Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date. (b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ. (c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions Distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to the REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance Current 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance Current 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 2 contracts
Samples: Series Supplement to Pooling and Servicing Agreement (RALI Series 2005-Qa5 Trust), Pooling and Servicing Agreement (RALI Series 2005-Qa4 Trust)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC I Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on to the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of in each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in case from the related Loan Group; second, first, to each REMIC I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to the related REMIC I Regular Interest ending with the designation "ZZZ" (provided that a portion of the remaining principal equal to the Class A-I-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest ZZZA-I-PO and a portion of the remaining principal equal to the Class A-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest A-PO). Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each related REMIC I 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 I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on from each Loan Group shall be allocated to the related REMIC I Regular Interests ending with the designation "ZZZ" (except that if a Realized Loss is recognized with respect to a Discount Mortgage Loans shall Loan that is a Group I Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest ZZZA-I-PO and that if a Realized Loss is recognized with respect to a Discount Mortgage Loan that is a Group II Loan, Group III Loan or Group IV Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest A-PO).
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.0710.03, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.02.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (RAMP Series 2004-Sl3 Trust), Pooling and Servicing Agreement (RAMP Series 2004-Sl2 Trust)
Distributions on the REMIC I Regular Interests. (a1) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, Uncertificated REMIC Accrued Interest on as the case may be:
(i) to Holders of REMIC I Regular Interests Interest I-LTAA, REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTB3 and REMIC I Regular Interest I-LTZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions Dates. Amounts payable as Uncertificated Interest in respect of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with I-LTZZ shall be reduced when the designation "B" equal REMIC I Overcollateralization Amount is less than the REMIC I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTB3 in the designation "A," so that same proportion as the Overcollateralization Deficiency is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of each REMIC I Regular Interest I-LTZZ shall be increased by such amount; to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) 98.00% of such remainder to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTB3, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and second to the Holders of REMIC I Regular Interest I-LTZZ, until the Uncertificated Balance of such REMIC I Regular Interest is equal reduced to 0.01zero; then
(C) any remaining amount to the Holders of the Class R Certificates; provided, however, that 98.00% and 2.00% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance of the Senior Certificates in the related Group (except any principal payments that if any such excess is a larger number than in the preceding distribution period, the least amount of principal are attributable to an Overcollateralization Reduction Amount shall be distributed allocated to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to Holders of REMIC I 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 I-LTAA and REMIC I 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; secondI-LTZZ, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZrespectively.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-S2)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC I Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on to the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of in each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in case from the related Loan Group; second, first, to each REMIC I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to the related REMIC I Regular Interest ending with the designation "ZZZ" (provided that a portion of the remaining principal equal to the Class A-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest ZZZA-PO). Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each related REMIC I 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 I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on from each Loan Group shall be allocated to the related REMIC I Regular Interests ending with the designation "ZZZ" (except that if a Realized Loss is recognized with respect to a Discount Mortgage Loans shall Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest ZZZA-PO).
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.0710.03, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (RAMP Series 2005 SL2 Trust)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC I Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on to the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of in each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in case from the related Loan Group; second, first, to each REMIC I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to the related REMIC I Regular Interest ending with the designation "ZZZ" (provided that a portion of the remaining principal equal to the Class A-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest ZZZA-PO). Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each related REMIC I 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 I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on from each Loan Group shall be allocated to the related REMIC I 137 Regular Interests ending with the designation "ZZZ" (except that if a Realized Loss is recognized with respect to a Discount Mortgage Loans shall Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest ZZZA-PO).
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.0710.03, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (RAMP Series 2004-Sl4 Trust)
Distributions on the REMIC I Regular Interests. (a1) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), Uncertificated REMIC Accrued Interest on as the case may be:
(A) first, to the Holders of REMIC I Regular Interests Interest LT-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.
Dates and second, to Holders of REMIC I Regular Interest LT-1 and REMIC I Regular Interest LT-P in an amount equal to (bA) On each the Uncertificated Accrued Interest for such Distribution Date, distributions plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(B) to the Holders of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx XInterest LT-XP, Xon 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 $100 has been distributed pursuant to this clause;
(2) second, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (1) above, allocated as follows:
(A) to the Holders of REMIC I Regular Interest LT-XIO, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep until the Uncertificated Principal Balance of each REMIC I Regular Interest ending with LT-IO is reduced to zero;
(B) to the designation "B" equal to 0.01% Holders of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with the designation "A," so that LT-1, until the Uncertificated Principal Balance of each such REMIC I Regular Interest LT-1 is equal reduced to 0.01% zero; and
(C) any remaining amount to the Holders of the excess of Class R Certificates (x) the aggregate Stated Principal Balance in respect of the Mortgage Loans in the related Group over (y) the Class Certificate Balance 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 R-I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintainedInterest); and third, any remaining principal to REMIC I 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 I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2003-Bc1)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions Distributions of principal shall be deemed to be made to the REMIC I Regular Interests, in each case from amounts received on the Mortgage Loans related Loan Group, first, to REMIC I Regular Xxxxxxxxx X-XInterest LT-1SUB, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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; secondLT-2SUB, to each REMIC I Regular Interest ending with the designation "A," LT-3SUB and REMIC I Regular Interest LT-4SUB, as applicable, so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Class current Certificate Principal Balance of the Senior Certificates Class A Certificate(s) in the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to REMIC I Regular Interest ZZZLT-ZZ. Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date Date, first, so as to keep the Uncertificated Principal Balance of each REMIC I 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; secondLT-1SUB, to each REMIC I Regular Interest ending with the designation "A," LT-2SUB, REMIC I Regular Interest LT-3SUB and REMIC I Regular Interest LT-4SUB, as applicable, so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Class current Certificate Principal Balance of the Senior Certificates Class A Certificate in the related Loan 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on the Mortgage Loans from each Loan Group shall be allocated to REMIC I Regular Interest ZZZ.
