Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be: (i) to Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and (ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero. (iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be: (i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount; (ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows: (A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; (B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and (C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation “B” is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation “A” and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation “B” is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation “A” and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A‑IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10, M11, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest B and M11 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest Band M11, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-8), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-7), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-6)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) from the Available Distribution Amount for such Distribution Date to Holders holders of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to from the extent of amounts Available Distribution Amount for such Distribution Date remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests I-11-1-A through I-591-B 60-B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iii) to the Holders holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of all amounts representing Prepayment Charges received during the related Prepayment Period that are identified as belonging to the Class P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified as belonging to the Class P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause;; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, from the Available Distribution Amount for such Distribution Date to the Holders holders of REMIC 2 Regular Interest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates;
(ii) to the extent of the Available Distribution Amount for such Distribution Date remaining after the distribution pursuant to clause (i), to the Holders holders of each REMIC 2 Regular Interest AA, (other than REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest PIO), pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ and REMIC 2 Regular Interest P shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of each REMIC 2 Regular Interest A-1for which a Class A, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest Class M or Class B Certificate is the Corresponding Certificate in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC 2 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder extent of the Available Funds Distribution Amount for such Distribution Date remaining after the distributions made pursuant to clauses (i) and (ii) above), to holders of REMIC 2 Regular Interests (other than REMIC 2 Regular Interests IO and P), allocated as follows:
(A) 9898.00% of such remainder to the Holders holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;; and
(B) 2.00% of such remainder, first, to the Holders holders of each REMIC 2 Regular Interest A-1for which a Class A, REMIC 2 Regular Interest A-1MClass M or Class B Certificate is the Corresponding Certificate, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding CertificatesCertificates for each such REMIC 2 Regular Interest, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, ; and second, to the Holders holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable ;
(iv) to an Overcollateralization Release Amount shall be allocated to Holders holders of REMIC 2 Regular Interest AA P, (A) all amounts representing Prepayment Charges distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified as belonging to the Class P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest ZZ, respectivelyhas been distributed pursuant to this clause; and
(Cv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);.
(c) On each Distribution Date, interest shall be deemed payable from REMIC 3 to the holders of each REMIC 3 Regular Interest the ownership of which is represented by the Class A, Class M and Class B Certificates at a pass-through rate equal to the lesser of (i) the Pass-Through Rate for the Corresponding Certificate determined without regard to the related Net WAC Rate and (ii) the Net WAC Rate for the REMIC 3 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date, in each case on a principal balance equal to the Certificate Principal Balance of the Corresponding Certificate for such Distribution Date. For the avoidance of doubt, principal shall be payable to, and shortfalls, losses and prepayments shall be allocable to, the REMIC 3 Regular Interests the ownership of which is represented by the Class A, Class M and Class B Certificates as such amounts are payable and allocable to the Corresponding Certificates.
(d) On each Distribution Date, the amounts distributed pursuant to Sections 4.01(e)(ii), (v) and (vii) on such date shall be deemed distributed from REMIC 3 to Holders of the Class C Certificates in respect of the Class C Distribution Amount.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC 2 Regular Interest IO shall be deemed distributed by REMIC 3 in respect of the Class IO Interest for deposit into the Supplemental Interest Trust.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3), Pooling and Servicing Agreement (Impac Secured Assets Trust 2007-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I-1LT-A through I-59-BAA, REMIC 1 Regular Interest P LT-AV1, REMIC 1 Regular Interest LT-AV2, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5 and REMIC 1 Regular Interest ALT-IZZ and REMIC 1 Regular Interest LT-P, pro rata, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from the previous Distribution Dates; and
(ii) to the extent . Amounts payable as Uncertificated Accrued Interest in respect of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1Interest LT-A through I-59ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-B starting with AV1, REMIC 1 Regular Interest LT-AV2, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4 and REMIC 1 Regular Interest LT-M5 in the lowest numerical denomination until same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, and the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal LT-ZZ shall be allocated pro rata between increased by such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.amount;
(iiiii) to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest LT-AA, 98% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero;
(B) 2.00to the REMIC 1 Regular Interest LT-AV1, REMIC 1 Regular Interest LT- AV2, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4 and REMIC 1 Regular Interest LT-M5, 1% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(C) to the Holders of REMIC 2 1 Regular Interest LT-ZZ, 1% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(CD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest);; provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 1 Regular Interest LT-AA and REMIC 1 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4 and REMIC 1 Regular Interest LT-M5 have been reduced to zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation “B” is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation “A” and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation “B” is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation “A” and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A‑IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10, B, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest and B in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest and B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-9), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-10)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1A, REMIC 1 Regular Interest P LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F and REMIC 1 Regular Interest A-ILT1P, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT1F shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1F Uncertificated Accrued Interest Deferral Amount; and
(ii) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(a) to the Holders of REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Interest LT1A, 98.00% of such remainder, until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest LT1B, provided thatREMIC 1 Regular Interest LT1C, for REMIC 1 Regular Interest LT1D and REMIC 1 Regular Interest LT1E, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second are reduced to zero;
(c) to the extent Holders of any Overcollateralization Release to REMIC 1 Regular Interest A-I LT1F, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiid) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 1 Regular Interest AA LT1A and REMIC 2 1 Regular Interest ZZLT1F, respectively; and
(C) any remaining amount . 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 1 to the Holders of the Class R Certificates (in respect REMIC 1 Regular Interest LT1P. The payment of the Class R-2 Interest);foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-2), Pooling and Servicing Agreement (Option One Mort Ln Trust Asset Back Certs Ser 2001-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-35-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59I-35-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest AI-35-I B until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOLTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(ii) second, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTAV1, REMIC 2 Regular Interest A-1MLTAV2, REMIC 2 Regular Interest A-1WLTAV3, REMIC 2 Regular Interest A-2ALTAF1, REMIC 2 Regular Interest A-2BLTAF2, REMIC 2 Regular Interest A-2CLTAF3, REMIC 2 Regular Interest A-2DLTAF4, REMIC 2 Regular Interest M-1LTAF5, REMIC 2 Regular Interest M-2LTAF6, REMIC 2 Regular Interest M-3LTM1, REMIC 2 Regular Interest M-4LTM2, REMIC 2 Regular Interest M-5LTM3, REMIC 2 Regular Interest M-6LTM4, REMIC 2 Regular Interest M-7LTM5, REMIC 2 Regular Interest M-8LTM6, REMIC 2 Regular Interest BLTM7, REMIC 2 Regular Interest ZZLTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTZZ and REMIC 2 Regular Interest PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTAV1, REMIC 2 Regular Interest A-1MLTAV2, REMIC 2 Regular Interest A-1WLTAV3, REMIC 2 Regular Interest A-2ALTAF1, REMIC 2 Regular Interest A-2BLTAF2, REMIC 2 Regular Interest A-2CLTAF3, REMIC 2 Regular Interest A-2DLTAF4, REMIC 2 Regular Interest M-1LTAF5, REMIC 2 Regular Interest M-2LTAF6, REMIC 2 Regular Interest M-3LTM1, REMIC 2 Regular Interest M-4LTM2, REMIC 2 Regular Interest M-5LTM3, REMIC 2 Regular Interest M-6LTM4, REMIC 2 Regular Interest M-7LTM5, REMIC 2 Regular Interest M-8LTM6, REMIC 2 Regular Interest B LTM7, REMIC 2 Regular Interest LTM8 and REMIC 2 Regular Interest LTM9, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(iiiii) third, to the Holders of REMIC 2 Regular Interest PLT1SUB, REMIC 2 Regular Interest LT1GRP, REMIC 2 Regular Interest LT2SUB, REMIC 2 Regular Interest LT2GRP and REMIC 2 Regular Interest LTXX, pro rata, in an amount equal to (A) on each the Uncertificated Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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;Dates; and
(iiiiv) fourth, to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AALTAA and REMIC 2 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, remainder first, to the Holders of REMIC 2 Regular Interest A-1LTAV1, REMIC 2 Regular Interest A-1MLTAV2, REMIC 2 Regular Interest A-1WLTAV3, REMIC 2 Regular Interest A-2ALTAF1, REMIC 2 Regular Interest A-2BLTAF2, REMIC 2 Regular Interest A-2CLTAF3, REMIC 2 Regular Interest A-2DLTAF4, REMIC 2 Regular Interest M-1LTAF5, REMIC 2 Regular Interest M-2LTAF6, REMIC 2 Regular Interest M-3LTM1, REMIC 2 Regular Interest M-4LTM2, REMIC 2 Regular Interest M-5LTM3, REMIC 2 Regular Interest M-6LTM4, REMIC 2 Regular Interest M-7LTM5, REMIC 2 Regular Interest M-8LTM6, REMIC 2 Regular Interest BLTM7, 1% REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable ;
(c) to an Overcollateralization Release Amount shall be allocated to the Holders of REMIC 2 Regular Interest AA Interests, in an amount equal to the remainder of the REMIC 2 Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (ii) above, and such that distributions of principal shall be deemed to be made to the REMIC 2 Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest ZZending with the designation “GRP” equal to 10% of the aggregate Principal Balance of the Mortgage Loans in the related Loan Group; second, respectivelyto each REMIC 2 Regular Interest ending with the designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is equal to 10% of the excess of (x) the aggregate Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC 2 Regular Interest LTXX; and
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59I-57-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation “A” and denominated I-1-A through I-57-A is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation “B” is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation “A” and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest II-X and each of REMIC 1 Regular Interest II-1-A through II-57-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation “A” and denominated II-1-A through II-57-A is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation “B” is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation “A” and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, X-XXX0, X0, X0, X0, X0, X0, X0, X0, X0, X0, B1, B2, B3 and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0, REMIC 2 Regular Interest M-8X0, REMIC 2 Regular Interest B X0, and B3 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl3), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1A, REMIC 1 Regular Interest P LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F and REMIC 1 Regular Interest A-ILT1P, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT1F shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1F Uncertificated Accrued Interest Deferral Amount; and
(ii) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(a) to the Holders of REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Interest LT1A, 98.00% of such remainder, until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest LT1B, provided thatREMIC 1 Regular Interest LT1C, for REMIC 1 Regular Interest LT1D and REMIC 1 Regular Interest LT1E, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second are reduced to zero;
(c) to the extent Holders of any Overcollateralization Release to REMIC 1 Regular Interest A-I LT1F, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiid) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 1 Regular Interest AA LT1A and REMIC 2 1 Regular Interest ZZLT1F, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp Ass Back Cert Ser 2000 4), Pooling and Servicing Agreement (Option One Mort Accep Corp Asset Backed Cert Ser 2001-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) FIRST, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT-2, REMIC 1 Regular Interest P LT-3, REMIC 1 Regular Interest LT-4, and REMIC 1 Regular Interest A-I, pro rataLT-5, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and, and SECOND, to Holders of REMIC 1 Regular Interest LT-1 and REMIC 1 Regular Interest LT-P in an amount equal to
(iiA) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest LT-P, (Ai) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Charges Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period (such amounts not to reduce the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-P) and (Bii) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A(ii));
(B) to the Holders of REMIC 1 Regular Interest LT-1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-1 is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT-2, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-2 is reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT-3, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-3 is reduced to zero;
(E) to the Holders of REMIC 1 Regular Interest LT-4, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-4 is reduced to zero;
(F) to the Holders of REMIC 1 Regular Interest LT-5, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-5 is reduced to zero; and
(G) any remaining amount to the Holders of the Class R-1Certificates.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest MT-IO, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and second, to the Holders of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-A2, REMIC 2 Regular Interest A-1WMT-A3, REMIC 2 Regular Interest A-2AMT-A4, REMIC 2 Regular Interest A-2BMT-M1, REMIC 2 Regular Interest A-2CMT-M2, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B, REMIC 2 Regular Interest MT-ZZ, REMIC 2 Regular Interest MT-J and REMIC 2 Regular Interest MT-P, pro rataPRO RATA, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest MT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MLT-2-A2, REMIC 2 Regular Interest A-1WMT-A3, REMIC 2 Regular Interest A-2AMT-A4, REMIC 2 Regular Interest A-2BMT-M1, REMIC 2 Regular Interest A-2C, MT-M2 and REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) to the Holders of REMIC 2 Regular Interest MT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on the Corresponding Certificate REMIC 1 Regular Interest LT-P and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular InterestsInterests (other than REMIC 2 Regular Interest MT-IO and REMIC 2 Regular Interest MT-J), in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);the
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp Mortgage Pass THR Cert Ser 2002-3), Pooling and Servicing Agreement (Impac Secured Assets Corp Mortgage Pass THR Cert Ser 2002-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Funds from the Distribution AmountAccount to make the following disbursements and transfers, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1AA, REMIC 1 Regular Interest P LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1ZZ and REMIC 1 Regular Interest A-ILT1P, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LT1ZZ shall be reduced when the REMIC 2 1 Overcollateralized Amount is less than the REMIC 2 Overcollateralization 1 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LT1AA, REMIC 2 1 Regular Interest A-1MLT1A1, REMIC 2 1 Regular Interest A-1WLT1A2, REMIC 2 1 Regular Interest A-2ALT1A3, REMIC 2 1 Regular Interest A-2B, LT1M and REMIC 2 1 Regular Interest A-2CLT1B, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LT1ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Charges; and
(iii) third, to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AALT1AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1LT1A1, REMIC 2 1 Regular Interest A-1LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest LT1M, REMIC 2 1 Regular Interest A-1W, LT1B and REMIC 2 1 Regular Interest A-2ALT1P, REMIC 2 Regular Interest A-2B1.00% of such remainder, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, ; and second, to the Holders of REMIC 2 1 Regular Interest ZZLT1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest);. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Excess Overcollateralization Amount shall be allocated to Holders of REMIC 1 Regular Interest LT1AA and REMIC 1 Regular Interest LTZZ, respectively. If the Trustee becomes aware that interest and principal collections that it receives in respect of the Mortgage Loans are not flowing from (a) REMIC 1 to REMIC 2 and (b) from REMIC 2 to each Class of Certificates, then the Trustee shall notify the Servicer and cooperate in consulting with the Servicer’s tax counsel. The advice or any opinion of said counsel shall be full and complete authorization and protection to the Trustee in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel. All parties hereby agree to resolve such issues within 30 days of notice thereof. Furthermore, to the extent any provisions of this document are inconsistent with (a) above, such provisions will be amended in accordance with Section 11.01 of this Agreement. Notwithstanding anything herein to the contrary, the Trustee shall incur no liability for any payments made in accordance with the provisions of this Agreement. Notwithstanding the distributions described in this Section 4.04, distribution of funds shall be made so that the Uncertificated Principal Balance of each of REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B remains equal to 1% of the Certificate Principal Balance of the related Corresponding Certificate and for REMIC 1 Regular Interest LT1ZZ to equal the sum of (i) 1% of the Mortgage Pool and (ii) 1% of the Overcollateralized Amount for such Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L3), Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59I-58-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation "B" is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation "A" and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-58-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation "B" is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation "A" and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A‑IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10, B1, B2, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest B B1, and B2 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest BB1, 1and B2, 1.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-5)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest)Certificates, as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I-1-A through I-59-BI, REMIC 1 Regular Interest P and REMIC 1 Regular Interest AI-1-IA through I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: firstto REMIC 1 Regular Interest I, then to REMIC 1 Regular Interests I-1-A through I-59I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Mortgage Loans and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter in July 2010 until $100 has been distributed pursuant to this clause;
