Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be: (i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LTP, on a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ shall be increased by such amount; and (ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106 (a) 98.00% of such remainder to the Holders of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause; (b) 2.00 % of such remainder, first to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, equal to 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LTZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chec Loan Trust 2004-1)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, Date the Trustee shall cause be deemed to distribute to itself, as the holder of the Uncertificated REMIC 1 Regular Interests, the Uncertificated REMIC 1 Regular Interest Distribution Amounts in the following order of priority, priority to the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account extent of the REMIC 1 Regular Interests or withdrawn from the Available Distribution Account and distributed Amount reduced by distributions made to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:) pursuant to Section 4.01(a):
(i) first, to Uncertificated REMIC 1 Accrued Interest on the extent of Available Funds, to Holders of Uncertificated REMIC 1 Regular Interests for such Distribution Date, plus any Uncertificated REMIC 1 Accrued Interest LTAAthereon remaining unpaid from any previous Distribution Date; and
(ii) In accordance with the priority set forth in Section 4.06(b), an amount equal to the sum of the amounts in respect of principal distributable on the Class A-0, Xxxxx X-0, Class A-4, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class P, Class A-PO and Class R Certificates (in respect of the Class R-2 Interest) under Section 4.01(a), as allocated thereto.
(b) The amount described in Section 4.06(a)(ii) shall be deemed distributed to (i) Uncertificated REMIC 1 Regular Interest LTA1, (ii) Uncertificated REMIC 1 Regular Interest LTA2, (iii) Uncertificated REMIC 1 Regular Interest LTA3LTA4, (iv) Uncertificated REMIC 1 Regular Interest LTM1LTMB, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and (v) Uncertificated REMIC 1 Regular Interest LTP, on a PRO RATA basis, in an amount equal to (Avi) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference LTPO and (yvii) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 LTR2 with the amount to be distributed allocated among such interests in accordance with the same proportion as the Overcollateralization Deficiency Amount is allocated priority assigned to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ shall be increased by such amount; and
(i) Class A-1 Certificates, (ii) secondClass A-2 Certificates, to (iii) Class A-4 Certificates, (iv) the Holders of REMIC 1 Regular InterestsClass M Certificates and Class B Certificates, (v) Class P Certificates, (vi) Class A-PO Certificates and (vii) Class R Certificates (in an amount equal to the remainder respect of the Available Funds for such Distribution Date after the distributions made pursuant to clause Class R-2 Interest), respectively, under Section 4.01(a) and (ib) above, allocated as follows: 106
(a) 98.00% of such remainder to the Holders of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of each such interest is reduced to zero. In addition, amounts described in 4.01(b)(iii) shall be deemed distributed to Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that LTP.
(c) The portion of the Uncertificated REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount Amounts described in Section 4.06(a)(ii) shall be deemed distributed by REMIC 1 to REMIC 2 in accordance with the priority assigned to the REMIC 2 Certificates relative to that assigned to the REMIC 1 Certificates under Section 4.01(b).
(d) In determining from time to time the Uncertificated REMIC 1 Regular Interest LTPDistribution Amount for a particular Uncertificated REMIC 1 Regular Interest, until $100 has been distributed pursuant Realized Losses allocated to this clause;the Certificates under Section 4.07 shall be allocated to the Uncertificated REMIC 1 Regular Interests in the same amounts and priorities as allocated to the Certificates in the corresponding numerical designation in 4.06(b) above.
(e) On each Distribution Date the Trustee shall be deemed to distribute from REMIC 2, in the priority set forth in Sections 4.01(a) and (b) 2.00 % of such remainder), first to the Holders Class A-1, Class A-2, Class A-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R Certificates (in respect of REMIC 2) the amounts distributable thereon, from the Uncertificated REMIC 1 Regular Interest LTA1, Distribution Amounts deemed to have been received by REMIC 2 from REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, equal to 1.00% of and in under this Section 4.06.