(c) Notwithstanding LT-ZZ. Principal shall be payable to, and shortfalls, losses and prepayments are allocable to, the deemed distributions REMIC II Regular Interests as such amounts are payable and allocable to the Corresponding Certificates. Interest shall be payable to the REMIC II Regular Interests at the related REMIC II Remittance Rate on the Uncertificated Balance of each such REMIC I II Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.Interest. 100
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb1)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests and distributed to the holders of the Class A-R Certificates (in respect of the Class R-I Interest), Uncertificated REMIC Accrued Interest on as the case may be:
(i) With respect to the Group 1 Mortgage Loans:
(A) to the Holders of REMIC I Regular Interests Interest LT1 in an amount equal to the Uncertificated Interest for such REMIC I Regular Interest for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.Dates;
(bB) On each Distribution Date, distributions to the Holders of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with the designation "B" LT1, in an amount equal to 0.01% the remainder of the aggregate Stated Principal Available Distribution Amount for Group 1 for such Distribution Date after the distributions made pursuant to clause (A) above, until the Uncertificated Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with LT1 is reduced to zero; and
(C) any remaining amount to the designation "Holders of the Class A," so that -R Certificates (in respect of the Class R-I Interest).
(ii) With respect to the Group 2 Mortgage Loans:
(A) to the Holders of REMIC I Regular Interest LT2 and REMIC I Regular Interest LT2PF, in an amount equal to the Uncertificated Principal Balance of each Interest for such REMIC I Regular Interest is for such Distribution Date, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(B) to the Holders of REMIC I Regular Interest LT2 and REMIC I Regular Interest LT2PF, in an amount equal to 0.01% the remainder of the excess of Available Distribution Amount for Group 2 for such Distribution Date after the distributions made pursuant to clause (xi) above, allocated sequentially as follows:
(1) With respect to the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution periodfirst two Distribution Dates, the least amount of principal remaining Available Distribution Amount for Group 2 shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest ZZZ. Realized Losses on LT2 until its Uncertificated Balance equals the Stated Principal Balances as of the related Due Period of the Group 2 Mortgage Loans shall be applied after all distributions have been made on that aren’t Subsequent Mortgage Loans and for each Distribution Date first, so as thereafter to keep the Uncertificated Principal Balance Holders of each REMIC I Regular Interest ending with LT2, until the designation "B" equal to 0.01% of the aggregate Stated Principal Uncertificated Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with LT2 is reduced to zero; and then
(2) With respect to the designation "A," so first two Distribution Dates, the remaining Available Distribution Amount for Group 2 shall be distributed to REMIC I Regular Interest LT2PF until its Uncertificated Balance equals the Stated Principal Balances as of the related Due Period of the Group 2 Mortgage Loans that are Subsequent Mortgage Loans and for each Distribution Date thereafter to the Holders of REMIC I Regular Interest LT2PF, until the Uncertificated Principal Balance of each REMIC I Regular Interest LT2PF is reduced to zero; and
(C) any remaining amount to the Holders of the Class A-R Certificates (in respect of the Class R-I Interest);
(iii) With respect to the Group 3 Mortgage Loans:
(A) to the Holders of REMIC I Regular Interest LT3 in an amount equal to the Uncertificated Interest for such REMIC I Regular Interest is equal for such Distribution Date, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(B) to 0.01% the Holders of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ.