. any remaining amount to the Holders of the Class R Certificates (b) in respect of the Class R-1 Interest); and On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest)Certificates, as the case may be:
(i) : first, to the Holders of REMIC 2 Regular Interest IO, LT-IO in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and secondthen, to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest A-1LT-A1, REMIC 2 Regular Interest A-1MLT-A2, REMIC 2 Regular Interest A-1WLT-A3, REMIC 2 Regular Interest A-2ALT-A4, REMIC 2 Regular Interest A-2BLT-A5, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3LT-M5, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT-M6 and REMIC 2 Regular Interest PLT-ZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT-A1, REMIC 2 Regular Interest A-1MLT-A2, REMIC 2 Regular Interest A-1WLT-A3, REMIC 2 Regular Interest A-2ALT-A4, REMIC 2 Regular Interest A-2BLT-A5, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3, LT-M5 and REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT-M6 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1D, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A);
(bB) with respect to the Group 1 Loans, to the Holders of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1B, 99% and 1%, respectively, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(C) with respect to the Group 2 Loans, to the Holders of REMIC Regular Interest LT1A and REMIC 1 Regular Interest LT1C, 99% and 1%, respectively, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest A-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest AALT2A, REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2DLT2H, REMIC 2 Regular Interest M-1LT2I, REMIC 2 Regular Interest M-2LT2J, REMIC 2 Regular Interest M-3LT2K, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2L and REMIC 2 Regular Interest PLT2P, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2F and REMIC 2 Regular Interest LT2L shall be reduced when the sum of REMIC 2 Group 1 Overcollateralized Amount and REMIC 2 Group 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2H, REMIC 2 Regular Interest A-2CLT2I, REMIC 2 Regular Interest A-2D, Land REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT2K in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and Certificates;
(ii) second, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest ZZ shall be increased by is reduced to zero, and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2G, 98% of such amountremainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(iib) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D and REMIC 2 Regular Interest LT2E, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero; and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I, REMIC 2 Regular Interest LT2J and REMIC 2 Regular Interest LT2K, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero;
(c) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2F, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2L, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(d) to the Holders of REMIC 2 Regular Interest PLT2P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(iiie) any remaining amount to the Holders of the REMIC 2 Regular Interests, Class R Certificates (in an amount equal to the remainder respect of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:Class R-2 Interest); and
(Aiii) 98% of such remainder third, to the Holders of REMIC 2 Regular Interest AALT2P, until 100% of the Uncertificated Principal Balance amount paid in respect of such Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC 2 1 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zeroLT1P; provided, however, that 98with respect to the Group 1 Loans, 98.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2F, respectively; and
(C) any remaining amount , to the extent the principal balance of the Group 1 Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2A, REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E and REMIC 2 Regular Interest LT2F immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso, and with respect to the Group 2 Loans, 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest LT2F and REMIC 2 Regular Interest LT2L, respectively, to the Class R Certificates (in respect extent the principal balance of the Class R-2 Interest);Group 2 Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2G, REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I, REMIC 2 Regular Interest LT2J, REMIC 2 Regular Interest LT2K and REMIC 2 Regular Interest LT2L immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) FIRST, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT-2, REMIC 1 Regular Interest P LT-3, REMIC 1 Regular Interest LT-4, and REMIC 1 Regular Interest A-I, pro rataLT-5, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and, and SECOND, to Holders of REMIC 1 Regular Interest LT-1 and REMIC 1 Regular Interest LT-P in an amount equal to
(iiA) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest LT-P, (Ai) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Charges Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period (such amounts not to reduce the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-P) and (Bii) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A(ii));
(B) to the Holders of REMIC 1 Regular Interest LT-1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-1 is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT-2, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-2 is reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT-3, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-3 is reduced to zero;
(E) to the Holders of REMIC 1 Regular Interest LT-4, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-4 is reduced to zero;
(F) to the Holders of REMIC 1 Regular Interest LT-5, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-5 is reduced to zero; and
(G) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest MT-IO, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and second, to the Holders of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1WMT-M2, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B, REMIC 2 Regular Interest MT-ZZ, and REMIC 2 Regular Interest MT-P, pro rataPRO RATA, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest MT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1W, MT-M2 and REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) to the Holders of REMIC 2 Regular Interest MT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on the Corresponding Certificate REMIC 1 Regular Interest LT-P and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular InterestsInterests (other than REMIC 2 Regular Interest MT-IO), in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest MT-AA, 98% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1WMT-M2, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B, 1% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(C) to the Holders of REMIC 2 Regular Interest MT-ZZ, 1% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest MT-AA and REMIC 2 Regular Interest MT-ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp Mortgage Pass THR Cert Ser 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 102
1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTM3, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero;
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders 103 Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1AA, REMIC 1 Regular Interest P LT1A, REMIC 1 Regular Interest LT1M1, REMIC 1 Regular Interest LT1M2, REMIC 1 Regular Interest LT1M3, REMIC 1 Regular Interest LT1MZZ and REMIC 1 Regular Interest A-ILT1P, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT1ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1ZZ Uncertificated Accrued Interest Deferral Amount and shall be paid to the other REMIC 1 Regular Interests in the same proportion and priority as Net Monthly Excess Cashflow is paid to the corresponding Certficates as Extra Principal Distribution Amount; and
(ii) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(a) to the Holders of REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Interest LT1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second ;
(b) to the extent Holders of any Overcollateralization Release to REMIC 1 Regular Interest A-I LT1A, REMIC 1 Regular Interest LT1M1, REMIC 1 Regular Interest LT1M2 and REMIC 1 Regular Interest LT1M3, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC1 Regular Interests are reduced to zero;
(c) to the Holders of REMIC 1 Regular Interest LT1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiid) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 1 Regular Interest AA LT1AA and REMIC 2 1 Regular Interest ZZLT1ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Class R-2 Interest);Mortgage Loans received during the related Prepayment Period will be distributed by REMIC
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr 2002-1 as-BCKD Cert Ser 2002-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1A, REMIC 1 Regular Interest LTA1B, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTB, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1A, REMIC 1 Regular Interest LTA1B, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6 and REMIC 1 Regular Interest LTB, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, zero and second, the Uncertificated Principal Balance of REMIC 1 Regular Interest LTZZ shall be increased by such amount;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LTZZ is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
(iii) Notwithstanding the distributions described in this Section 4.07, distribution of funds shall be made only in accordance with Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Back Certs Ser 2003-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest IX, then to REMIC I Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii3) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated to REMIC I Regular Interest IIX, then to REMIC I Regular Interests II-1-A through II-59-B starting with the lowest numerical denomination until the Uncertificated Principal 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.
(3) to the Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, X-XXX0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B X0 and M9 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0 and M9, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) to the Holders of REMIC 2 Regular Xxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest)R-I Certificates, as the case may be:
(i) Distribution of interest shall be payable, pro rata, to Holders of the REMIC 1 Regular Interests at the Uncertificated REMIC 1 Pass-Through Rate for each such REMIC 1 Regular Interest I-1-A through I-59-Bon each such REMIC 1 Regular Interest’s Uncertificated Principal Balance.
(ii) Distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans to the REMIC 1 Regular Interests, first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest P and ending with the designation “GRP” equal to 0.01% of the aggregate principal balance of the Mortgage Loans in the related Loan Group; second, to each REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting ending with the lowest numerical denomination until designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced equal to zero0.01% of the excess of (x) the aggregate principal balance of the Mortgage Loans in the related Loan Group over (y) the current principal amount of the related Class A Certificates (except that if any such excess is a larger number than in the preceding distribution period, provided that, for the least amount of principal shall be distributed to such REMIC 1 Regular Interests with such that the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular InterestsSubordinated Balance Ratio is maintained); and third, and second to the extent of any Overcollateralization Release remaining principal to REMIC 1 Regular Interest A-I until ZZZ. Realized Losses on the Mortgage Loans shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate principal balance of the Mortgage Loans in the related Loan Group; second, to each REMIC 1 Regular Interest ending with the designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced equal to zero0.01% of the excess of (x) the aggregate principal balance of the Mortgage Loans in the related Loan Group over (y) the current principal amount of the related Class A Certificates (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses on the Mortgage Loans shall be allocated to REMIC 1 Regular Interest ZZZ.
(iii) any remaining amount to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Class R-I Certificates.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest)R-II Certificates, as the case may be:
(i) firstInterest shall be payable, pro rata, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Interests at the Uncertificated Accrued Interest REMIC 2 Pass-Through Rate for each such REMIC 2 Regular Interest for on each such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZInterest’s Uncertificated Principal Balance. Principal shall be payable to, and REMIC 2 Regular Interest Pshortfalls, pro ratalosses and prepayments are allocable to, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for Interests as such Distribution Date after the distributions made pursuant to clauses (i) amounts are payable and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated allocable to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and.
(Cii) any remaining amount to the Holders of the Class R Certificates R-II Certificates.
(in respect c) On each Distribution Date, distributions of interest by REMIC 2 to REMIC 3 shall be payable, pro rata, to the REMIC 3 Regular Interest Components at the Pass-Through Rate for each such REMIC 3 Regular Interest Component on each such REMIC 3 Regular Interest Component’s Notional Amount. Each of the Class R-2 Interest);REMIC 3 Regular Interest Components will not be entitled to distributions of principal.
(d) Notwithstanding the distributions described in this Section 4.04, distribution of funds from the Certificate Account shall be made only in accordance with Section 4.01.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59I-55-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation "B" is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation "A" and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-55-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation "B" is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation "A" and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A‑IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10, B, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest and B in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest and B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation "SUB" equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 I-A to REMIC 2 I-B on account of the REMIC 1 I-A Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class I-R Certificates (in respect of the Class R-1 R-1A Interest), as the case may be:
(i) to Holders of each of REMIC 1 I-A Regular Interest I-FL, REMIC I-A Regular Interest I-FX and REMIC I-A Regular Interest I-1-A through I-59I-54-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 I-A Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated to first to REMIC I-A Regular Interest I-FL, second to REMIC I-A Regular Interests I-1-A through I-54-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I-A Regular Interest is reduced to zero, provided that, for REMIC I-A Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I-A Regular Interests and then to REMIC I-A Regular Interest I-FX until the Uncertificated Balance of such REMIC I-A Regular Interest is reduced to zero;
(iii) any remaining amount to the Holders of the Class I-R Certificates (in respect of the Class R-1A Interest);
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I-B to REMIC I-B on account of the REMIC I-B Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R Certificates (in respect of the Class R-1B Interest), as the case may be:
(i) First, to the Holders of REMIC I-B Regular Interest I-SWAP-IO in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, second, to the Holders of REMIC I-B Regular Interest FX-IO-1, REMIC I-B Regular Interest FX-IO-2, REMIC I-B Regular Interest FX-IO-3, REMIC I-B Regular Interest FX-IO-4, REMIC I-B Regular Interest FX-IO-5, REMIC I-B Regular Interest FX-IO-6, REMIC I-B Regular Interest FL-IO-1, REMIC I-B Regular Interest FL-IO-2, REMIC I-B Regular Interest FL-IO-3, REMIC I-B Regular Interest FL-IO-4, REMIC I-B Regular Interest FL-IO-5 and REMIC I-B Regular Interest FL-IO-6 in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and third, to the Holders of REMIC I-B Regular Interest I-FX and REMIC I-B Regular Interest FL-I, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: , first, to the Holders of REMIC 1 Regular Interests I-1-A through I-59I-B starting with the lowest numerical denomination Regular Interest I-FL and REMIC I-B Regular Interest I-FL, pro rata, until the Uncertificated Principal Balance Balances of each such REMIC 1 I-B Regular Interest is reduced to zero, provided thatand second, for to the Holders of (i) REMIC 1 I-B Regular Interests with the same numerical denominationInterest FX-IO-1 and REMIC I-B Regular Interest FL-IO-1, such payments of principal shall be allocated pro rata between such rata, (ii) REMIC 1 I-B Regular InterestsInterest FX-IO-2 and REMIC I-B Regular Interest FL-IO-2, pro rata, (iii) REMIC I-B Regular Interest FX-IO-3 and REMIC I-B Regular Interest FL-IO-3, pro rata, (iv) REMIC I-B Regular Interest FX-IO-4 and REMIC I-B Regular Interest FL-IO-4, pro rata, (v) REMIC I-B Regular Interest FX-IO-5 and EMIC I-B Regular Interest FL-IO-5, pro rata, and second to the extent of any Overcollateralization Release to (vi) REMIC 1 I-B Regular Interest AFX-I IO-6 and REMIC I-B Regular Interest FL-IO-6, pro rata, paid to clauses (i) through (vi) above sequentially until the Uncertificated Principal Balance of each such REMIC 1 I-B Regular Interest is reduced to zero.;
(iii) any remaining amount to the Holders of REMIC 1 Regular Interest P, the Class I-R Certificates (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseClass R-1B Interest);
(bc) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 I-C to REMIC 3 I-D on account of the REMIC 2 I-C Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class I-R Certificates (in respect of the Class R-2 R-1C Interest), as the case may be:
(i) firstFirst, to the Holders of REMIC 2 I-C Regular Interest IO, I-SWAP-IO in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, Dates; second to the Holders of REMIC 2 I-C Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, I-A-IO in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and then to Holders of REMIC I-C Regular Interest I-AA, REMIC I-C Regular Interest I-A1, REMIC I-C Regular Interest I-M1, REMIC I-C Regular Interest I-M2, REMIC I-C Regular Interest I-M3, REMIC I-C Regular Interest I-M4, REMIC I-C Regular Interest I-M5, REMIC I-C Regular Interest I-M6, REMIC I-C Regular Interest I-M7, REMIC I-C Regular Interest I-B1 and REMIC I-C Regular Interest I-ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 I-C Regular Interest I-ZZ shall be reduced when the REMIC 2 Overcollateralized I-C Overcollateralization Amount is less than the REMIC 2 I-C Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 I-C Regular Interest A-1I-A1, REMIC 2 I-C Regular Interest A-1MI-M1, REMIC 2 I-C Regular Interest A-1WI-M2, REMIC 2 I-C Regular Interest A-2AI-M3, REMIC 2 I-C Regular Interest A-2BI-M4, REMIC 2 I-C Regular Interest A-2CI-M5, REMIC 2 I-C Regular Interest A-2DI-M6, REMIC 2 I-C Regular Interest M-1, I-M7 and REMIC 2 I-C Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B I-B1 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 I-C Regular Interest I-ZZ shall be increased by such amount;
(ii) ; to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 I-C Regular Interests, in an amount equal to the remainder of the REMIC I-C Marker Allocation Percentage of the Available Funds Distribution Amount funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the Holders of REMIC 2 I-C Regular Interest I-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 I-C Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 I-C Regular Interest A-1I-A1, REMIC 2 I-C Regular Interest A-1MI-M1, REMIC 2 I-C Regular Interest A-1WI-M2, REMIC 2 I-C Regular Interest A-2AI-M3, REMIC 2 I-C Regular Interest A-2BI-M4, REMIC 2 I-C Regular Interest A-2CI-M5, REMIC 2 I-C Regular Interest A-2DI-M6, REMIC 2 I-C Regular Interest M-1, I-M7 and REMIC 2 I-C Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BI-B1, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 I-C Regular Interests are reduced to zero, zero and second, second to the Holders of REMIC 2 I-C Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC 2 I-C Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(C) any remaining amount to the Holders of the Class II-R Certificates (in respect of the Class R-2 R-2A Interest);; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of REMIC I-C Regular Interest I-AA and REMIC I-C Regular Interest I-ZZ, respectively.