(f) Notwithstanding the same proportion as principal payments are allocated to the Corresponding Certificates, until deemed distributions on the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and seconddescribed in this Section 4.06, to distributions of funds from the Holders of REMIC 1 Regular Interest LTZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; andCertificate Account shall be made only in accordance with Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp Mort Pass THR Certs Ser 2003-2)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Certificate Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAAAA, REMIC 1 Regular Interest LTA11-A-1, REMIC 1 Regular Interest LTA21-A-2, REMIC 1 Regular Interest LTA31-A-3, REMIC 1 Regular Interest LTM12-A-1, REMIC 1 Regular Interest LTM22-A-2, REMIC 1 Regular Interest LTM3M-1, REMIC 1 Regular Interest LTM4M-2, REMIC 1 Regular Interest LTM5M-3, REMIC 1 Regular Interest LTM6M-4, REMIC 1 Regular Interest LTM7M-5 and REMIC 1 Regular Interest B, REMIC 1 Regular Interest LTM8ZZ, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LTP, on a PRO RATA basisRATA, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ ZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA11-A-1, REMIC 1 Regular Interest LTA21-A-2, REMIC 1 Regular Interest LTA31-A-3, REMIC 1 Regular Interest LTM1M-1, REMIC 1 Regular Interest LTM2M-2, REMIC 1 Regular Interest LTM3M-3, REMIC 1 Regular Interest LTM4M-4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 M-5 and REMIC 1 Regular Interest LTB2 B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ ZZ shall be increased by such amount; and;
(ii) second, to the Holders of REMIC 1 Regular InterestsInterest 1A, in REMIC 1 Regular Interest 1B, REMIC 1 Regular Interest 2A, REMIC 1 Regular Interest 2B and REMIC 1 Regular Interest XX, pro rata, an amount equal to (A) the remainder of the Available Funds Uncertificated Accrued Interest for such Distribution Date after the distributions made pursuant to clause Date, plus (iB) above, allocated as follows: 106any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(aiii) 98.00% of such remainder to the Holders of REMIC 1 Regular Interest LTAA P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and REMIC 1 Regular Interest LTP, until Master Servicer Prepayment Charge Payment Amounts on the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, thereafter until $100 has been distributed pursuant to this clause;
(biv) 2.00 to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder, first remainder to the Holders of REMIC 1 Regular Interest LTA1AA, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the Holders of REMIC 1 Regular Interest 1-A-1, REMIC 1 Regular Interest LTA21-A-2, REMIC 1 Regular Interest LTA31-A-3, REMIC 1 Regular Interest LTM12-A-1, REMIC 1 Regular Interest LTM22-A-2, REMIC 1 Regular Interest LTM3M-1, REMIC 1 Regular Interest LTM4M-2, REMIC 1 Regular Interest LTM5M-3, REMIC 1 Regular Interest LTM6M-4, REMIC 1 Regular Interest LTM7M-5, REMIC 1 Regular Interest LTM8B, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, in an aggregate amount equal to 1.001% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero zero; and second, second to the Holders of REMIC 1 Regular Interest LTZZZZ, 1% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(v) to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the REMIC 1 Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC 1 Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC 1 Regular Interest XX.
(a) On each Distribution Date, 100% of the amounts deemed distributed on the Class C Interest shall be deemed distributed by REMIC 2 to REMIC 3.
(b) On each Distribution Date, 100% of the amounts deemed distributed on REMIC 1 Regular Interest P shall be deemed distributed by REMIC 2 to REMIC 4 in respect of the Class P Interest.
Appears in 1 contract
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, Date the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 distribute to REMIC 2 on account itself, as the holder of the REMIC 1 Regular Interests or withdrawn from Interests, Uncertificated REMIC Accrued Interest on the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LTP, on a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest Interests for such Distribution Date, plus (B) any amounts in respect thereof Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC 1 Regular Interest LTZZ shall be reduced Interests 1-A, 1-B, 2-A, 2-B and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target AmountZZZ first, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable so as to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and keep the Uncertificated Principal Balance of the each
REMIC 1 Regular Interest LTZZ shall be increased by such amountending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; and
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106
(a) 98.00% of such remainder to the Holders of each REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, until ending with the designation "A," so that the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00 % of such remainder, first to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, equal to 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LTZZ, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced equal to zero0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Principal Amount of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); andand third, any remaining principal to REMIC 1 Regular Interest ZZZ. Realized Losses on the Mortgage Loans shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC 1 Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Principal Amount of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC 1 Regular Interest ZZZ.