LT3, in an amount equal to the remainder of the Available Distribution Amount for Group 3 for such Distribution Date after the distributions made pursuant to clause (cA) Notwithstanding above, until the deemed distributions on the Uncertificated Balance of REMIC I Regular Interests described Interest LT3 is reduced to zero; and
(C) any remaining amount to the Holders of the Class A-R Certificates (in this Section 6.07, distributions respect of funds from the Distribution Account shall be made only in accordance with Section 6.01Class R-I Interest).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NYMT Securities CORP)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests or withdrawn from the Distribution Account and distributed to the holders of the Class A-R Certificates (in respect of the Class R-I Interest), Uncertificated REMIC Accrued Interest on as the case may be:
(i) to the Holders of REMIC I Regular Interests Interest LT-IO-A, REMIC I Regular Interest LT-IO-B, REMIC I Regular Interest LT-IO-C, REMIC I Regular Interest LT-IO-D, REMIC I Regular Interest LT-IO-E and REMIC I Regular Interest LT-IO-F in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.Dates;
(bii) On each Distribution Date, distributions to the Holders of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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; secondLT-IO-A, to each REMIC I Regular Interest ending with LT-IO-B, REMIC I Regular Interest LT-IO-C, REMIC I Regular Interest LT-IO-D, REMIC I Regular Interest LT-IO-E and REMIC I Regular Interest LT-IO-F, sequentially, in an amount equal to the designation "A," so that Principal Distribution Amount until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; and
(iii) to the Holders of the Class A-R Certificates, any amounts remaining after the distributions pursuant to clauses (i) and (ii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT-IO-F. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT-IO-F shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II 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-II Interest), as the case may be:
(i) first, to the Holders of REMIC II Regular Interest MT-IO-A, in an amount equal to 0.01% (A) the Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then to Holders of REMIC II Regular Interest MT-AA, REMIC Regular Interest MT-A-1, REMIC II Regular Interest MT-A-2, REMIC II Regular Interest MT-A-3, REMIC II Regular Interest MT-A-3M, REMIC II Regular Interest MT-A-4, REMIC II Regular Interest MT-M-1, REMIC II Regular Interest MT-M-2, REMIC II Regular Interest MT-M-3, REMIC II Regular Interest MT-M-4, REMIC II Regular Interest MT-M-4, REMIC II Regular Interest MT-M-5, REMIC II Regular Interest MT-M-6, REMIC II Regular Interest MT-M-7, REMIC Regular Interest MT-B and REMIC II Regular Interest MT-ZZ, pro rata, in an amount equal to (A) the excess Uncertificated Accrued Interest for each such REMIC II Regular 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 II Regular Interest MT-ZZ shall be reduced and deferred when the REMIC II Overcollateralized Amount is less than the REMIC II Target Overcollateralization Amount, by the lesser of (x) the aggregate Stated Principal Balance amount of the Mortgage Loans in the related Group over such difference and (y) the Class Certificate Balance REMIC II Regular Interest MT-ZZ Maximum Interest Deferral Amount and such amount will be payable to the Holders of the Senior Certificates REMIC II Regular Interest MT-A-1, REMIC II Regular Interest MT-A-2, REMIC II Regular Interest MT-A-3, REMIC II Regular Interest MT-A-3M, REMIC II Regular Interest MT-A-4, REMIC II Regular Interest MT-M-1, REMIC II Regular Interest MT-M-2, REMIC II Regular Interest MT-M-3, REMIC II Regular Interest MT-M-4, REMIC II Regular Interest, MT-M-5, REMIC II Regular Interest, MT-M-6, REMIC II Regular Interest MT-M-7, and REMIC Regular Interest in the related Group (except that if any such excess same proportion as the Overcollateralization Deficiency Amount is a larger number than in allocated to the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); Corresponding Certificates and third, any remaining principal to REMIC I 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 I II Regular Interest ending with MT-ZZ shall be increased by such amount;
(ii) second, to the designation "B" Holders of REMIC II Regular Interests, in an amount equal to 0.01the remainder of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) 98.00% of such remainder (other than amounts payable under clause (C) below) to the aggregate Stated Holders of REMIC II Regular Interest MT-AA and REMIC II Regular Interest MT-P, until the Uncertificated Principal Balance of the Mortgage Loans in the related Group; second, to each such REMIC I II Regular Interest ending with the designation "A," so is reduced to zero, provided, however, that the Uncertificated Principal Balance of each REMIC II Regular Interest MT-P shall not be reduced until the Distribution Date in July 2010 or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC II Regular Interest MT-P, until $100 has been distributed pursuant to this clause;
(B) 2.00% of such remainder (other than amounts payable under clause (C) below, first, to the Holders of REMIC II Regular Interest MT-A-1, REMIC II Regular Interest MT-A-2, REMIC II Regular Interest MT-A-3, REMIC II Regular Interest MT-A-3M, REMIC II Regular Interest MT-4, REMIC Regular Interest MT-M-1, REMIC II Regular Interest MT-M-2, REMIC II Regular Interest MT-M-3, REMIC II Regular Interest MT-M-4, REMIC II Regular Interest MT-M-5, REMIC II Regular Interest MT-M-6, REMIC II Regular Interest MT-M-7, and REMIC II Regular Interest MT-B, 1.00%, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC I II Regular Interests are reduced to zero and second, to the Holders of REMIC II Regular Interest MT-ZZ until the Uncertificated Principal Balance of such REMIC II Regular Interest is equal reduced to 0.01zero; then
(C) any remaining amount to the Holders of the Class A-R Certificates (in respect of the Class R-2 Interest); and
(iii) third, to REMIC II Regular Interest MT-P, 100% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans all amounts representing Prepayment Charges in the related Group over (y) the Class Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses respect on the Mortgage Loans shall be allocated distributed to REMIC I Regular Interesr LT-IO-F pursuant to section 4.09(a) above; provided that REMIC II Regular Interest ZZZ.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from MT-P shall not be reduced until the Distribution Account Date in July 2010, at which point such amount shall be made only in accordance with Section 6.01distributed to REMIC II Regular Interest MT-P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc. Asset-Backed Certificates Trust 2005-Im2)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date Date, the Trustee Securities Administrator shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I, and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests LT-I-A and LT-I-B:
(i) to the extent of the Group I Interest Remittance Amount and Group I Principal Distribution Amount, to the Holders of REMIC I Regular Interests LT-I-A and LT-I-B, pro rata, in an amount equal to (A) Uncertificated REMIC Accrued Interest on the for such REMIC I Regular Interests for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.Dates; and
(bii) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-I-A and LT-I-B, in an amount equal to the remainder of the Group I Interest Remittance Amount and Group I Principal Distribution Amount, after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-I-A to equal 0.10% of the related Subordinate Component of the Group I Loans and, then, to REMIC I Regular Interest LT-I-B.