(ii) third, to the Holders of REMIC I-C Regular Interest I-SC, REMIC I-C Regular Interest I-NSC and REMIC I-C Regular Interest I-XX, pro rata, in an amount equal to (A) the Uncertificated Interest for each such REMIC II-C Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(iii) fourth, to the Holders of REMIC I-C Regular Interests, in an amount equal to the remainder of the REMIC I-C SC Allocation Percentage of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (iii) above, such that distributions of principal shall be deemed to be made to the REMIC I-C Regular Interests first, so as to keep the Uncertificated Balance of REMIC I-C Regular Interest I-SC and REMIC I-C Regular Interest I-NSC equal to 1.00% of the aggregate Certificate Principal Balance of the related Corresponding Certificates; second, any remaining principal to REMIC I-C Regular Interest I-XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAA Home Equity Trust 2006-S1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59I-58-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation "A" and denominated I-1-A through I-58-A is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation "B" is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation "A" and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-58-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation "A" and denominated II-1-A through II-58-A is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation "B" is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation "A" and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-XXX0, X-XXX0, X0, X0, X0, X0, X0, X0, M7, M8, M9, M10, B, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0, REMIC 2 Regular Interest M-8M10, REMIC 2 Regular Interest and B in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PIxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-2)
Distributions on the REMIC Regular Interests. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The Class X Interest shall constitute the assets of REMIC IV. The Class P Interest shall constitute the assets of REMIC V. The Class IO Interest shall constitute the assets of REMIC VI.
(a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 1 I to REMIC 2 II on account of the REMIC 1 I Group I Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-I Interest), as the case may be:
(i) to Holders of each of REMIC 1 I Regular Interest I and REMIC I Regular Interest I-1-A through I-59I-61-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest I, then to REMIC I Regular Interests I-1-A through I-59I-61-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 I Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the if such Distribution Date immediately following follows the expiration of Prepayment Period during which occurs the latest date on which a Prepayment Charge as identified on the Prepayment Charge Schedule or may be required to be paid in respect of any Distribution Date thereafter Mortgage Loan, until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 2 I to REMIC 3 II on account of the REMIC 2 I Group II Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates R-I Interest, as the case may be:
(i) to Holders of each of REMIC I Regular Interest II and REMIC I Regular Interest II-1-A through II-61-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 payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interest II, then to REMIC I Regular interests II-1-A through II-61-B starting with the lowest numerical denomination until the Uncertificated Principal 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 on a pro rata basis between such REMIC I Regular Interests.
(c) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Servicer Remittance Report, 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 R-2 R-II Interest), as the case may be:
(i) first, to the Holders of REMIC 2 II Regular Interest IOLT-AA, REMIC II Regular Interest LT-A1, REMIC II Regular Interest LT-A2a, REMIC II Regular Interest LT-A2b, REMIC II Regular Interest LT-A2c, REMIC II Regular Interest LT-A2d, REMIC II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest LT-M5, REMIC II Regular Interest LT-M6, REMIC II Regular Interest LT-B1, REMIC II Regular Interest LT-B2, REMIC II Regular Interest LT-B3, REMIC II Regular Interest LT-B4 and REMIC II Regular Interest LT-ZZ, on a pro rata basis, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 II Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized II Overcollateralization Amount is less than the REMIC 2 II Targeted Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest LT-ZZ Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2a, REMIC 2 II Regular Interest A-1WLT-A2b, REMIC 2 II Regular Interest A-2ALT-A2c, REMIC 2 II Regular Interest A-2BLT-A2d, REMIC 2 II Regular Interest A-2CLT-M1, REMIC 2 II Regular Interest A-2DLT-M2, REMIC 2 II Regular Interest M-1LT-M3, REMIC 2 II Regular Interest M-2LT-M4, REMIC 2 II Regular Interest M-3LT-M5, REMIC 2 II Regular Interest M-4LT-M6, REMIC 2 II Regular Interest M-5LT-B1, REMIC 2 II Regular Interest M-6LT-B2, REMIC 2 II Regular Interest M-7, LT-B3 and REMIC 2 II Regular Interest M-8, REMIC 2 Regular Interest B LT-B4 in the same proportion as the Overcollateralization Subordination Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 II Regular Interest LT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 II Regular Interests, in an amount equal to the remainder of the Available Funds REMIC II Marker Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder (other than amounts payable under clause (C) below) to the Holders of REMIC 2 II Regular Interest AALT-AA and REMIC II Regular Interest LT-P, until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC II Regular Interest LT-P shall not be reduced until the Distribution Date following the month after the expiration of the last Prepayment Charge or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2a, REMIC 2 II Regular Interest A-1WLT-A2b, REMIC 2 II Regular Interest A-2ALT-A2c, REMIC 2 II Regular Interest A-2BLT-A2d, REMIC 2 II Regular Interest A-2CLT-M1, REMIC 2 II Regular Interest A-2DLT-M2, REMIC 2 II Regular Interest M-1LT-M3, REMIC 2 II Regular Interest M-2LT-M4, REMIC 2 II Regular Interest M-3LT-M5, REMIC 2 II Regular Interest M-4LT-M6, REMIC 2 II Regular Interest M-5LT-B1, REMIC 2 II Regular Interest M-6LT-B2, REMIC 2 II Regular Interest M-7, LT-B3 and REMIC 2 II Regular Interest M-8, REMIC 2 Regular Interest BLT-B4, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 II Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 II Regular Interest ZZLT-ZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-II Interest);. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC II Regular Interest LT-AA and REMIC II Regular Interest LT-P, in that order and (ii) REMIC II Regular Interest LT-ZZ, respectively; provided that REMIC II Regular Interest LT-P shall not be reduced until Distribution Date that follows the Prepayment Period during which occurs the latest date on which a Prepayment Charge may be required to be paid in respect of any Mortgage Loan, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause.
(iii) third, to the Holders of REMIC II Regular Interest LT-1SUB, REMIC II Regular Interest LT-1GRP, REMIC II Regular Interest LT-2SUB, REMIC II Regular Interest LT-2GRP and REMIC II Regular Interest LT-XX, on a pro rata basis, in an amount equal to (A) the 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; and
(iv) fourth, to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clause (iii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest LT-XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-76-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59I-76-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest AI-76-I B until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOLTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(ii) second, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest AALTIA1, REMIC 2 Regular Interest A-1LTIIA1, REMIC 2 Regular Interest A-1MLTIIA2, REMIC 2 Regular Interest A-1WLTIIA3, REMIC 2 Regular Interest A-2ALTIIA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTOC and REMIC 2 Regular Interest PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTOC shall be reduced and deferred when the REMIC 2 Overcollateralized 3 Overcollateralization Amount is less than the REMIC 2 3 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2BLTIIA4, REMIC 2 Regular Interest A-2CLTM1, REMIC 2 Regular Interest A-2DLTM2, REMIC 2 Regular Interest M-1LTM3, REMIC 2 Regular Interest M-2LTM4, REMIC 2 Regular Interest M-3LTM5, REMIC 2 Regular Interest M-4LTM6, and REMIC 2 Regular Interest M-5LTM7, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTOC shall be increased by such amount;
(iiiii) third, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of each REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion manner and priority as distributions of principal payments are allocated to made the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Civ) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest).
(c) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 3 to REMIC 3 on account of the REMIC 3 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) first, to the Holders of REMIC 3 Regular Interest LTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the extent of Available Funds, to the Holders of REMIC 3 Regular Interest LTX1, REMIC 3 Regular Interest LTX2, REMIC 3 Regular Interest LTX3, REMIC 3 Regular Interest LTX4, REMIC 3 Regular Interest LTX5, REMIC 3 Regular Interest LTX6, REMIC 3 Regular Interest LTX7, REMIC 3 Regular Interest LTX8, REMIC 3 Regular Interest LTX9, REMIC 3 Regular Interest LTX10, REMIC 3 Regular Xxxxxxxx XXX00 and REMIC 3 Regular Xxxxxxxx XXX00, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, to the extent of Available Funds, to Holders of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular Interest LTM9, REMIC 3 Regular Interest LTM10, REMIC 3 Regular Interest LTZZ and REMIC 3 Regular Interest LTP, on a pro rata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest LTZZ shall be reduced and deferred when the REMIC 3 Overcollateralization Amount is less than the REMIC 3 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 3 Regular Interest LTIA1, REMIC 3 Regular Interest LTIIA1, REMIC 3 Regular Interest LTIIA2, REMIC 3 Regular Interest LTIIA3, REMIC 3 Regular Interest LTIIA4, REMIC 3 Regular Interest LTM1, REMIC 3 Regular Interest LTM2, REMIC 3 Regular Interest LTM3, REMIC 3 Regular Interest LTM4, REMIC 3 Regular Interest LTM5, REMIC 3 Regular Interest LTM6, REMIC 3 Regular Interest LTM7, REMIC 3 Regular Interest LTM8, REMIC 3 Regular Interest LTM9 and REMIC 3 Regular Interest LTM10, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 3 Regular Interest LTZZ shall be increased by such amount; and
(iv) fourth, to the Holders of REMIC 3 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) 98.00% of such remainder to the Holders of REMIC 3 Regular Interest LTAA and REMIC 3 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 3 Regular Interest is reduced to zero; provided, however, that REMIC 3 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 3 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt1)
Distributions on the REMIC Regular Interests. (a1) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution AmountAmount with respect to the Group I Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(iA) to Holders of each of REMIC 1 Regular Interest I, REMIC I Regular Interest P and REMIC 1 Regular Interest I-1-A through I-59I-104-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-104-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of the product of (a) any Overcollateralization Release Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iiiC) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b2) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount with respect to the Group II Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(A) to Holders of each of REMIC 1 Regular Interest II, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(B) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as to REMIC 1 Regular Interest II until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) to the Holders of REMIC 1 Regular Interest P, on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges.
(3) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(iA) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, Dates.
(i) to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-I-A1A, REMIC 2 Regular Interest A-1WLT-I-A1B, REMIC 2 Regular Interest A-2ALT-I-A1C, REMIC 2 Regular Interest A-2BLT-I-A1D, REMIC 2 Regular Interest A-2CLT-I-A2, REMIC 2 Regular Interest A-2DLT-II-A1A, REMIC 2 Regular Interest M-1LT-II-A1B, REMIC 2 Regular Interest M-2LT-II-A1C, REMIC 2 Regular Interest M-3LT-II-A1D1, REMIC 2 Regular Interest M-4LT-II-A1D2, REMIC 2 Regular Interest M-5LT-II-AN, REMIC 2 Regular Interest M-6LT-M1, REMIC 2 Regular Interest M-7LT-M2, REMIC 2 Regular Interest M-8LT-M3, REMIC 2 Regular Interest BLT-M4, REMIC 2 Regular Interest ZZLT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9, REMIC 2 Regular Interest LT-M10 and REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-I-A1A, REMIC 2 Regular Interest A-1WLT-I-A1B, REMIC 2 Regular Interest A-2ALT-I-A1C, REMIC 2 Regular Interest A-2BLT-I-A1D, REMIC 2 Regular Interest A-2CLT-I-A2, REMIC 2 Regular Interest A-2DLT-II-A1A, REMIC 2 Regular Interest M-1LT-II-A1B, REMIC 2 Regular Interest M-2LT-II-A1C, REMIC 2 Regular Interest M-3LT-II-A1D1, REMIC 2 Regular Interest M-4LT-II-A1D2, REMIC 2 Regular Interest M-5LT-II-AN, REMIC 2 Regular Interest M-6LT-M1, REMIC 2 Regular Interest M-7LT-M2, REMIC 2 Regular Interest M-8LT-M3, REMIC 2 Regular Interest B LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates Certificates, and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 1, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 3 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Holders Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests I-11-1-A through I-591-B 84-B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iii) to the Holders holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group 1 Loans received during the related Prepayment Charges Period that are identified as belonging to the Class 1-P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as identified belonging to the Class 1-P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 1, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause;; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 2, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, to holders of REMIC 2 Regular Interests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution made pursuant to clause (i) above, first, to the Holders holders of REMIC 2 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 2 Regular Interests 1-1-A through 1-117-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero, provided that, for REMIC 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 2 Regular Interests;
(iii) to holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group 2 Loans received during the related Prepayment Period that are identified as belonging to the Class 2-P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as belonging to the Class 2-P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 2, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest has been distributed pursuant to this clause; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest).
(1) On each Distribution Date, the following amounts with respect to Loan Group 1, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 1-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to the Holders holders of each REMIC 2 3 Group 1 Regular Interest AA, (other than REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P1-IO), pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 3 Regular Interest 1-ZZ and REMIC 3 Regular Interest 1-P shall be reduced when the REMIC 3 Group 1 Overcollateralized Amount is less than the REMIC 3 Group 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 1 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate in the same proportion as the Extra Principal Distribution Amount with respect to Loan Group 1 is allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, and the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ shall be increased by such amount;
(iii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distribution pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interests 1-IO and 1-P ), allocated as follows:
(A) [98.00]% of such remainder to holders of REMIC 3 Regular Interest 1-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) [2.00]% of such remainder, first, to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate, in an aggregate amount equal to [1]% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, until the Uncertificated Principal Balances of such REMIC 3 Group 1 Regular Interests are reduced to zero; and second, to the holders of REMIC 3 Regular Interest 1-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 1-P, pro rata, (A) all amounts representing Prepayment Charges in respect of the Group 1 Loans distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as belonging to the Class 1-P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 1 distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause; and
(v) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest).
(2) On each Distribution Date, the following amounts with respect to Loan Group 2, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R-3 Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 2-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to holders of each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interest 2-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 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 3 Regular Interests 2-ZZ and 2-P shall be reduced when the REMIC 3 Group 2 Overcollateralized Amount is less than the REMIC 3 Group 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 2 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B 2-A in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount with respect to Loan Group 2 is allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 3 Regular Interest 2-ZZ shall be increased by such amount;
(iiiii) to the Holders extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distributions pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interests 2-IO and 2-P), allocated as follows:
(A) [98.00]% of such remainder to holders of REMIC 3 Regular Interest 2-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) [2.00]% of such remainder, first, to holders of REMIC 3 Regular Interest 2-A, in an aggregate amount equal to [1]% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and second, to the holders of REMIC 3 Regular Interest 2-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 2-P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of Prepayment Charges the Group 2 Loans distributed on the Corresponding Certificate REMIC 2 Regular Interest 2-P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as identified belonging to the Class 2-P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 2 distributed in respect of REMIC 2 Regular Interest 2-P, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 4.01(l)(ii), (vii) and (xii) on such date shall be deemed distributed from REMIC 4 to Holders of the Class 1-C Certificates in respect of the Class 1-C Distribution Amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Accredited Mortgage Loan REIT Trust)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amountbe deemed to distribute, in the following order of priority, to be distributed by from REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn withdraw from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders the extent of the Available Distribution Amount for such Distribution Date, determined without regard to clause (ii)(2) of the definition thereof, to holders of each REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ shall be reduced when the REMIC 2 1 Overcollateralized Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of each REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B for which a Class A Certificate or Class M Certificate is the Corresponding Certificate in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC 1 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 1 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alliance Bancorp Trust 2007-Oa1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-32-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest I and then to REMIC Regular Interests I-1-A through I-59I-32-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-32-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff8)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest IX, then to REMIC I Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii3) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated to REMIC I Regular Interest IIX, then to REMIC I Regular Interests II-1-A through II-59-B starting with the lowest numerical denomination until the Uncertificated Principal 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.
