribution Date there are any Available Funds for any Sub-Loan Group in Loan Group II remaining after payment of interest and principal to the Group II Certificates entitled thereto, such amounts will be distributed to the other Classes of Group II Senior Certificates, pro rata, based upon their Certificate Principal Balances, until all amounts due to all Classes of Group II Senior Certificates have been paid in full based upon their respective Certificate Principal Balances and then to any Group II Subordinate Certificates (unless otherwise described herein), before any Available Funds are distributed in accordance with this clause to the Residual Certificates.and
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Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-7)