(2) On each Distribution Date, distributions the following amounts, in the following order of principal priority, shall be deemed distributed by REMIC I to be made from amounts received REMIC II on account of the Mortgage Loans to REMIC I Regular Xxxxxxxxx XInterests LT-XII-A and LT-II-B:
(i) to the extent of the Group II Interest Remittance Amount and Group II Principal Distribution Amount, Xto the Holders of REMIC I Regular Interests LT-XII-A and LT-II-B, XXpro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-XII-A and LT-II-B, XX-Xin an amount equal to the remainder of the Group II Interest Remittance Amount and Group II Principal Distribution Amount after the distributions made pursuant to clause (i) above, XXX-X, III-B and ZZZ allocated first, so as to keep cause the Uncertificated Principal Balance of each REMIC I Regular Interest ending with the designation "B" LT-II-A to equal to 0.010.10% of the aggregate Stated related Subordinate Component of the Group II Loans and, then, to REMIC I Regular Interest LT-II-B. 120 Pooling and Servicing Agreement
(3) On each Distribution Date, all amounts representing Prepayment Charges received during the related Prepayment Period in respect of the Mortgage Loans shall be distributed by REMIC I to REMIC II, pro rata, in respect of REMIC I Regular Interests LT-I-B and LT-II-B.
(4) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests:
(i) to the extent of the Group I Interest Remittance Amount and Group I Principal distribution Amount, to the Holders of each REMIC II Group I Regular Interest, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Group I Regular Interests 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 II Group I Regular Interest I-ZZ shall be reduced when the sum of (i) the REMIC II Group I Overcollateralized Amount and (ii) the REMIC II Group II Overcollateralized Amount is less than the Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest I-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interests X-0X, X-0X, X-0, X-0, X-0, X-0, X-0, M-6, M-7, M-8, M-9, M-10, M-11 and M-12 in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the Mortgage Loans REMIC II Regular Interest I-ZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the Holders of REMIC II Group I Regular Interests, in an amount equal to the remainder of the Group I Interest Remittance Amount and Group I Principal Distribution Amount after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC II Regular Interest I-AA, 98.00% of such remainder until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; (B) 2.00% of such remainder, first to the Holders of REMIC II Regular Interests X-0X, X-0X, X-0, X-0, X-0, X-0, X-0, M-6, M-7, M-8, M-9, M-10, M-11, and M-12 in an aggregate amount equal to 1.00% of and in the related Group; second, same proportion as principal payments are allocated to the corresponding Class of Certificates for each such REMIC II Group I Regular Interest ending with the designation "A," so that Interest, respectively, until the Uncertificated Principal Balance of each such REMIC II Group I Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (C) any remaining amounts to the Holders of the Class R-II Certificates. 121 Pooling and Servicing Agreement
(5) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group II Regular Interests:
(i) to the extent of the Group II Interest Remittance Amount and Group II Principal Distribution Amount, to the Holders of each REMIC II Group II Regular Interest, pro rata, in an amount equal to 0.01% (A) Uncertificated Accrued Interest for such REMIC II Group II Regular Interests 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 II Group II Regular Interest II-ZZ shall be reduced when the excess sum of (i) the REMIC II Group I Overcollateralized Amount and (ii) the REMIC II Group II Overcollateralized Amount is less than the Required Overcollateralization Amount, by the lesser of (x) the aggregate Stated Principal Balance amount of the Mortgage Loans in the related Group over such difference and (y) the Class Certificate Balance REMIC II Regular Interest II-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of the Senior Certificates REMIC II Regular Interests X-0X, X-0X, X-0X, X-0, X-0, X-0, X-0, X-0, M-6, M-7, M-8, M-10, M-11, and M-12 in the related Group (except that if any such excess same proportion as the Overcollateralization Increase Amount is a larger number than in allocated to the preceding distribution periodcorresponding Class of Certificates, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 the REMIC I Regular Interest ending with II-ZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the designation "B" Holders of REMIC II Group II Regular Interests, in an amount equal to 0.01the remainder of the Group II Interest Remittance Amount and Group II Principal Distribution Amount after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC II Regular Interest II-AA, 98.00% of such remainder until the aggregate Stated Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; (B) 2.00% of such remainder, first to the Mortgage Loans Holders of REMIC II Regular Interests X-0X, X-0X, X-0X, X-0, X-0, X-0, X-0, X-0, M-6, M-7, M-8 M-10, M-11, and M-12, in an aggregate amount equal to 1.00% of and in the related Group; secondsame proportion as principal payments are allocated to the corresponding Class of Certificates for each such REMIC II Group II Regular Interest, to each REMIC I Regular Interest ending with the designation "A," so that respectively, until the Uncertificated Principal Balance of each such REMIC I II Group II Regular Interest is equal reduced to 0.01% zero; and, second, to the Holders of the excess of (x) REMIC II Regular Interest II-ZZ, until the aggregate Stated Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (C) any remaining amounts to the Mortgage Loans in the related Group over (y) Holders of the Class Certificate Balance R-II Certificates.