(3) to the Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests XX, X-XX, X-XXX0, X-XXX0, X-XXX0, A‑IIA4, A‑IIA5, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AX-XXX0, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CA‑XXX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B X0 and M9 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AX-XXX0, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CA‑XXX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0 and M9, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) to the Holders of REMIC 2 Regular Xxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4 and REMIC 1 100 Regular Interest LTM5, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Fremont Loan Tr 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), the Monthly Interest Distributable Amount;
(2) second, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1B, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 1 Regular Interest LT1A in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii3) third, to the extent Holders of amounts remaining the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: priority:
(A) first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Holders of the Class R Certificates (in respect of the Class R-1 Interest), until the Uncertificated Certificate Principal Balance of each such REMIC 1 Regular Interest is thereof has been reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiiB) second, to the Holders of REMIC 1 Regular Interest PLT1A, until the Uncertificated Principal Balance thereof is reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT1B, until the Uncertificated Principal Balance thereof is reduced to zero; and
(AC) on each Distribution Date, 100% any remaining amount to the Holders of the amount paid Class R Certificates (in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) Class R-1 Interest). On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest A-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest AALT2A, REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2DLT2H, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2I and REMIC 2 Regular Interest PLT2J, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2J shall be reduced when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2D, LT2H and REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT2I in the same proportion as the Overcollateralization Deficiency Amount is principal payments are allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 Regular Interest AALT2A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2D, LT2H and REMIC 2 Regular Interest M-1LT2I, REMIC 2 Regular Interest M-21.00% of such remainder, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 Regular Interest ZZLT2J, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2J, respectively; and
(C) any remaining amount , to the Holders extent the principal balance of the Class R Certificates (in respect Mortgage Loans exceeds the sum of the Class R-2 Interest);Uncertificated Principal Balances of REMIC 2 Regular Interest LT2A, REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E, REMIC 2 Regular Interest LT2F, REMIC 2 Regular Interest LT2G, REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I and REMIC 2 Regular Interest LT2J immediately following payments pursuant to (c) above but pto any payments pursuant to this proviso.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTIF1, REMIC 1 Regular Interest LTIIA1, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LT1SUB, REMIC 2 1 Regular Interest A-1MLT1GRP, REMIC 2 1 Regular Interest A-1WLT2SUB, REMIC 2 1 Regular Interest A-2A, II-LT2GRP and REMIC 2 1 Regular Interest A-2BLTXX, REMIC 2 Regular Interest A-2Con a pro rata basis, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated an amount equal to the Corresponding Certificates and (A) the Uncertificated Principal Balance of REMIC 2 Regular Accrued Interest ZZ shall be increased by for such amountDistribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iiiii) third, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTIF1, REMIC 1 Regular Interest LTIIA1, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTM3, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause; and
(Civ) any remaining amount to the Holders of REMIC 1 Regular Interests, in an amount equal to the Class R Certificates (in respect remainder of the Class R-2 InterestREMIC 1 Sub WAC Allocation Percentage of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC 1 Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC 1 Regular Interest ending with the designation "SUB," so that the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is equal to 0.01% of the excess of (x) the aggregate Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Senior 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 principal shall be distributed to such REMIC 1 Regular Interests such that the REMIC 1 Subordinated Balance Ratio is maintained);; and third, any remaining principal to REMIC 1 Regular Interest LTXX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Asset Back Cert Ser 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-56-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: firstto REMIC 1 Regular Interest I, then to REMIC 1 Regular Interests I-1-A through I-59I-56-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee Trust Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders Holder of REMIC 2 Regular Interest IO, LTIO in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTIIA4 and REMIC 2 Regular Interest PLTZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 2 Regular Interest LTZZ Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2A, LTIIA3 and REMIC 2 Regular Interest A-2BLTIIA4, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of the Interest Remittance Amount and the Principal Payment Amount 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 Holders of REMIC 2 Regular Interest PLTAA and REMIC 2 Regular Interest LTP, (A) on each Distribution Dateuntil the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, 100% provided, however, that the Uncertificated Principal Balance of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on REMIC 2 Regular Interest LT-P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT-P, until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIIA2, REMIC 2 Regular Interest A-2A, LTIIA3 and REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BLTIIA4, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
(iii) Notwithstanding the distributions described in this Section 4.06, distribution of funds shall be made only in accordance with Section 4.01. On each Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest LTIO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class SWAP-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to REMIC 6 in respect of REMIC 6 Regular Interest SWAP-IO. Such amounts shall be deemed distributed by REMIC 6 to the Swap Administrator for deposit into the Swap Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Hl1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3A, REMIC 1 Regular Interest LTM3F, REMIC 1 Regular Interest LTM4A, REMIC 1 Regular Interest LTM4F, REMIC 1 Regular Interest LTM5A, REMIC 1 Regular Interest LTM5F, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3A, REMIC 1 Regular Interest LTM3F, REMIC 1 Regular Interest LTM4A, REMIC 1 Regular Interest LTM4F, REMIC 1 Regular Interest LTM5A and REMIC 1 Regular Interest LTM5F, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2003-Ff2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, Available Funds equal to the Group I Interest Remittance Amount shall be distributed to(i) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1B-1, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; (ii) second, to the Holders of REMIC 1 Regular Interest LT1A-1 and REMIC 1 Regular Interest LT1P-1, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, Available Funds equal to the Group II Interest Remittance Amount shall be distributed (i) first, to the Holders of REMIC 1 Regular Interest LT1B-2, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; (ii) second, to the Holders of REMIC 1 Regular Interest LT1A-2 and REMIC 1 Regular Interest LT1P-2, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii3) third, the remainder of the Available Funds attributable to the extent of amounts remaining Group I Mortgage Loans after the distributions made distribution of the Group I Interest Remittance Amount pursuant to clause (i1) above, payments of principal above shall be allocated as follows: first, distributed to the Holders of REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.as follows:
(iiiA) to the Holders of REMIC 1 Regular Interest PLT1P-1, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bB) On each Distribution Dateto the Holders of REMIC 1 Regular Interest LT1A-1, until the Trustee shall cause Uncertificated Principal Balance of REMIC 1 Regular Interest LT1A-1 is reduced to zero;
(C) to the Available Distribution AmountHolders of REMIC 1 Regular Interest LT1B-1, in until the following order Uncertificated Principal Balance of priority, REMIC 1 Regular Interest LT1B-1 is reduced to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed zero; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:.
(i4) firstfourth, the remainder of the Available Funds attributable to the Group II Mortgage Loans after the distribution of the Group II Interest Remittance Amount pursuant to clause (2) above shall be distributed to the Holders of REMIC 2 1 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal toInterests as follows:
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 1 Regular Interest PLT1P-2, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iiiB) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALT1A-2, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LT1A-2 is reduced to zero;
(BC) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZLT1B-2, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LT1B-2 is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(CD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P-1. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P-2. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P-1 and REMIC 1 Regular Interest LT1P-2 shall not reduce the Uncertificated Principal Balances thereof.
(b) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest);, as the case may be:
(1) first, Available Funds equal to the Group I Interest Remittance Amount shall be distributed (i) first, to the Holders of REMIC 2 Regular Interest LT2S-1A, REMIC 2 Regular Interest LT2S-1B and REMIC 2 Regular Interest LT2S-1C, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and (ii) second, to Holders of REMIC 2 Regular Interest LT2A-1, REMIC 2 Regular Interest LT2B-1, REMIC 2 Regular Interest LT2C-1, REMIC 2 Regular Interest LT2D-1, REMIC 2 Regular Interest LT2E-1, REMIC 2 Regular Interest LT2F-1, REMIC 2 Regular Interest LT2G-1 and REMIC 2 Regular Interest LT2P-1, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2G-1 shall be reduced, when the REMIC 2 Overcollateralized Amount 1 is less than the REMIC 2 Target Overcollateralized Amount 1, by the lesser of (x) the amount of such difference and (y) the Maximum LT2G-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 1A to REMIC 2 on account of the REMIC 1 1A Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-1A Interest), as the case may be:
(1) first, Available Funds equal to the Group I Interest Remittance Amount shall be distributed to (i) first, to the Holders of REMIC 1 1A Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1A-2, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) second, to the extent Holders of REMIC 1A Regular Interest LT1A-1 and REMIC 1A Regular Interest LT1A-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, the remainder of the Available Funds attributable to the Group I Mortgage Loans after the distributions made distribution of the Group I Interest Remittance Amount pursuant to clause (i1) above, payments of principal above shall be allocated distributed to the Holders of REMIC 1A Regular Interests as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.:
(iiiA) to the Holders of REMIC 1 1A Regular Interest LT1A-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(B) to the Holders of REMIC 1A Regular Interest LT1A-1, until the Uncertificated Principal Balance of REMIC 1a Regular Interest LT1A-1 is reduced to zero;
(C) to the Holders of REMIC 1A Regular Interest LT1A-2, until the Uncertificated Principal Balance of REMIC 1A Regular Interest LT1A-2 is reduced to zero; then
(D) any remaining amount to the Holders of the Class R-1A Certificates (in respect of the Class R-1A Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1A to the Holders of REMIC 1A Regular Interest LT1A-P. The payment of the foregoing amounts to the Holders of REMIC 1A Regular Interest LT1A-P shall not reduce the Uncertificated Principal Balances thereof
(b) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1B to 116 REMIC 2 to REMIC 3 on account of the REMIC 2 1B Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 R-1B Interest), as the case may be:
(1) first, Available Funds equal to the Group II Interest Remittance Amount shall be distributed (i) first, to the Holders of REMIC 2 1B Regular Interest IOLT1B-2, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; (ii) second, to the Holders of REMIC 2 1B Regular Interest AA, LT1B-1 and REMIC 2 1B Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest LT1B-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued ; and
(2) second, the remainder of the Available Funds attributable to the Group II Mortgage Loans after the distribution of the Group II Interest in respect of REMIC 2 Regular Interest ZZ Remittance Amount pursuant to clause (1) above shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable distributed to the Holders of REMIC 2 1B Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion Interests as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;follows:
(iiA) to the Holders of REMIC 2 1B Regular Interest LT1B-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iiiB) to the Holders of REMIC 1B Regular Interest LT1B-1, until the Uncertificated Principal Balance of REMIC 1B Regular Interest LT1B-1 is reduced to zero;
(C) to the Holders of REMIC 1B Regular Interest LT1B-2, until the Uncertificated Principal Balance of REMIC 1B Regular Interest LT1B-2 is reduced to zero; then
(D) any remaining amount to the Holders of the Class R-1B Certificates (in respect of the Class R-1B Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1B to the Holders of REMIC 1B Regular Interest LT1B-P. The payment of the foregoing amounts to the Holders of REMIC 1B Regular Interest LT1B-P shall not reduce the Uncertificated Principal Balance thereof.
(c) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(1) first, Available Funds equal to the Group I Interest Remittance Amount shall be distributed (i) first, to the Holders of 117 REMIC 2 Regular Interest LT2S-1A, REMIC 2 Regular Interest LT2S-1B and REMIC 2 Regular Interest LT2S-1C, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and (ii) second, to Holders of REMIC 2 Regular Interest LT2A-1, REMIC 2 Regular Interest LT2B-1, REMIC 2 Regular Interest LT2C-1, REMIC 2 Regular Interest LT2D-1, REMIC 2 Regular Interest LT2E-1, REMIC 2 Regular Interest LT2F-1 and REMIC 2 Regular Interest LT2P-1, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2F-1 shall be reduced, when the REMIC 2 Overcollateralized Amount 1 is less than the product of the REMIC 2 Overcollateralization Target Amount multiplied by 0.68266, by the lesser of (x) the amount of such difference and (y) the Maximum LT2F-1 Uncertificated Accrued Interest Deferral Amount;
(2) second, Available Funds equal to the Group II Interest Remittance Amount shall be distributed (i) first, to the Holders of REMIC 2 Regular Interest LT2S-2A, REMIC 2 Regular Interest LT2S-2B and REMIC 2 Regular Interest LT2S-2C, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and (ii) second, to Holders of REMIC 2 Regular Interest LT2A-2, REMIC 2 Regular Interest LT2B-2, REMIC 2 Regular Interest LT2C-2, REMIC 2 Regular Interest LT2D-2, REMIC 2 Regular Interest LT2E-2, REMIC 2 Regular Interest LT2F-2, and REMIC 2 Regular Interest LT2P-2, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2F-2 shall be reduced, when the REMIC 2 Overcollateralized Amount 2 is less than the product of the REMIC 2 Overcollateralization Target Amount multiplied by 0.31734, by the lesser of (x) the amount of such difference and (y) the Maximum LT2F-2 Uncertificated Accrued Interest Deferral Amount;
(3) third, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date attributable to the Group I Mortgage Loans after the distributions made pursuant to clauses clause (i) and (ii1) above, allocated as follows:
(A) (i) 98% of such remainder to the Holders of REMIC 2 Regular Interest AALT2A-1, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(Bii) 2.001.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LT2B-1, REMIC 2 Regular Interest A-1MLT2C-1, REMIC 2 Regular Interest A-1WLT2D-1, REMIC 2 Regular Interest A-2A, LT2E-1 and REMIC 2 Regular Interest A-2BLT2F-1, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, and (iii) 1.00% to the Holders of REMIC 2 Regular Interest LT2G-1, until the Uncertificated Principal Balances Balance of all such Uncertificated REMIC 2 Regular Interests are is reduced to zero, and second;
(B) then, to the Holders of REMIC 2 Regular Interest ZZLT2P-2, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(C) then, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(4) fourth, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date attributable to the Group II Mortgage Loans after the distributions made pursuant to clause (1) above, allocated as follows:
(A) (i) 98% to the Holders of REMIC 2 Regular Interest LT2A-2, (ii) 1.00% pro rata to the Holders of REMIC 2 Regular Interest LT2B-2, REMIC 2 Regular Interest LT2C-2, REMIC 2 Regular Interest LT2D-2, and REMIC 2 Regular Interest LT2E-2, and (iii) 1.00% to the Holders of REMIC 2 Regular Interest LT2F-2, until the Uncertificated Principal Balance of all such Uncertificated REMIC 2 Regular Interests is reduced to zero;
(B) then, to the Holders of REMIC 2 Regular Interest is reduced LT2P-2, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to zerothis clause;
(C) then, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); and
(5) fifth, to REMIC 2 Regular Interest LT2P-1, 100% of the amount of Prepayment Charges paid in respect of REMIC 1 Regular Interest LT1P-1, and to REMIC 2 Regular Interest LT2P-2, 100% of the amount of Prepayment Charges paid in respect of REMIC 1 Regular Interest LT1P-2 provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount with respect to the Group I Mortgage Loans shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A-1 and REMIC 2 Regular Interest ZZLT2G-1, respectively; and
(C) , and 98% and 2% of any remaining amount principal payments that are attributable to an Overcollateralization Release Amount with respect to the Group II Mortgage Loans shall be allocated to Holders of the Class R Certificates (in respect of the Class R-2 Interest);REMIC 2 Regular Interest LT2A-2 and REMIC 2 Regular Interest LT2F-2, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Tr 2001-3 as-BCKD Cert Ser 2001-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Group I Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 1A to REMIC 2 on account of the REMIC 1 1A Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 R-1A Interest), as the case may be:
(i) first, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 2 1A Regular Interest IO, LT1A-B in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 1A Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and secondwith respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order: first to the Holders of each REMIC 2 Regular 1A CF Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro ratain ascending numerical order, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 1A Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable second, pro rata, to the Holders of REMIC 2 1A Regular Interest A-1, LT1A-A and REMIC 2 1A Regular Interest A-1M, LT1A-P in an amount equal to (A) the Uncertificated Accrued 166 Interest for such REMIC 2 1A Regular Interest A-1Wfor such Distribution Date, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B plus (B) any amounts in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountrespect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the Holders of REMIC 2 1A Regular Interest LT1A-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Intereststhird, in an amount equal to the remainder of the Group I Available Funds for such Distribution Date after with respect to those Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the distributions made pursuant Holders of REMIC 1A Regular Interest LT1A-B until the Uncertificated Principal Balance of such REMIC 1A Regular Interest is reduced to clauses zero and with respect to those Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order: first to the Holders of REMIC 1A Regular Interest LT1A-A, then to the Holders of each REMIC 1A CF Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 1A Regular Interest is reduced to zero; and
(iiv) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1A Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1A to the Holders of REMIC 1A Regular Interest LT1A-P. The payment of the foregoing amounts to the Holders of REMIC 1A Regular Interest LT1A-P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trust Administrator shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 1B to REMIC 2 on account of the REMIC 1B Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (ii) abovein respect of the Class R-1B Interest), allocated as followsthe case may be:
(1) first, to the Holders of each REMIC 1B CF Interest in ascending numerical order, and second, pro rata, to the Holders of REMIC 1B Regular Interest LT1B-A and REMIC 1B Regular Interest LT1B-P in an amount equal to (A) 98% the Uncertificated Accrued Interest for such REMIC 1B Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 1B Regular Interest LT1B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, to the Holders of REMIC 1B Regular Interest LT1B-A, and then to the Holders of each REMIC 1B CF Interest in descending numerical order, until the Uncertificated Principal Balance of each such remainder REMIC 1B Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1B Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1B to the Holders of REMIC 1B Regular Interest LT1B-P. The payment of the foregoing amounts to the Holders of REMIC 1B Regular Interest LT1B-P shall not reduce the Uncertificated Principal Balance thereof.