(c) Notwithstanding the deemed distributions on the REMIC 1 Regular Interests described in this Section 5.05(a), distributions of funds from the Distribution Account shall be made only in accordance with Section 5.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust MLCC Series 2004-1)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAALT1, REMIC 1 Regular Interest LTA1LT2, REMIC 1 Regular Interest LTA2LT3, REMIC 1 Regular Interest LTA3LT4, REMIC 1 Regular Interest LTM1LT15, REMIC 1 Regular Interest LTM2LT6, REMIC 1 Regular Interest LTM3LT7, REMIC 1 Regular Interest LTM4LT8, REMIC 1 Regular Interest LTM5LT9, REMIC 1 Regular Interest LTM6LT10, REMIC 1 Regular Interest LTM7LT11, REMIC 1 Regular Interest LTM8LT12, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ LTPI and REMIC 1 Regular Interest LTPLTPII, on a PRO RATA basisRATA, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ LT7 shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA1LT2, REMIC 1 Regular Interest LTA2LT3, REMIC 1 Regular Interest LTA3LT4, REMIC 1 Regular Interest LTM1LT5, REMIC 1 Regular Interest LTM2LT6, REMIC 1 Regular Interest LTM3LT8, REMIC 1 Regular Interest LTM4LT9, REMIC 1 Regular Interest LTM5LT10, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 LT11 and REMIC 1 Regular Interest LTB2 LT12 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ shall be increased by such amountCertificates; and
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106:
(a) 98.00% of such remainder with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTPLT1, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; providedzero and with respect to the Group II Mortgage Loans, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00 % of such remainder, first to the Holders of REMIC 1 Regular Interest LTA1LT7, 98.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
(b) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT2, REMIC 1 Regular Interest LTA2LT3, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 LT4 and REMIC 1 Regular Interest LTB2LT5, equal to 1.00% of and such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and secondwith respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LTZZLT8, REMIC 1 Regular Interest LT9, REMIC 1 Regular Interest LT10 and REMIC 1 Regular Interest LT11, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero;
(c) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT6, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT12, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
(d) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LTPI, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until the Uncertificated Principal Balance thereof has been distributed pursuant to this clause and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LTPII, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until the Uncertificated Principal Balance thereof has been distributed pursuant to this clause; andthen
(e) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that with respect to the Group I Mortgage Loans, 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT1 and REMIC 1 Regular Interest LT6, respectively, and with respect to the Group II Mortgage Loans, 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT7 and REMIC 1 Regular Interest LT12, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finan as Sec Cp SDVW Hm Eq Ln Tr 2001-2 as Bk Cer Ser 2001-2)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LTP, on a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ shall be increased by such amount; and
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106:
(a) 98.00% of such remainder to the Holders of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00 2.00% of such remainderremainder first, first to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, equal to 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LTZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); 119 provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Mortgage Loan Trust 2004-3)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class A-R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of the sum of Available FundsFunds for such Distribution Date, to Holders of REMIC 1 Regular Interest LTAAInterests LT-1, REMIC 1 Regular Interest LTA1LT-1X, REMIC 1 Regular Interest LTA2LT-2, REMIC 1 Regular Interest LTA3LT-2X, REMIC 1 Regular Interest LTM1LT-3, REMIC 1 Regular Interest LTM2LT-3X, REMIC 1 Regular Interest LTM3LT-4, REMIC 1 Regular Interest LTM4LT-4X, REMIC 1 Regular Interest LTM5LT-5, REMIC 1 Regular Interest LTM6LT-5X, REMIC 1 Regular Interest LTM7LT-6, REMIC 1 Regular Interest LTM8LT-6X, REMIC 1 Regular Interest LTM9LT-7, REMIC 1 Regular Interest LTB1LT-7X, REMIC 1 Regular Interest LTB2LT-8, REMIC 1 Regular Interest LTZZ LT-8X, LT-R, LT-RX, LT-P and REMIC 1 Regular Interest LTPLT-PX, on a PRO RATA basispro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ Interests LT-9 and LT-9X shall be reduced and deferred reduced, pro rata, when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular LT-9 Maximum Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LTZZ shall be increased by such amount; andDeferral Amount;
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106:
(a) 98.00% of such remainder to the Holders of REMIC 1 Regular Interest LTAA Interests LT-R and REMIC 1 Regular Interest LTPLT-RX, until pro rata, an amount equal to the Uncertificated Principal Balance amount of principal distributed to the holder of the Corresponding Certificate on such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clauseSection 4.02;
(b) 2.00 % of such remainder, first to the Holders of REMIC 1 Regular Interest LTA1Interests LT-P and LT-PX, pro rata, an amount equal to the sum of (i) the amount of principal distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b)(ii)A. and (ii) the amount distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b)(v).