(6) On each Distribution Date, 100 percent 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 Prepayment Charges deemed distributed on REMIC I Regular Interests such that LT-I-B and LT-II-B pursuant to Section 5.05(b)(3) above shall be distributed to the holder of REMIC I Subordinated Balance Ratio is maintained)II Regular Interest P; and third, any remaining Realized Losses on the Distribution Date immediately following the expiration of the last date on which a Prepayment Charge may be paid on the Mortgage Loans or any Distribution Date thereafter Group I and 122 Pooling and Servicing Agreement Group II Principal Distribution Amounts shall be allocated distributed to the holder of the REMIC I II Regular Interest ZZZP until $100 has been distributed on such interest.
(c7) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.075.05, distributions distribution of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.015.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Fre1)
Distributions on the REMIC I Regular Interests. (ai) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(bii) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx XInterests I-XA, XI-XB, XXII-XA, XX-X, XXX-X, IIIII-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ.
(ciii) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.076.07(a), distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV INC MLMI Series 2004-A2)
Distributions on the REMIC I Regular Interests. (ai) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(bii) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx XInterests I-XA, XI-XB, XXII-XA, XXII-X, XXX-XB, III-A, III-B, IV-A, IV-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZ.
(ciii) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.076.07(a), distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3)
Distributions on the REMIC I Regular Interests. (a1) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests and distributed to the holders of the Class I-R Certificates (in respect of Component R-1), as the case may be:
(i) to Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest I-1-A through I-69-B, pro rata, in an amount equal to (A) Uncertificated REMIC Accrued Interest on the for such REMIC I Regular Interests for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts payable in respect thereof remaining unpaid from any previous Distribution DateDates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall first be distributed to REMIC I Regular Interest A-I until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero; and second, to REMIC I Regular interests I-1-A through I-69-B, starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(biii) On each Distribution Date, distributions of principal amounts representing Prepayment Charges on the Group I Loans serviced by GMAC Mortgage Corporation, Residential Funding Corporation and GreenPoint Mortgage Funding, Inc., shall be deemed distributed to REMIC I Regular Interest I-P1 and amounts representing Prepayment Charges on the Loans serviced by IndyMac Bank FSB shall be deemed to be made from amounts received on the Mortgage Loans distributed to REMIC I Regular Xxxxxxxxx XInterest I-XP2, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so provided that such amounts shall not reduce the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% Interest. On the Distribution Date immediately following the expiration of the excess of (x) latest Prepayment Charge term as identified on the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance of the Senior Certificates in the related Group (except that if any such excess is a larger number than in the preceding distribution periodPrepayment Charge Schedule, the least amount of principal $100 shall be deemed distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to in respect of each of REMIC I 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 I-P1 and REMIC I Regular Interest I-P2 in reduction of the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZthereof.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Distributions on the REMIC I Regular Interests. (a1) On each Distribution Date Date, the Trustee following amounts, in the following order of priority, shall be deemed distributed by REMIC I to distribute to itself, as the holder REMIC II on account of the REMIC I Regular InterestsInterests or withdrawn from the Distribution Account and distributed to the holders of the Class R-1 Certificates, Uncertificated REMIC Accrued Interest on as the case may be:
(i) to Holders of REMIC I Regular Interests Interest I-LTAA, REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTB3 and REMIC I Regular Interest I-LTZZ, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions Dates. Amounts payable as Uncertificated Interest in respect of principal shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with I-LTZZ shall be reduced when the designation "B" equal REMIC I Overcollateralization Amount is less than the REMIC I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTB3 in the designation "A," so that same proportion as the Overcollateralization Deficiency is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of each REMIC I Regular Interest I-LTZZ shall be increased by such amount; to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) 98.00% of such remainder to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTB3, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and second to the Holders of REMIC I Regular Interest I-LTZZ, until the Uncertificated Balance of such REMIC I Regular Interest is equal reduced to 0.01zero; then
(C) any remaining amount to the Holders of the Class R-1 Certificates; provided, however, that 98.00% and 2.00% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Class Certificate Balance of the Senior Certificates in the related Group (except any principal payments that if any such excess is a larger number than in the preceding distribution period, the least amount of principal are attributable to an Overcollateralization Reduction Amount shall be distributed allocated to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to Holders of REMIC I 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 I-LTAA and REMIC I 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; secondI-LTZZ, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZrespectively.