(c) On each Distribution Date, the Trust Administrator shall cause the Group I Available Funds, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(1) first, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 2 Regular Interest AALT2A-B in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order: first to the Holders of each REMIC 2 ACF Interest, in ascending numerical order, then to the Holders of each REMIC 2 AS1 Interest, in ascending numerical order, in each case in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and then, pro rata, to the Holders of REMIC 2 Regular Interest LT2A-A and REMIC 2 Regular Interest LT2A-P in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1A Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 2 Regular Interest LT2A-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, the remainder of the Group I Available Funds for such Distribution Date with respect to those Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 2 Regular Interest LT2A-B until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00, and with respect to those Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% of such remainderor greater, first, in the following order: first to the Holders of REMIC 2 Regular Interest A-1LT2A-A, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, then to the Holders of each REMIC 2 Regular AS1 Interest ZZin descending numerical order, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest). 168 On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LT2A-P. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LT2A-P shall not reduce the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, the Trust Administrator shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(1) first, to the Holders of each REMIC 2 BCF Interest in ascending numerical order, then to the Holders of each REMIC 2 BS1 Interest in ascending numerical order, and then, pro rata, to the Holders of REMIC 2 Regular Interest LT2B-A and REMIC 1B Regular Interest LT1B-P, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 2 Regular Interest LT2B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, to the Holders of REMIC 2 Regular Interest LT2B-A, and then to the Holders of each REMIC 2 BS1 Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LT2B-P. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LT2B-P shall not reduce the Uncertificated Principal Balance thereof.
(e) On each Distribution Date, the Trust Administrator shall cause the Group I Available Funds, in the following order of priority, to be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(1) first, to the Holders of each REMIC 3 ACF Interest in ascending numerical order, then to the Holders of each REMIC 3 AS1 Interest in ascending numerical order, then to the Holders of each REMIC 3 AS2 Interest in ascending 169 numerical order, and then, pro rata, to the Holders of REMIC 2 Regular Interest LT3A and REMIC 3 Regular Interest LT3A-P, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 3 Regular Interest LT3A-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, to the Holders of REMIC 3 Regular Interest LT3A, and then to the Holders of each REMIC 3 AS2 Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 3 Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 3 to the Holders of REMIC 3 Regular Interest LT3A-P. The payment of the foregoing amounts to the Holders of REMIC 3 Regular Interest LT3A-P shall not reduce the Uncertificated Principal Balance thereof.
(f) On each Distribution Date, the Trust Administrator shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(1) first, to the Holders of each REMIC 3 BCF Interest in ascending numerical order, then to the Holders of each REMIC 3 BS1 Interest in ascending numerical order, then to the Holders of each REMIC 3 BS2 Interest in ascending numerical order, and then, pro rata, to the Holders of REMIC 3 Regular Interest LT3B and REMIC 3 Regular Interest LT3B-P, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 3 Regular Interest LT3B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; 170
(3) third, to the Holders of REMIC 3 Regular Interest LT3B, and then to the Holders of each REMIC 3 BS2 Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 3 Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 3 to the Holders of REMIC 3 Regular Interest LT3B-P. The payment of the foregoing amounts to the Holders of REMIC 3 Regular Interest LT3B-P shall not reduce the Uncertificated Principal Balance thereof.
(g) On each Distribution Date, the Trust Administrator shall cause in the following order of priority, the following amounts to be distributed by REMIC 4 to REMIC 5 on account of the REMIC 4 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-4 Interest), as the case may be:
(1) first, Group I Available Funds equal to the Group I Interest Remittance Amount shall be distributed (i) first, pro rata to the Holders of each REMIC 4 ACF Interest, (ii) second, pro rata to the Holders of each REMIC 4 AS-1 Interest, (iii) third, pro rata to the Holders of each REMIC 4 AS-2 Interest, and (iv) fourth, pro rata to the Holders of REMIC 4 Regular Interest LT4A-1, REMIC 4 Regular Interest LT4B-1, REMIC 4 Regular Interest LT4C-1, REMIC 4 Regular Interest LT4D-1, REMIC 4 Regular Interest LT4E-1, REMIC 4 Regular Interest LT4F-1, REMIC 4 Regular Interest LT4G-1, and REMIC 4 Regular Interest LT4P-1, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 4 Regular Interest LT4G-1 shall be reduced, when the REMIC 4 Overcollateralized Amount 1 is less than the REMIC 4 Overcollateralization Target Amount 1, by the lesser of (x) the amount of such difference and (y) the Maximum LT4G-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Ser 2002 2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1F, and then to REMIC 1 Regular Interest P LT1E,and then to REMIC 1 Regular Interest A-I, pro rataLT1D, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (1) above, allocated in the following order of priority:
(A) to the Holders of REMIC 1 Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Group I Loans, to the Holders of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(C) with respect to the Group II Loans, to the Holders of REMIC Regular Interest LT1A and REMIC 1 Regular Interest LTIC, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT1F until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1F is reduced to zero;
(E) to the Holders of REMIC 1 Regular Interest LT1E until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1E is reduced to zero;
(F) to the Holders of REMIC 1 Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1D is reduced to zero; and
(G) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest A-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then, in respect of the Group 1 Loans, to Holders of REMIC 2 Regular Interest LT2-1AA, REMIC 2 Regular Interest LT2-AI1, REMIC 2 Regular Interest LT2-AI2, REMIC 2 Regular Interest LT2-AI3, REMIC 2 Regular Interest LT2-AI4, REMIC 2 Regular Interest LT2-AI5, REMIC 2 Regular Interest LT2-AI6,REMIC 2 Regular Interest LT2-1M1, REMIC 2 Regular Interest LT2-1M2, REMIC 2 Regular Interest LT2-1B, REMIC 2 Regular Interest LT2-1ZZ, and in respect of the Group 2 Loans, to REMIC 2 Regular Interest LT2-2AA, REMIC 2 Regular Interest LT2-AII, REMIC 2 Regular Interest LT2-2M1, REMIC 2 Regular Interest LT2-2-2M2, REMIC 2 Regular Interest LT2-2B, REMIC 2 Regular Interest LT2-2ZZ and REMIC 2 Regular Interest LT2P, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2-1ZZ and REMIC 2 Regular Interest LT2-2ZZ shall each be reduced when the sum of the REMIC 2 Group 1 Overcollateralized Amount and REMIC 2 Group 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser or (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest LT2-AI1, REMIC 2 Regular Interest LT-2-AI2, REMIC 2 Regular Interest LT2-AI3, REMIC 2 Regular Interest LT2-AI4, REMIC 2 Regular Interest LT2-AI5, REMIC 2 Regular Interest LT2-AI6, REMIC 2 Regular Interest LT2-1M1, REMIC 2 Regular Interest LT2-1M2, REMIC 2 Regular Interest LT2-1B, REMIC 2 Regular Interest LT2-AII, REMIC 2 Regular Interest LT2-2MI, REMIC 2 Regular Interest LT2-2M2 and REMIC 2 Regular Interest LT2-2B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first:
(a) with respect to the Group I Loans, to the Holders of REMIC 1 2 Regular Interests I-1Interest LT2-A through I-59-B starting with the lowest numerical denomination 1AA, 98.00% of such remainder (other than amounts payable pursuant to clause (d) below), until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 2 Regular Interest is reduced to zero, provided thatand with respect to the Group II Loans, for to the Holders of REMIC 1 2 Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(b) with respect to the Group I Loans, to the Holders of REMIC 2 Regular Interest LT2-AI1, REMIC 2 Regular Interest LT2-AI2, REMIC 2 Regular Interest LT2-AI3, REMIC 2 Regular Interest LT2-AI4, REMIC 2 Regular Interest LT2-1M1, REMIC 2 Regular Interest LT2-1M2, REMIC 2 Regular Interest LT2-1B, 1.00% of such remainder (other than amounts payable pursuant to clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero; and with respect to the Group II Loans, to the Holders of REMIC 2 Regular Interest LT2-AII, REMIC 2 Regular Interest LT2-2M1, REMIC 2 Regular Interest LT2-2M2 and REMIC 2 Regular Interest LT2-2B, 1.00% of such remainder, in the same numerical denominationproportion as principal payments are allocated to the Corresponding Certificates, such payments until the Uncertificated Principal Balances of principal shall be allocated pro rata between such REMIC 1 2 Regular Interests, and second Interests are reduced to zero;
(c) with respect to the extent Group 1 Loans, to the Holders of any Overcollateralization Release to REMIC 1 2 Regular Interest ALT2-I 1ZZ, 1.00% of such remainder (other than amounts payable pursuant to clause (d) below), until the Uncertificated Principal Balance of such REMIC 1 2 Regular Interest is reduced to zero., and with respect to the Group II Loans, to the Holders of REMIC 2 Regular Interest LT2- 104 2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(iiid) to the Holders of REMIC 1 2 Regular Interest PLT2P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:; and
(iiii) firstthird, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution DateLT2P, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Master Servicer Prepayment Charge as identified Payment Amounts on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zeroLT1P; provided, however, that 98with respect to the Group I Loans, 98.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2-1AA and REMIC 2 Regular Interest ZZLT2-1ZZ, respectively; and
(C) any remaining amount , to the extent the principal balance of the Group I Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2-1AA, REMIC 2 Regular Interest LT2-AI1, REMIC 2 Regular Interest LT2-AI2, REMIC 2 Regular Interest LT2-AI3, REMIC 2 Regular Interest LT2-AI4, REMIC 2 Regular Interest LT2-AI5, REMIC 2 Regular Interest LT2-AI6, REMIC 2 Regular Interest LT2-1M1, REMIC 2 Regular Interest LT2-1M2, REMIC 2 Regular Interest LT2-1B and REMIC 2 Regular Interest LT2-1ZZ immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso, and with respect to the Group II Loans, 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest LT2-2AA and REMIC 2 Regular Interest LT2-2ZZ, respectively, to the Class R Certificates (in respect extent the principal balance of the Class R-2 Interest);Group II Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2-2AA, REMIC 2 Regular Interest LT2-AII, REMIC 2 Regular Interest LT2-2MI, REMIC 2 Regular Interest LT2-2M2, REMIC 2 Regular Interest LT2- 2B and REMIC 2 Regular Interest LT2-2ZZ immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-44-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-44-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-44-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Opt1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) FIRST, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT-2, REMIC 1 Regular Interest P LT-3, REMIC 1 Regular Interest LT-4, REMIC 1 Regular Interest LT-5, REMIC 1 Regular Interest LT-6, REMIC 1 Regular Interest LT-7, REMIC 1 Regular Interest LT-8 and REMIC 1 Regular Interest A-I, pro rataLT-9, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and, and SECOND, to Holders of REMIC 1 Regular Interest LT-1 and REMIC 1 Regular Interest LT-P in an amount equal to
(iiA) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest LT-P, (Ai) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Charges Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period (such amounts not to reduce the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-P) and (Bii) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A(ii));
(B) to the Holders of REMIC 1 Regular Interest LT-1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-1 is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT-2, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-2 is reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT-3, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-3 is reduced to zero;
(E) to the Holders of REMIC 1 Regular Interest LT-4, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-4 is reduced to zero;
(F) to the Holders of REMIC 1 Regular Interest LT-5, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-5 is reduced to zero;
(G) to the Holders of REMIC 1 Regular Interest LT-6, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-6 is reduced to zero;
(H) to the Holders of REMIC 1 Regular Interest LT-7, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-7 is reduced to zero;
(I) to the Holders of REMIC 1 Regular Interest LT-8, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-8 is reduced to zero;
(J) to the Holders of REMIC 1 Regular Interest LT-9, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-9 is reduced to zero; and
(K) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest MT-IO, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and second, to the Holders of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-A2, REMIC 2 Regular Interest A-1WMT-A3, REMIC 2 Regular Interest A-2AMT-A4, REMIC 2 Regular Interest A-2BMT-A5, REMIC 2 Regular Interest A-2CMT-A6, REMIC 2 Regular Interest A-2DMT-M1, REMIC 2 Regular Interest M-1MT-M2, REMIC 2 Regular Interest M-2MT-M3, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest MT-ZZ, and REMIC 2 Regular Interest MT-P, pro rataPRO RATA, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest MT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1W, MT-M2 and REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 I Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest MT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on the Corresponding Certificate REMIC 1 Regular Interest LT-P and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular InterestsInterests (other than REMIC 2 Regular Interest MT-IO), in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest MT-AA, 98% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-A2, REMIC 2 Regular Interest A-1WMT-A3, REMIC 2 Regular Interest A-2AMT-A4, REMIC 2 Regular Interest A-2BMT-A5, REMIC 2 Regular Interest A-2CMT-A6, REMIC 2 Regular Interest A-2DMT-M1, REMIC 2 Regular Interest M-1MT-M2, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BMT-M3, 1% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(C) to the Holders of REMIC 2 Regular Interest MT-ZZ, 1% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest MT-AA and REMIC 2 Regular Interest MT-ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp Mortgage Pass THR Cert Ser 2004-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I and each of REMIC 1 Regular Interest I-1-A through I-59I-45-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests Interest I, then to REMIC 1 Regular interests I-1-A through I-59I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Charges.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest LT-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates
(ii) first, to the Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8LTM11, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7, LTM10 and REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LTM11 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(iiiii) to the Holders of REMIC 2 Regular Interest PInterests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (Ai) on each Distribution Dateabove, 100allocated as follows:
(a) 98.00% of such remainder (other than amounts payable under clause (c) below), to the amount paid in respect Holders of Prepayment Charges on REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, until the Corresponding Certificate and (B) on Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2P, until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainderremainder (other than amounts payable under clause (c) below), first, to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7, LTM10 and REMIC 2 Regular Interest M-8LTM11, REMIC 2 Regular Interest B1.00% of and, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; 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 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause; and
(iv) Notwithstanding the distributions described in this Section 4.07, distribution of funds shall be made only in accordance with Section 4.01. On each Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest LT-IO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class Swap-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to REMIC 4 in respect of REMIC 4 Regular Interest Swap IO. Such amounts shall be deemed distributed by REMIC 4 to the Swap Administrator for deposit into the Swap Account. 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 2 to the Holders of REMIC 2 Regular Interest LTP. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LTP shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1A, REMIC 1 Regular Interest P LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F, REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1H, REMIC 1 Regular Interest LT1I and REMIC 1 Regular Interest A-ILT1J and REMIC 1 Regular Interest LT1P, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT1J shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1J Uncertificated Accrued Interest Deferral Amount; and
(ii) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(a) to the Holders of REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Interest LT1A, 98.00% of such remainder, until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest LT1B, provided thatREMIC 1 Regular Interest LT1C, for REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F, REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1H and REMIC 1 Regular Interest LT1I, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second are reduced to zero;
(c) to the extent Holders of any Overcollateralization Release to REMIC 1 Regular Interest A-I LT1J, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiid) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 1 Regular Interest AA LT1A and REMIC 2 1 Regular Interest ZZLT1J, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2000 1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:: 108
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1H, REMIC 1 Regular Interest LTM1A, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4A, REMIC 1 Regular Interest LTM4F, REMIC 1 Regular Interest LTM5A, REMIC 1 Regular Interest LTM5F, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1H, REMIC 1 Regular Interest LTM1A, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4A, REMIC 1 Regular Interest LTM4F, REMIC 1 Regular Interest LTM5A and REMIC 1 Regular Interest LTM5F, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; andprovided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount 109 shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
(Ca) All Realized Losses on the Mortgage Loans allocated to any remaining amount Regular Certificate shall be allocated by the Trustee on each Distribution Date as follows: first, to Net Monthly Excess Cashflow; second, to the Holders Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, PRO RATA to the Class M-5A Certificates and the Class M-5F Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, PRO RATA to the Class M-4A Certificates and the Class M-4F Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and seventh, PRO RATA to the Class M-1H Certificates and the Class M-1A Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any allocation of Realized Losses to a Mezzanine Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated; any allocation of Realized Losses to a Class C Certificates shall be made first by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(d)(xiv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class R A Certificates (in respect of or the Class R-2 Interest);P Certificates.