(iii) third, to the Holders of REMIC 1 Regular Interest LTA2Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(a) 98% of such remainder, to the Holders of REMIC 1 Regular Interest LTA3Interests LT-1 and LT-1X, pro rata, until the Uncertificated Principal Balances of such Uncertificated REMIC 1 Regular Interest LTM1Interests are reduced to zero;
(b) 1.00% of such remainder, to the Holders of REMIC 1 Regular Interest LTM2Interests LT-2, REMIC 1 Regular Interest LTM3LT-2X, REMIC 1 Regular Interest LTM4LT-3, REMIC 1 Regular Interest LTM5LT-3X, REMIC 1 Regular Interest LTM6LT-4, REMIC 1 Regular Interest LTM7LT-4X, REMIC 1 Regular Interest LTM8LT-5, REMIC 1 Regular Interest LTM9LT-5X, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2LT-6, equal to 1.00% of and LT-6X, LT- 7, LT-7X, XX-0, xxx XX-0X, pro rata, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and secondzero;
(c) 1.00% of such remainder, to the Holders of REMIC 1 Regular Interest LTZZInterests LT-9 and LT-9X, pro rata, until the Uncertificated Principal Balance Balances of such REMIC 1 Regular Interest is Interests are reduced to zero; andthen
(d) any remaining amount to the Holders of the Class A-R Certificates (in respect of the Class R-1 Interest); provided, however, that any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated 98.00% to Holders of REMIC 1 Regular Interests LT-1 and LT- 1X, pro rata, and 2.00% to Holders of REMIC 1 Regular Interest LT-9 and LT-9X, pro rata. Notwithstanding the foregoing clauses (i), (ii) and (iii), with respect to the first three Distribution Dates, amounts relating to the Initial Mortgage Loans shall be distributed to the REMIC 1 Regular Interests not bearing a designation ending in "X," and amounts relating to the Subsequent Mortgage Loans shall be distributed to the REMIC 1 Regular Interests bearing a designation ending in "X," in each case in the order and priority set forth above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Distributions on the REMIC 1 Regular Interests. (a) On each Distribution Date, Date the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 distribute to REMIC 2 on account itself, as the holder of the REMIC 1 Regular Interests or withdrawn from Interests, Uncertificated REMIC Accrued Interest on the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LTP, on a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest Interests for such Distribution Date, plus (B) any amounts in respect thereof Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC 1 Regular Interest LTZZ shall be reduced Interests 1-A, 1-B, 2-A, 2-B and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target AmountZZZ first, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable so as to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and keep the Uncertificated Principal Balance of the each REMIC 1 Regular Interest LTZZ shall be increased by such amountending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; and
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: 106
(a) 98.00% of such remainder to the Holders of each REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, until ending with the designation "A," so that the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00 % of such remainder, first to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LTB2, equal to 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LTZZ, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced equal to zero0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Principal Amount of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); andand third, any remaining principal to REMIC 1 Regular Interest ZZZ. Realized Losses on the Mortgage Loans shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC 1 Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Principal Amount of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC 1 Regular Interest ZZZ.
(c) Notwithstanding the deemed distributions on the REMIC 1 Regular Interests described in this Section 5.05, distributions of funds from the Distribution Account shall be made only in accordance with Section 5.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST SERIES MLCC Series 2005-1)