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.07, distributions of funds from the Distribution Account shall be made only in accordance with Section 6.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-S1)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC I Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on to the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of in each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in case from the related Loan Group; second, first, to each REMIC I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to the related REMIC I Regular Interest ending with the designation "ZZZ" (provided that a portion of the remaining principal equal to the Class A-II-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest ZZZA-II-PO). Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each related REMIC I 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 I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on from each Loan Group shall be allocated to the related REMIC I Regular Interests ending with the designation "ZZZ" (except that if a Realized Loss is recognized with respect to a Discount Mortgage Loans shall Loan that is a Group II Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest ZZZA-II-PO).
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.0710.03, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (RAAC Series 2004-Sp2)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, Uncertificated REMIC I Accrued Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC I Accrued Interest thereon remaining unpaid from any previous Distribution Date.
(b) On each Distribution Date, distributions of principal shall be deemed to be made from amounts received on to the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-XInterests, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of in each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in case from the related Loan Group; second, first, to each REMIC I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining principal in each Loan Group to the related REMIC I Regular Interest ending with the designation "ZZZ" (provided that a portion of the remaining principal equal to the Class A-I-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest ZZZA-I-PO and a portion of the remaining principal equal to the Class A-PO Principal Distribution Amount will be distributed to REMIC I Regular Interest A-PO). Realized Losses on the Mortgage Loans from each Loan Group shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each related REMIC I 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 I Regular Interest ending with the designation "ASUB," so that the Uncertificated Principal Balance of each such REMIC I 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 Class Certificate Balance Principal Amount of the related 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and thirdsecond, any remaining Realized Losses on from each Loan Group shall be allocated to the related REMIC I Regular Interests ending with the designation "ZZZ" (except that if a Realized Loss is recognized with respect to a Discount Mortgage Loans shall Loan that is a Group I Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest ZZZA-I-PO and that if a Realized Loss is recognized with respect to a Discount Mortgage Loan that is a Group II Loan, Group III Loan or Group IV Loan, the applicable portion of such Realized Loss will be allocated to REMIC I Regular Interest A-PO).
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.0710.04, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.02.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date Date, the Trustee shall be deemed to distribute to itself, as the holder of the REMIC I Regular Interests, the Uncertificated REMIC Accrued Interest, the Non-Prepayment Charge Uncertificated Principal Distribution Amount and the Prepayment Charge Uncertificated Principal Distribution Amount in the following order of priority to the extent of the Available Distribution Amount reduced by distributions made to the Class R-I Certificates pursuant to Section 4.02(a):
(i) Uncertificated Interest on the REMIC I Regular Interests for such Distribution Date, plus any Uncertificated REMIC Accrued Interest thereon remaining unpaid from any previous Distribution Date; and
(a) The Non-Prepayment Charge Uncertificated Principal Distribution Amount to REMIC I Regular Interest LT-N; and
(b) The Prepayment Charge Uncertificated Principal Distribution Amount for the following purposes and in the following order of priority: FIRST, to REMIC I Regular Interest LT-T until the Uncertificated Balance of such Regular Interest has been reduced to the Targeted Balance; SECOND, to REMIC I Regular Interest LT-S until the Uncertificated Balance of such Regular Interest has been reduced to zero; and THIRD, to REMIC I Regular Interest LT-T until the Uncertificated Balance of such Regular Interest has been reduced to zero.
(b) On each Distribution Date, distributions of principal Realized Losses allocated on the Non-Prepayment Charge Mortgage Loans under Section 4.04 shall be deemed to be made from amounts received on the Mortgage Loans to REMIC I Regular Xxxxxxxxx X-X, X-X, XX-X, XX-X, XXX-X, III-B and ZZZ first, so as to keep the Uncertificated Principal Balance of each REMIC I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 I 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 I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I 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 Certificate Balance 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 I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC I Regular Interest ZZZLT-N; Realized Losses allocated on the Prepayment Charge Mortgage Loans under Section 4.04 shall be deemed allocated to REMIC I Regular Interest LT-S and REMIC I Regular Interest LT-T in the following order and priorities: (i) to REMIC I Regular Interest LT-T until the Uncertificated Balance of such Regular Interest has been reduced to the Targeted Balance, (ii) to REMIC I Regular Interest LT-S until the Uncertificated Balance of such Regular Interest has been reduced to zero; and (iii) to REMIC I Regular Interest LT- T until the Uncertificated Balance of such Regular Interest has been reduced to zero.