(b) All Realized Losses on the Mortgage Loans shall be deemed to have been allocated in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM5F and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM5F has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM5A and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM5A has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM4F and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM4F has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM4A and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM4A has been reduced to zero; seventh, to the Uncertificated Principal Balances of 110
REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM3 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM3 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM2 has been reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM1A and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM1A has been reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM1H and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM1H has been reduced to zero; eleventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTA2 has been reduced to zero and twelfth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTA1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Fremont Home Ln Tr 2003-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest IX, then to REMIC I Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii3) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated to REMIC I Regular Interest IIX, then to REMIC I Regular Interests II-1-A through II-59-B starting with the lowest numerical denomination until the Uncertificated Principal 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.
(3) to the Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests XX, X-XX, X-XXX0, X-XXX0, X-XXX0, A‑IIA4, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AX-XXX0, REMIC 2 Regular Interest A-2BA‑XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B B1 and B2 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0, REMIC 2 Regular Interest M-8B1 and B2, REMIC 2 Regular Interest B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) to the Holders of REMIC 2 Regular Xxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTA4, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataon a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTA4, REMIC 2 1 Regular Interest A-2BLTM1, REMIC 2 1 Regular Interest A-2CLTM2, REMIC 2 1 Regular Interest A-2DLTM3, REMIC 2 1 Regular Interest M-1LTM4, REMIC 2 1 Regular Interest M-2LTM5, REMIC 2 1 Regular Interest M-3LTM6, REMIC 2 1 Regular Interest M-4LTM7, REMIC 2 1 Regular Interest M-5LTM8, REMIC 2 1 Regular Interest M-6LTM9, REMIC 2 1 Regular Interest M-7, LTB1 and REMIC 2 1 Regular Interest M-8, REMIC 2 Regular Interest B LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AA, LTAA and REMIC 1 Regular Interest LTP until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, first, first to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTA4, REMIC 2 1 Regular Interest A-2BLTM1, REMIC 2 1 Regular Interest A-2CLTM2, REMIC 2 1 Regular Interest A-2DLTM3, REMIC 2 1 Regular Interest M-1LTM4, REMIC 2 1 Regular Interest M-2LTM5, REMIC 2 1 Regular Interest M-3LTM6, REMIC 2 1 Regular Interest M-4LTM7, REMIC 2 1 Regular Interest M-5LTM8, REMIC 2 1 Regular Interest M-6LTM9, REMIC 2 1 Regular Interest M-7, LTB1 and REMIC 2 1 Regular Interest M-8LTB2, REMIC 2 Regular Interest B, 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 1 Regular Interest ZZ, LTZZ until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I and each of REMIC 1 Regular Interest I-1-A through I-59I-45-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests Interst I, then to REMIC 1 Regular interests I-1-A through I-59I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100[____]% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Charges.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest LT-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates
(ii) first, to the Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8LTM11, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, pro PRO rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7, LTM10 and REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LTM11 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(iiiii) to the Holders of REMIC 2 Regular Interest PInterests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (Ai) on each Distribution Dateabove, 100allocated as follows:
(a) [____]% of such remainder (other than amounts payable under clause (c) below), to the amount paid in respect Holders of Prepayment Charges on REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, until the Corresponding Certificate and (B) on Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2P, until [$100 ________________] has been distributed pursuant to this clause;
(iiib) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98[____]% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(Bother than amounts payable under clause (c) 2.00% of such remainderbelow), first, to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7, LTM10 and REMIC 2 Regular Interest M-8LTM11, REMIC 2 Regular Interest B[____]% of and, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ, [____]% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) [____]% and (ii) [____]% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until [$________________] has been distributed pursuant to this clause; and
(iv) Notwithstanding the distributions described in this Section 4.07, distribution of funds shall be made only in accordance with Section 4.01. On each Distribution Date, [____]% of the amounts distributed on REMIC 2 Regular Interest LT-IO shall be deemed distributed by REMIC 2 to REMIC 3 in respect of the Class Swap-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to REMIC 4 in respect of REMIC 4 Regular Interest Swap IO. Such amounts shall be deemed distributed by REMIC 4 to the Swap Administrator for deposit into the Swap Account. 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 2 to the Holders of REMIC 2 Regular Interest LTP. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LTP shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Acceptance Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interest I-1Interests LT1S1-A through I-59A, LT1S1-B, REMIC 1 Regular Interest P LT1S1-C, LT1S1-D, LT1S1-E, LT1S2-A, LT1S2-B, LT1S2-C, LT1S2-D and REMIC 1 Regular Interest ALT1S2-I, pro rataE, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 1 Regular Interest LT1-1, REMIC 1 Regular Interest LT1-2 and REMIC 1 Regular Interest LT1-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent Holders of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest ALT1-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Prepayment Charge Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of REMIC 1 Regular Interest LT1-1 and REMIC 1 Regular Interest LT1-2 until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, and second, to the Holders of REMIC 1 Regular LT1S1-A, LT1S1-B, LT1S1-C, LT1S1-D, LT1S1-E, LT1S2-A, LT1S2-B, LT1S2-C, LT1S2-D and LT1S2-E until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero; and
(iv) to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), any amounts remaining after the distributions pursuant to clauses (i) through (iii) 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 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOInterests LT2-S1-A, in LT2-S1-B, LT2-S1-C, LT2-S1-D, LT2-S1-E, LT2-S2-A, LT2-S2-B, LT2-S2-C, LT2-S2-D and LT2-S2-E, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest LT2-AA, REMIC 2 Regular Interest A-1LT2-A1, REMIC 2 Regular Interest A-1MLT2-A2, REMIC 2 Regular Interest A-1WLT2-M1, REMIC 2 Regular Interest A-2ALT2-M2, REMIC 2 Regular Interest A-2BLT2-M3, REMIC 2 Regular Interest A-2CLT2-M4, REMIC 2 Regular Interest A-2DLT2-M5, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2-ZZ and REMIC 2 Regular Interest LT2-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 2 Regular 117 Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT2-ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT2-A1, REMIC 2 Regular Interest A-1MLT2-A2, REMIC 2 Regular Interest A-1WLT2-M1, REMIC 2 Regular Interest A-2ALT2-M2, REMIC 2 Regular Interest A-2BLT2-M3, REMIC 2 Regular Interest A-2C, LT2-M4 and REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT2-M5 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and Certificates;
(ii) second, to the Uncertificated Principal Balance Holders of REMIC 2 Regular Interests LT2-1SUB, LT2-1GRP, LT2-2SUB, LT2-2GRP and LT2-XX, pro rata, an amount equal to (A) the Uncertificated Accrued Interest ZZ shall be increased by for each such amount;REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates
(iiiii) third, an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC 2 Regular Interest LT2-AA and REMIC 2 Regular Interest LT2-P, (A) on each Distribution Date, 10098.00% of such remainder (other than amounts payable under clause (d) below), until the amount paid in respect Uncertificated Principal Balance of Prepayment Charges on the Corresponding Certificate and (B) on such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest LT2-P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2-P, until $100 has been distributed pursuant to this clause;
(iiib) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LT2-A1, REMIC 2 Regular Interest A-1MLT2-A2, REMIC 2 Regular Interest A-1WLT2-M1, REMIC 2 Regular Interest A-2ALT2-M2, REMIC 2 Regular Interest A-2BLT2-M3, REMIC 2 Regular Interest A-2C, LT2-M4 and REMIC 2 Regular Interest A-2DLT2-M5, REMIC 2 Regular Interest M-11.00% of such remainder (other than amounts payable under clause (d) below), REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 Regular Interest LT2-ZZ, 1.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; and
(iv) fourth, an amount equal to the remainder of the REMIC 2 Sub WAC Allocation Percentage of the Available Funds for such Distribution Date after the distributions made pursuant to clause (ii) above, allocated as follows
(a) distributions shall be made first to the REMIC 2 Regular Interests in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest ending with the designation "SUB" equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to the current Distribution Date (except that if such excess is larger than for the preceding distribution period, the least amount of principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Balance Ratio is maintained); and second to REMIC 2 Regular Interest LT2-XX; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) fifth, to REMIC 2 Regular Interest LT2-P, 100% of the amount paid in respect of REMIC 1 Regular Interest LT1-P; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 Regular Interest LT2-AA and REMIC 2 Regular Interest LT2-P, in that order and (ii) REMIC 2 Regular Interest LT2-P, respectively; provided that REMIC 2 Regular Interest LT2-P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2-P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Loan 2003-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-51-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest I and then to REMIC Regular Interests I-1-A through I-59I-51-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-51-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff16)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-66-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59I-66-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest AI-66-I B until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOLTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(ii) second, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2BLTIIA4, REMIC 2 Regular Interest A-2CLTM1, REMIC 2 Regular Interest A-2DLTM2, REMIC 2 Regular Interest M-1LTM3, REMIC 2 Regular Interest M-2LTM4, REMIC 2 Regular Interest M-3LTM5, REMIC 2 Regular Interest M-4LTM6, REMIC 2 Regular Interest M-5LTM7, REMIC 2 Regular Interest M-6LTM8, REMIC 2 Regular Interest M-7LTM9, REMIC 2 Regular Interest M-8LTM10, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2BLTIIA4, REMIC 2 Regular Interest A-2CLTM1, REMIC 2 Regular Interest A-2DLTM2, REMIC 2 Regular Interest M-1LTM3, REMIC 2 Regular Interest M-2LTM4, REMIC 2 Regular Interest M-3LTM5, REMIC 2 Regular Interest M-4LTM6, REMIC 2 Regular Interest M-5LTM7, REMIC 2 Regular Interest M-6LTM8, REMIC 2 Regular Interest M-7, LTM9 and REMIC 2 Regular Interest M-8LTM10, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(iiiii) third, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AALTAA and REMIC 2 Regular Interest LTP, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest ZZLTP, respectively; and
(C) any remaining amount until $100 has been distributed pursuant to the Holders of the Class R Certificates (in respect of the Class R-2 Interest)this clause;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LT1A1, REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4 and REMIC 1 Regular Interest LTM5, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; andprovided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
(Ca) All Realized Losses on the Mortgage Loans allocated to any remaining amount Regular Certificate shall be allocated by the Trust Administrator on each Distribution Date as follows: first, to Net Monthly Excess Cashflow; second, to the Holders Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and seventh, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any allocation of Realized Losses to a Mezzanine Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated; any allocation of Realized Losses to a Class C Certificates shall be made first by reducing the amount otherwise payable in respect thereof pursuant to Section 5.01(d)(xiv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class R A Certificates (in respect of or the Class R-2 Interest);P Certificates.
(b) All Realized Losses on the Mortgage Loans shall be deemed to have been allocated in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM5 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM5 has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM4 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM4 has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM3 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM3 has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM2 has been reduced to zero; and seventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM1 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Fremont Home Loan Trust 2003 A)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-42-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest I and then to REMIC Regular Interests I-1-A through I-59I-42-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-42-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Opt3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1E, and then to REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1D, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A);
(bB) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed with respect to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) firstGroup I Loans, to the Holders of REMIC 2 1 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such LT1A and REMIC 2 1 Regular Interest for such Distribution DateLT1B, plus its respective proportion (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the based on its Uncertificated Principal Balance in relation to such Loan Group) of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such those REMIC 2 1 Regular Interests are reduced to zero;
(C) with respect to the Group II Loans, to the Holders of REMIC Regular Interest LT1A and REMIC 1 Regular Interest LTIC, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT1E until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1E is reduced to zero;
(BE) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZLT1D, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LT1D is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(CF) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2A, REMIC 1 Regular Interest LTM2B, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2A, REMIC 1 Regular Interest LTM2B and REMIC 1 Regular Interest LTM3, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Ser 2002-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) from the Available Distribution Amount for such Distribution Date, determined without regard to Holders clause (ii)(2) of the definition thereof, to holders of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) from the Available Distribution Amount for such Distribution Date, determined without regard to clause (ii)(2) of the extent of amounts definition thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests I-11-1-A through I-591-B 58-B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iii) to the Holders holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of all amounts representing Prepayment Charges received during the related Prepayment Period that are identified as belonging to the Class P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified as belonging to the Class P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause;; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) firstfrom the Available Distribution Amount for such Distribution Date, determined without regard to clause (ii)(2) of the definition thereof, to the Holders holders of REMIC 2 Regular Interest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates;
(ii) to the extent of the Available Distribution Amount for such Distribution Date, determined without regard to clause (ii)(2) of the definition thereof, remaining after the distribution pursuant to clause (i), to the Holders holders of each REMIC 2 Regular Interest AA, (other than REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest PIO), pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ and REMIC 2 Regular Interest P shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of each REMIC 2 Regular Interest A-1for which a Class A, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest Class M or Class B Certificate is the Corresponding Certificate in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC 2 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder extent of the Available Funds Distribution Amount for such Distribution Date Date, determined without regard to clause (ii)(2) of the definition thereof, remaining after the distributions made pursuant to clauses (i) and (ii) above), to holders of REMIC 2 Regular Interests (other than REMIC 2 Regular Interest IO and P), allocated as follows:
(A) 9898.00% of such remainder to the Holders holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;; and
(B) 2.00% of such remainder, first, to the Holders holders of each REMIC 2 Regular Interest A-1for which a Class A, REMIC 2 Regular Interest A-1MClass M or Class B Certificate is the Corresponding Certificate, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding CertificatesCertificates for each such REMIC 2 Regular Interest, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, ; and second, to the Holders holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable ;
(iv) to an Overcollateralization Release Amount shall be allocated to Holders holders of REMIC 2 Regular Interest AA P, (A) all amounts representing Prepayment Charges distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified as belonging to the Class P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest ZZ, respectivelyhas been distributed pursuant to this clause; and
(Cv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);.
(c) On each Distribution Date, interest shall be deemed payable from REMIC 3 to the holders of each REMIC 3 Regular Interest the ownership of which is represented by the Class A, Class M and Class B Certificates at a pass-through rate equal to the lesser of (i) the Pass-Through Rate for the Corresponding Certificate determined without regard to the related Net WAC Rate and (ii) the Net WAC Rate for the REMIC 3 Regular Interest the ownership of which is represented by the Corresponding Certificate for such Distribution Date, in each case on a principal balance equal to the Certificate Principal Balance of the Corresponding Certificate for such Distribution Date. For the avoidance of doubt, principal shall be payable to, and shortfalls, losses and prepayments shall be allocable to, the REMIC 3 Regular Interests the ownership of which is represented by the Class A, Class M and Class B Certificates as such amounts are payable and allocable to the Corresponding Certificates.
(d) On each Distribution Date, a portion of the amounts distributed pursuant to Sections 4.01(e)(i), (iv) and (vi) on such date shall be deemed distributed from REMIC 3 to Holders of the Class C Certificates in respect of the Class C Distribution Amount.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC 2 Regular Interest IO shall be deemed distributed by REMIC 3 in respect of the Class IO Interest for deposit into the Supplemental Interest Trust.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-51-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-51-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest AI-51-I B until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii3) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i1) first, to the Holders of REMIC 2 Regular Interest IOLTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(2) second, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6, LTM9 and REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(ii3) third, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AALTAA and REMIC 2 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, remainder first, to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Ns1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTM11, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3, REMIC 1 Regular Interest LTB4, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataon a PRO RATA basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LTA, REMIC 2 1 Regular Interest A-1MLTM1, REMIC 2 1 Regular Interest A-1WLTM2, REMIC 2 1 Regular Interest A-2ALTM3, REMIC 2 1 Regular Interest A-2BLTM4, REMIC 2 1 Regular Interest A-2CLTM5, REMIC 2 1 Regular Interest A-2DLTM6, REMIC 2 1 Regular Interest M-1LTM7, REMIC 2 1 Regular Interest M-2LTM8, REMIC 2 1 Regular Interest M-3LTM9, REMIC 2 1 Regular Interest M-4LTM10, REMIC 2 1 Regular Interest M-5LTM11, REMIC 2 1 Regular Interest M-6LTB1, REMIC 2 1 Regular Interest M-7LTB2, REMIC 2 1 Regular Interest M-8, LTB3 and REMIC 2 1 Regular Interest B LTB4, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(ii2) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, remainder first, to the Holders of REMIC 2 1 Regular Interest A-1LTA, REMIC 2 1 Regular Interest A-1MLTM1, REMIC 2 1 Regular Interest A-1WLTM2, REMIC 2 1 Regular Interest A-2ALTM3, REMIC 2 1 Regular Interest A-2BLTM4, REMIC 2 1 Regular Interest A-2CLTM5, REMIC 2 1 Regular Interest A-2DLTM6, REMIC 2 1 Regular Interest M-1LTM7, REMIC 2 1 Regular Interest M-2LTM8, REMIC 2 1 Regular Interest M-3LTM9, REMIC 2 1 Regular Interest M-4LTM10, REMIC 2 1 Regular Interest M-5LTM11, REMIC 2 1 Regular Interest M-6LTB1, REMIC 2 1 Regular Interest M-7LTB2, REMIC 2 1 Regular Interest M-8, LTB3 and REMIC 2 1 Regular Interest BLTB4, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-A)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6 and REMIC 1 Regular Interest LTM7, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal 100 payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, zero and second, the Uncertificated Principal Balance of REMIC I Regular Interest LTZZ shall be increased by such amount;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LTZZ is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
(iii) Notwithstanding the distributions described in this Section 4.07(a), distribution of funds shall be made only in accordance with Section 4.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Ast Back Certs Ser 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3 and REMIC 1 Regular Interest LTM4, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2002-1)
Distributions on the REMIC Regular Interests. (a1) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution AmountAmount with respect to the Mortgage Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(iA) to Holders of each of REMIC 1 Regular Interest I, REMIC I Regular Interest P and REMIC 1 Regular Interest I-1-A through I-59I-50-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and second to REMIC 1 Regular Interests interests I-1-A through I-59I-50-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iiiC) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b2) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, Dates.
(ii) to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-A1A, REMIC 2 Regular Interest A-1WLT-A1B, REMIC 2 Regular Interest A-2ALT-A1C, REMIC 2 Regular Interest A-2BLT-A2, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3LT-M5, REMIC 2 Regular Interest M-4LT-M6, REMIC 2 Regular Interest M-5LT-M7, REMIC 2 Regular Interest M-6LT-M8, REMIC 2 Regular Interest M-7LT-M9, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT-M10 and REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT-A1A, REMIC 2 Regular Interest A-1MLT-A1B, REMIC 2 Regular Interest A-1WLT-A1C, REMIC 2 Regular Interest A-2ALT-A2, REMIC 2 Regular Interest A-2BLT-M1, REMIC 2 Regular Interest A-2CLT-M2, REMIC 2 Regular Interest A-2DLT-M3, REMIC 2 Regular Interest M-1LT-M4, REMIC 2 Regular Interest M-2LT-M5, REMIC 2 Regular Interest M-3LT-M6, REMIC 2 Regular Interest M-4LT-M7, REMIC 2 Regular Interest M-5LT-M8, REMIC 2 Regular Interest M-6, LT-M9 and REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT-M10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates Certificates, and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by such amount;
(iiiii) to the Holders of REMIC 2 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(iiiiv) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.002% of such remainder, first, first to the Holders of REMIC 2 Regular Interest A-1LT-A1A, REMIC 2 Regular Interest A-1MLT-A1B, REMIC 2 Regular Interest A-1WLT-A1C, REMIC 2 Regular Interest A-2ALT-A2, REMIC 2 Regular Interest A-2BLT-M1, REMIC 2 Regular Interest A-2CLT-M2, REMIC 2 Regular Interest A-2DLT-M3, REMIC 2 Regular Interest M-1LT-M4, REMIC 2 Regular Interest M-2LT-M5, REMIC 2 Regular Interest M-3LT-M6, REMIC 2 Regular Interest M-4LT-M7, REMIC 2 Regular Interest M-5LT-M8, REMIC 2 Regular Interest M-6, LT-M9 and REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BLT-M10, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);; provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 2 Regular Interest LT-AA and REMIC 2 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-A1A, REMIC 2 Regular Interest LT-A1B, REMIC 2 Regular Interest LT-A1C, REMIC 2 Regular Interest LT-A2, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 have been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), the Monthly Interest Distributable Amount;
(2) second, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1B, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 1 Regular Interest LT1A in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii3) third, to the extent Holders of amounts remaining the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: priority:
(A) first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination Holders of the Class R Certificates (in respect of the Class R-1 Interest), until the Uncertificated Certificate Principal Balance of each such REMIC 1 Regular Interest is thereof has been reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iiiB) second, to the Holders of REMIC 1 Regular Interest PLT1A, until the Uncertificated Principal Balance thereof is reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT1B, until the Uncertificated Principal Balance thereof is reduced to zero; and
(AC) on each Distribution Date, 100% any remaining amount to the Holders of the amount paid Class R Certificates (in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) Class R-1 Interest). On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest A-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest AALT2A, REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2DLT2H, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2I and REMIC 2 Regular Interest PLT2J, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2J shall be reduced when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2D, LT2H and REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT2I in the same proportion as the Overcollateralization Deficiency Amount is principal payments are allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 Regular Interest AALT2A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2D, LT2H and REMIC 2 Regular Interest M-1LT2I, REMIC 2 Regular Interest M-21.00% of such remainder, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 Regular Interest ZZLT2J, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2J, respectively; and
(C) any remaining amount , to the Holders extent the principal balance of the Class R Certificates (in respect Mortgage Loans exceeds the sum of the Class R-2 Interest);Uncertificated Principal Balances of REMIC 2 Regular Interest LT2A, REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E, REMIC 2 Regular Interest LT2F, REMIC 2 Regular Interest LT2G, REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I and REMIC 2 Regular Interest LT2J immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59I-58-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation "B" is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation "A" and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-58-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation "A" for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation "B" is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation "A" and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, X-XXX0, X-XXX0, X0, X0, X0, X0, X0, X0, X0, M8, M9, M10, M11, B, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AX-XXX0, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7X0, REMIC 2 Regular Interest M-8X00, REMIC 2 Regular Interest X00, and B in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) : first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTI-A1, REMIC 1 Regular Interest LTI-A2, REMIC 1 Regular Interest LTII-A1, REMIC 1 Regular Interest LTII-A2, REMIC 1 Regular Interest LTII-A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, ; and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LTIA1, REMCI 1 Regular Interest LTIA2, REMIC 2 1 Regular Interest A-1MLTIIA1, REMIC 2 1 Regular Interest A-1WLTIIA2, REMIC 2 1 Regular Interest A-2ALTIIA3, REMIC 2 1 Regular Interest A-2BLTM1, REMIC 2 1 Regular Interest A-2CLTM2, REMIC 2 1 Regular Interest A-2DLTM3, REMIC 2 1 Regular Interest M-1LTM4, REMIC 2 1 Regular Interest M-2LTM5, REMIC 2 1 Regular Interest M-3LTM6, REMIC 2 1 Regular Interest M-4LTM7, REMIC 2 1 Regular Interest M-5LTM8, REMIC 2 1 Regular Interest M-6, LTM9 and REMIC 2 1 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LTM10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(ii) ; and second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-Wmc1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the 104 expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4 and REMIC 1 Regular Interest LTM5, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; andprovided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
(Ca) All Realized Losses on the Mortgage Loans allocated to any remaining amount Regular Certificate shall be allocated by the Trustee on each Distribution Date as follows: first, to Net Monthly Excess Cashflow; second, to the Holders Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and seventh, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any allocation of Realized Losses to a Mezzanine Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated; any allocation of Realized Losses to a Class C Certificates shall be made first by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(d)(xiv). No allocations of any Realized 105 Losses shall be made to the Certificate Principal Balances of the Class R A Certificates (in respect of or the Class R-2 Interest);P Certificates.
(b) All Realized Losses on the Mortgage Loans shall be deemed to have been allocated in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM5 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM5 has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM4 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM4 has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM3 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM3 has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM2 has been reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM1 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM1 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTA2 has been reduced to zero and ninth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTA1 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTA1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2003-3 Asset Backed Certs)
Distributions on the REMIC Regular Interests. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The Class X Interest shall constitute the assets of REMIC IV. The Class P Interest shall constitute the assets of REMIC V. The Class IO Interest shall constitute the assets of REMIC VI.
(a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 1 I to REMIC 2 II on account of the REMIC 1 I Group I Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-I Interest), as the case may be:
(i) to Holders of each of REMIC 1 I Regular Interest I and REMIC I Regular Interest I-1-A through I-59I-45-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest I, then to REMIC I Regular Interests I-1-A through I-59I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 I Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the if such Distribution Date immediately following follows the expiration of Prepayment Period during which occurs the latest date on which a Prepayment Charge as identified on the Prepayment Charge Schedule or may be required to be paid in respect of any Distribution Date thereafter Mortgage Loan, until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 2 I to REMIC 3 II on account of the REMIC 2 I Group II Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates R-I Interest, as the case may be:
(i) to Holders of each of REMIC I Regular Interest II and REMIC I Regular Interest II-1-A through II-45-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 payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interest II, then to REMIC I Regular interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal 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 on a pro rata basis between such REMIC I Regular Interests.
(c) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Servicer Remittance Report, 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 R-2 R-II Interest), as the case may be:
(i) first, to the Holders of REMIC 2 II Regular Interest IOLT-AA, REMIC II Regular Interest LT-A1, REMIC II Regular Interest LT-A2fpt, REMIC II Regular Interest LT-A2a, REMIC II Regular Interest LT-A2b, REMIC II Regular Interest LT-A2c, REMIC II Regular Interest LT-A2d, REMIC II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest LT-M5, REMIC II Regular Interest LT-M6, REMIC II Regular Interest LT-B1, REMIC II Regular Interest LT-B2, REMIC II Regular Interest LT-B3 and REMIC II Regular Interest LT-ZZ, on a pro rata basis, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 II Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized II Overcollateralization Amount is less than the REMIC 2 II Targeted Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest LT-ZZ Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2fpt, REMIC 2 II Regular Interest A-1WLT-A2a, REMIC 2 II Regular Interest A-2ALT-A2b, REMIC 2 II Regular Interest A-2BLT-A2c, REMIC 2 II Regular Interest A-2CLT-A2d, REMIC 2 II Regular Interest A-2DLT-M1, REMIC 2 II Regular Interest M-1LT-M2, REMIC 2 II Regular Interest M-2LT-M3, REMIC 2 II Regular Interest M-3LT-M4, REMIC 2 II Regular Interest M-4LT-M5, REMIC 2 II Regular Interest M-5LT-M6, REMIC 2 II Regular Interest M-6LT-B1, REMIC 2 II Regular Interest M-7, LT-B2 and REMIC 2 II Regular Interest M-8, REMIC 2 Regular Interest B LT-B3 in the same proportion as the Overcollateralization Subordination Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 II Regular Interest LT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 II Regular Interests, in an amount equal to the remainder of the Available Funds REMIC II Marker Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder (other than amounts payable under clause (C) below) to the Holders of REMIC 2 II Regular Interest AALT-AA and REMIC II Regular Interest LT-P, until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC II Regular Interest LT-P shall not be reduced until the Distribution Date following the month after the expiration of the last Prepayment Charge or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2fpt, REMIC 2 II Regular Interest A-1WLT-A2a, REMIC 2 II Regular Interest A-2ALT-A2b, REMIC 2 II Regular Interest A-2BLT-A2c, REMIC 2 II Regular Interest A-2CLT-A2d, REMIC 2 II Regular Interest A-2DLT-M1, REMIC 2 II Regular Interest M-1LT-M2, REMIC 2 II Regular Interest M-2LT-M3, REMIC 2 II Regular Interest M-3LT-M4, REMIC 2 II Regular Interest M-4LT-M5, REMIC 2 II Regular Interest M-5LT-M6, REMIC 2 II Regular Interest M-6LT-B1, REMIC 2 II Regular Interest M-7, LT-B2 and REMIC 2 II Regular Interest M-8, REMIC 2 Regular Interest BLT-B3, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 II Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 II Regular Interest ZZLT-ZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-II Interest);. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC II Regular Interest LT-AA and REMIC II Regular Interest LT-P, in that order and (ii) REMIC II Regular Interest LT-ZZ, respectively; provided that REMIC II Regular Interest LT-P shall not be reduced until Distribution Date that follows the Prepayment Period during which occurs the latest date on which a Prepayment Charge may be required to be paid in respect of any Mortgage Loan, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause.