(c) Notwithstanding the deemed distributions on the Uncertificated REMIC I Regular Interests described in this Section 6.074.06, distributions of funds from the Distribution Certificate Account shall be made only in accordance with Section 6.014.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asset Bk Cert Ser 1998-Aq1)
Distributions on the REMIC I Regular Interests. (a) On each Distribution Date Date, the Trustee Securities Administrator shall cause, in the following order of priority, the following amounts to be deemed distributed by REMIC I to distribute REMIC II on account of the Mortgage Loans or withdrawn from the Distribution Account and distributed to itselfthe Holders of the Class R-I Certificates (in respect of the Class R-I Interest), as the holder case may be:
(i) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular InterestsInterests LT-I-A and LT-I-B:
(A) to the extent of the Group I Interest Remittance Amount, to the Holders of REMIC I Regular Interests LT-I-A and LT-I-B, pro rata, in an amount equal to (A) Uncertificated REMIC Accrued Interest on the for such REMIC I Regular Interests for such Distribution Date, plus (B) any Uncertificated REMIC Accrued Interest thereon amounts in respect thereof remaining unpaid from any previous Distribution Dates; and
(B) on each Distribution Date., to the Holders of REMIC I Regular Interests LT-I-A and LT-I-B, in an amount equal to the Group I Principal Remittance Amount plus the remainder of the Available Distribution Amount, if any, attributable to amounts received in respect of the Group I Mortgage Loans after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-I-A to equal 0.10% of the related Subordinate Component of the Group I Loans and, then, to REMIC I Regular Interest LT-I-B.
(ii) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests LT-II-A and LT-II-B:
(A) to the extent of the Group II Interest Remittance Amount, to the Holders of REMIC I Regular Interests LT-II-A and LT-II-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(B) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-II-A and LT-II-B, in an amount equal to the Group II Principal Remittance Amount plus the remainder of the Available Distribution Amount, if any, attributable to amounts received in respect of the Group II Mortgage Loans after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-II-A to equal 0.10% of the related Subordinate Component of the Group II Loans and, then, to REMIC I Regular Interest LT-II-B.
(iii) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests LT-III-A and LT-III-B:
(A) to the extent of the Group III Interest Remittance Amount, to the Holders of REMIC I Regular Interests LT-III-A and LT-III-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(B) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-III-A and LT-III-B, in an amount equal to the Group III Principal Interest Remittance Amount plus the remainder of the Available Distribution Amount, if any, attributable to amounts received in respect of the Group III Mortgage Loans after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-III-A to equal 0.10% of the related Subordinate Component of the Group III Loans and, then, to REMIC I Regular Interest LT-III-B.
(b) On each Distribution Date, distributions the Securities Administrator shall cause, in the following order of principal shall be deemed priority, the following amounts to be made from amounts received distributed by REMIC II to REMIC III on account of the Mortgage Loans to REMIC I Regular Xxxxxxxxx Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-II Certificates (in respect of the Class R-II Interest), as the case may be:
(i) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests:
(A) to the extent of the Available Distribution Amount attributable to the Group I Mortgage Loans and received in respect of the REMIC I Group I Regular Interests, to the Holders of each REMIC II Group I Regular Interest, and the REMIC II Regular Interest Ms proportionate to the related Subordinate Component, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Regular Interests 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 II Group I Regular Interest I-ZZ shall be reduced when the sum of (i) the REMIC II Group I Xxxxxxxxxxxxxxxxxx Xxxxxx, (xx) the REMIC II Group II Overcollateralized Amount and (iii) the REMIC II Group III Overcollateralized Amount is less than the Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest I-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interests X-XX-0, X-XX-0, XX-XX-0, XX-XX-0, XXX-XX-0, III-B X-0, M-6, M-7, M-8, M-9, M-10 and ZZZ firstM-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, so as to keep and the Uncertificated Principal Balance of the REMIC II Regular Interest I-ZZ shall be increased by such amount; and
(B) on each Distribution Date, to the Holders of REMIC II Group I Regular Interests and the REMIC II Regular Interest Ms, in an amount equal to the remainder of the Available Distribution Amount attributable to the Group I Mortgage Loans and received in respect of the REMIC I Group I Regular Interests, after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC II Regular Interest ending with the designation "B" equal to 0.01I-AA, 98.00% of such remainder until the aggregate Stated Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; (B) 2.00% of such remainder, first to the Holders of REMIC II Regular Interests X-X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-00 and M-11, in an aggregate amount equal to 1.00% of and in the same proportion as principal payments from the Group I Mortgage Loans in are allocated to the related Group; secondcorresponding Class of Certificates for each such REMIC II Regular Interests, to each REMIC I Regular Interest ending with the designation "A," so that respectively, until the Uncertificated Principal Balance of each such REMIC I II Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (C) any remaining amounts to the Holders of the Class R-II Certificates.
(ii) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group II Regular Interests:
(A) to the extent of the Available Distribution Amount attributable to the Group II Mortgage Loans and received in respect of the REMIC I Group II Regular Interests, to the Holders of each REMIC II Group II Regular Interest, and the REMIC II Regular Interest Ms proportionate to the related Subordinate Component, pro rata, in an amount equal to 0.01% (A) Uncertificated Accrued Interest for such REMIC II Regular Interests 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 II Group II Regular Interest II-ZZ shall be reduced when the excess sum of (i) the REMIC II Group I Overcollateralized Amount, (ii) the REMIC II Group II Overcollateralized Amount and (iii) the REMIC II Group III Overcollateralized Amount is less than the Required Overcollateralization Amount, by the lesser of (x) the aggregate Stated Principal Balance amount of the Mortgage Loans in the related Group over such difference and (y) the Class Certificate Balance REMIC II Regular Interest II-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of the Senior Certificates REMIC II Regular Interests X-XX-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-00 and M-11, in the related Group (except that if any such excess same proportion as the Overcollateralization Increase Amount is a larger number than in allocated to the preceding distribution periodcorresponding Class of Certificates, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I 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 the REMIC II Regular Interest II-ZZ shall be increased by such amount; and
(B) on each Distribution Date, to the Holders of REMIC II Group II Regular Interests and the REMIC II Regular Interests Ms, in an amount equal to the remainder of the Available Distribution Amount attributable to the Group II Mortgage Loans and received in respect of the REMIC I Group II Regular Interests, after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC II Regular Interest ending with the designation "B" equal to 0.01II-AA, 98.00% of such remainder until the aggregate Stated Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; (B) 2.00% of such remainder, first to the Holders of REMIC II Regular Interests X-XX-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-00 and M-11, in an aggregate amount equal to 1.00% of and in the same proportion as principal payments from the Group III Mortgage Loans in are allocated to the related Group; secondcorresponding Class of Certificates for each such REMIC II Regular Interest, to each REMIC I Regular Interest ending with the designation "A," so that respectively, until the Uncertificated Principal Balance of each such REMIC I II Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (C) any remaining amounts to the Holders of the Class R-II Certificates.
(iii) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group III Regular Interests:
(A) to the extent of the Available Distribution Amount attributable to the Group III Mortgage Loans and received in respect of the REMIC I Group III Regular Interests, to the Holders of each REMIC II Group II Regular Interest and the REMIC II Regular Interests Ms proportionate to the related Subordinate Component, pro rata, in an amount equal to 0.01% (A) Uncertificated Accrued Interest for such REMIC II Regular 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 II Group III Regular Interest III-ZZ shall be reduced when the excess sum of (i) the REMIC II Group I Overcollateralized Amount, (ii) the REMIC II Group II Overcollateralized Amount and (iii) the REMIC II Group III Overcollateralized Amount is less than the Required Overcollateralization Amount, by the lesser of (x) the aggregate Stated amount of such difference and (y) the REMIC II Regular Interest III- ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interests A-III-3A, A-III-3B, A-III-3C, A-III-3D, X-0, X-0, X-0, X-0, X-0, M-6, M-7, M-8, M-9, M-10 and M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC II Regular Interest III-ZZ shall be increased by such amount; and
(B) on each Distribution Date, to the Holders of REMIC II Group III Regular Interests and the REMIC II Regular Interests Ms, in an amount equal to the remainder of the Available Distribution Amount attributable to the Group III Mortgage Loans and received in the related Group over (y) the Class Certificate Balance respect 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 I Regular Interests such that the REMIC I Subordinated Group III Regular Interests after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC II Regular Interest III-AA, 98.00% of such remainder until the Uncertificated Principal Balance Ratio of such REMIC II Regular Interest is maintained)reduced to zero; (B) 2.00% of such remainder, first to the Holders of REMIC II Regular Interests A-III-3A, A-III-3B, A-III-3C, A-III-3D, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-00 and M-11, in an aggregate amount equal to 1.00% of and in the same proportion as principal payments from the Group III Mortgage Loans are allocated to the corresponding Class of Certificates for each such REMIC II Regular Interest, respectively, until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest III-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and third, (C) any remaining Realized Losses on amounts to the Mortgage Loans Holders of the Class R-II Certificates. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC II Regular Interest I-AA, II-AA and III-AA, pro rata and then to REMIC I Regular Interest ZZZ.MT-P and (ii) REMIC I Regular Interest I-ZZ, II-ZZ, and III-ZZ, pro rata, respectively; provided further that REMIC II Regular Interest MT-P shall not be reduced by any amount whatsoever 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 amounts shall be distributed to REMIC I Regular Interest MT-P, until $1 has been distributed pursuant to this clause; and
(c) Notwithstanding the deemed distributions on the REMIC I Regular Interests described in this Section 6.075.05, distributions distribution of funds from the Distribution Account shall be made only in accordance with Section 6.015.01. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed, pro rata, by REMIC I to REMIC II in respect of the outstanding REMIC I Regular Interests, and from REMIC II to REMIC III in respect of REMIC II Regular Interest MT-P. The payment of the foregoing Prepayment Charge amounts from REMIC I to REMIC II, and from REMIC II to REMIC III in respect of the applicable REMIC I and REMIC II Regular Interests shall not reduce the Uncertificated Principal Balances thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Opt2)