(iii) third, to the Holders of REMIC II Regular Interest LT-1SUB, REMIC II Regular Interest LT-1GRP, REMIC II Regular Interest LT-2SUB, REMIC II Regular Interest LT-2GRP and REMIC II Regular Interest LT-XX, on a pro rata basis, in an amount equal to (A) the 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; and
(iv) fourth, to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clause (iii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest LT-XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 1, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 3 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Holders Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests I-11-1-A through I-591-B 84-B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iii) to the Holders holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group 1 Loans received during the related Prepayment Charges Period, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge Schedule schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 1, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause;; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 2, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, to holders of REMIC 2 Regular Interests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution made pursuant to clause (i) above, first, to the Holders holders of REMIC 2 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 2 Regular Interests 1-1-A through 1-117-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero, provided that, for REMIC 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 2 Regular Interests;
(iii) to holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group 2 Loans received during the related Prepayment Period, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 2, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest has been distributed pursuant to this clause; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest).
(1) On each Distribution Date, the following amounts with respect to Loan Group 1, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 1-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to the Holders holders of each REMIC 2 3 Group 1 Regular Interest AA, (other than REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P1-IO), pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 3 Regular Interest 1-ZZ and REMIC 3 Regular Interest 1-P shall be reduced when the REMIC 3 Group 1 Overcollateralized Amount is less than the REMIC 3 Group 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 1 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate in the same proportion as the Extra Principal Distribution Amount with respect to Loan Group 1 is allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, and the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ shall be increased by such amount;
(iii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distribution pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interests 1-IO and 1-P ), allocated as follows:
(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 1-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) 2.00% of such remainder, first, to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, until the Uncertificated Principal Balances of such REMIC 3 Group 1 Regular Interests are reduced to zero; and second, to the holders of REMIC 3 Regular Interest 1-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 1-P, pro rata, (A) all amounts representing Prepayment Charges in respect of the Group 1 Loans distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 1 distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause; and
(v) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest).
(2) On each Distribution Date, the following amounts with respect to Loan Group 2, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R-3 Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 2-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to holders of each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interest 2-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 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 3 Regular Interests 2-ZZ and 2-P shall be reduced when the REMIC 3 Group 2 Overcollateralized Amount is less than the REMIC 3 Group 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 2 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B 2-A in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount with respect to Loan Group 2 is allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 3 Regular Interest 2-ZZ shall be increased by such amount;
(iiiii) to the Holders extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distributions pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interests 2-IO and 2-P), allocated as follows:
(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 2-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) 2.00% of such remainder, first, to holders of REMIC 3 Regular Interest 2-A, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and second, to the holders of REMIC 3 Regular Interest 2-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 2-P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of Prepayment Charges the Group 2 Loans distributed on the Corresponding Certificate REMIC 2 Regular Interest 2-P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the related Prepayment Charge Schedule schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 2 distributed in respect of REMIC 2 Regular Interest 2-P, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 4.01(l)(i), (vi) and (x) on such date shall be deemed distributed from REMIC 4 to Holders of the Class 1-C Certificates in respect of the Class 1-C Distribution Amount.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) FIRST, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT-2, REMIC 1 Regular Interest P LT-3, REMIC 1 Regular Interest LT-4, and REMIC 1 Regular Interest A-I, pro rataLT-5, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and, and SECOND, to Holders of REMIC 1 Regular Interest LT-1 and REMIC 1 Regular Interest LT-P in an amount equal to
(iiA) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest LT-P, (Ai) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Charges Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period (such amounts not to reduce the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-P) and (Bii) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A(ii));
(B) to the Holders of REMIC 1 Regular Interest LT-1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-1 is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT-2, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-2 is reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT-3, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-3 is reduced to zero;
(E) to the Holders of REMIC 1 Regular Interest LT-4, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-4 is reduced to zero;
(F) to the Holders of REMIC 1 Regular Interest LT-5, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-5 is reduced to zero; and
(G) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest MT-IO, in an amount equal to to
(A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and second, to the Holders of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1WMT-M2, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B, REMIC 2 Regular Interest MT-ZZ, and REMIC 2 Regular Interest MT-P, pro rataPRO RATA, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest MT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1W, MT-M2 and REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) to the Holders of REMIC 2 Regular Interest MT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge 77 Payment Amounts on the Corresponding Certificate REMIC 1 Regular Interest LT-P and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular InterestsInterests (other than REMIC 2 Regular Interest MT-IO), in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest MT-AA, 98% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1MT-A1, REMIC 2 Regular Interest A-1MMT-M1, REMIC 2 Regular Interest A-1WMT-M2, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest MT-B, 1% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(C) to the Holders of REMIC 2 Regular Interest MT-ZZ, 1% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest MT-AA and REMIC 2 Regular Interest MT-ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp Mor Pass Thru Cert Ser 2003-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I-1-A through I-59I-53-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-53-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-53-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Charges.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by to REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests Mortgage Loans or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest LT-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates
(ii) first, to the Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8LTM11, REMIC 2 Regular Interest BLTM12, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8, LTM11 and REMIC 2 Regular Interest B LTM12 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(iiiii) to the Holders of REMIC 2 Regular Interest PInterests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (Ai) on each Distribution Dateabove, 100allocated as follows:
(a) 98.00% of such remainder (other than amounts payable under clause (c) below), to the amount paid in respect Holders of Prepayment Charges on REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, until the Corresponding Certificate and (B) on Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2P, until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainderremainder (other than amounts payable under clause (c) below), first, to the Holders of REMIC 2 Regular Interest A-1LTA1, REMIC 2 Regular Interest A-1MLTA2, REMIC 2 Regular Interest A-1WLTA3, REMIC 2 Regular Interest A-2ALTA4, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM2, REMIC 2 Regular Interest A-2DLTM3, REMIC 2 Regular Interest M-1LTM4, REMIC 2 Regular Interest M-2LTM5, REMIC 2 Regular Interest M-3LTM6, REMIC 2 Regular Interest M-4LTM7, REMIC 2 Regular Interest M-5LTM8, REMIC 2 Regular Interest M-6LTM9, REMIC 2 Regular Interest M-7LTM10, REMIC 2 Regular Interest M-8, LTM11 and REMIC 2 Regular Interest BLTM12, 11.00% of and, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; 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 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause; and
(iv) Notwithstanding the distributions described in this Section 4.07, distribution of funds shall be made only in accordance with Section 4.01. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LTP. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LTP shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Interest Remittance Amount and the Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interest I-1Interests LT1-A through I-59S1, LT1-BS2, REMIC 1 Regular Interest P LT1-S3, and REMIC 1 Regular Interest ALT1-IS4, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interests Interest for such Distribution Date, Date plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) second, to the extent Holders of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1LT1-A through I-59and LT1-B starting with P, pro rata, in an amount equal to the lowest numerical denomination Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, on the Distribution Date immediately following the expiration of the latest Prepayment Charge, to the Holders of REMIC 1 Regular Interest LT1-P until $10 has been paid pursuant to this clause;
(iv) fourth, to the Holders of REMIC 1 Regular Interest LT1-A until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, and then to the Holders of REMIC 1 Regular Interests LT1-S1, LT1-S4, LT1-S2, and LT1-S3, in that order, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iiiv) to the Holders of REMIC 1 Regular Interest Pfifth, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);R-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset-Backed Certs Series 2004-A)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates, as the case may be:
(1) Interest shall be payable to the REMIC 1 Regular Interests at the Uncertificated REMIC 1 Pass-Through Rate for each such REMIC 1 Regular Interest on the related Uncertificated Principal Balance; first to REMIC 1 Regular Interest LT-IO-1 and REMIC 1 Regular Interest LT-IO-2, pro rata, and second to REMIC 1 Regular Interest LT-I and REMIC 1 Regular Interest LT-II;
(2) Distributions of principal shall be deemed to be made from amounts received on the Mortgage Loans (a) from the Group 1 Loans first, in an amount equal to the Group I Senior Principal Distribution Amount, to REMIC 1 Regular Interest LT-10-1 and REMIC 1 Regular Interest LT-IO-2 (25% and 75% of such amount, respectively), and second, the remaining amount, to and REMIC 1 Regular Interest LT-IO-2 and (b) from the Group 2 Loans to REMIC 1 Regular Interest LT-II;
(3) to the Holders of the REMIC 1 Regular Interest LT-P, on the first Distribution Date following the expiration of the period during which Prepayment Charges may be applied to the related Mortgage Loans or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(4) to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause clauses (i1) through (3) above. On each Distribution Date, payments all amounts representing Prepayment Charges in respect of principal shall the Mortgage Loans received during the related Prepayment Period will be allocated as follows: first, to distributed by REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% LT-P. The payment of the amount paid in respect foregoing amounts to the Holders of Prepayment Charges and (B) on REMIC 1 Regular Interest LT-P shall not reduce 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;
(b) Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 3 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest)Certificates, as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOMT-XBI-1, REMIC 2 Regular Interest MT-XBI-2 and REMIC 2 Regular Interest MT-XBJ in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest A-1MT-1A1, REMIC 2 Regular Interest A-1MMT-1A2, REMIC 2 Regular Interest A-1WMT-1A3, REMIC 2 Regular Interest A-2AMT-2A1, REMIC 2 Regular Interest A-2BMT-2A2, REMIC 2 Regular Interest A-2CMT-2A3, REMIC 2 Regular Interest A-2DMT-M1, REMIC 2 Regular Interest M-1MT-M2, REMIC 2 Regular Interest M-2MT-M3, REMIC 2 Regular Interest M-3MT-M4, REMIC 2 Regular Interest M-4MT-M5, REMIC 2 Regular Interest M-5MT-M6, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, MT-M7 and REMIC 2 Regular Interest PMT-ZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest MT-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1MT-1A1, REMIC 2 Regular Interest A-1MMT-1A2, REMIC 2 Regular Interest A-1WMT-1A3, REMIC 2 Regular Interest A-2AMT-2A1, REMIC 2 Regular Interest A-2BMT-2A2, REMIC 2 Regular Interest A-2CMT-2A3, REMIC 2 Regular Interest A-2DMT-M1, REMIC 2 Regular Interest M-1MT-M2, REMIC 2 Regular Interest M-2MT-M3, REMIC 2 Regular Interest M-3MT-M4, REMIC 2 Regular Interest M-4MT-M5, REMIC 2 Regular Interest M-5, MT-M6 and REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B MT-M7 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest MT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder (other than amounts payable under clause (c) below) to the Holders of REMIC 2 Regular Interest MT-AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with in such a manner so that (i) the lowest numerical denomination until sum of the Uncertificated Principal Balance Balances of each such REMIC 1 Regular Interest is reduced to zero, provided that, for the REMIC 1 Regular Interests with the same numerical denomination, such payments designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to each REMIC 1 Regular Interest A-I until with the designation “B” is the same as the Uncertificated Principal Balance of such the REMIC 1 Regular Interest is reduced to zero.with the designation “A” and the same numerical denomination; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated in such a manner so that (i) the sum of the Uncertificated Balances of the REMIC 1 Regular Interests with the designation “A” for which the Rate Change Dates have not yet occurred is always equal to one-half the Swap Notional Amount and (ii) the Uncertificated Balance of each REMIC 1 Regular Interest with the designation “B” is the same as the Uncertificated Balance of the REMIC 1 Regular Interest with the designation “A” and the same numerical denomination.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, A‑IIA4, M1, M2, M3, M4, M5, M6, M7, M8, M9, B1, B2, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA‑IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8B1, REMIC 2 Regular Interest B and B2 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BA-IIA4, REMIC 2 Regular Interest A-2CM1, REMIC 2 Regular Interest A-2DM2, REMIC 2 Regular Interest M-1M3, REMIC 2 Regular Interest M-2M4, REMIC 2 Regular Interest M-3M5, REMIC 2 Regular Interest M-4M6, REMIC 2 Regular Interest M-5M7, REMIC 2 Regular Interest M-6M8, REMIC 2 Regular Interest M-7M9, REMIC 2 Regular Interest M-8B1, REMIC 2 Regular Interest Band B2, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-11)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: With respect to the Group I Mortgage Loans:
(i) to the Holders of REMIC Regular Interest I, REMIC 1 Regular Interest I-PF and REMIC 1 Regular Interest P in an amount equal to (A) the Uncertificated Interest for each REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of REMIC 1 Regular Interest P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(iii) to the Holders of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest I, until the Uncertificated Principal Balance of REMIC 1 Regular Interest I is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest I-PF, until the Uncertificated Principal Balance of REMIC 1 Regular Interest I-PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first two Distribution Dates, such amounts relating to the Initial Group I Mortgage Loans shall be allocated to REMIC 1 Regular Interest I and such amounts relating to the Subsequent Group I Mortgage Loans shall be allocated to REMIC 1 Regular Interest I-PF. With respect to the Group II Mortgage Loans:
(i) to the Holders of REMIC Regular Interest II, REMIC 1 Regular Interest II-PF and REMIC 1 Regular Interest P in an amount equal to (A) the Uncertificated Interest for each REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of REMIC 1 Regular Interest P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(iii) to the Holders of REMIC 1 Regular Interest II and REMIC 1 Regular Interest II-PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest II, until the Uncertificated Principal Balance of REMIC 1 Regular Interest II is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest II-PF, until the Uncertificated Principal Balance of REMIC 1 Regular Interest II-PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that for the first Distribution Date, such amounts relating to the Initial Group II Mortgage Loans shall be allocated to REMIC 1 Regular Interest II and such amounts relating to the Subsequent Group II Mortgage Loans shall be allocated to REMIC 1 Regular Interest II-PF.
(1) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amount with respect to the Group I Loans, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R Interest), as the case may be:
(iA) to Holders of each of REMIC 1 2 Regular Interest I, REMIC I Regular Interest P and REMIC 2 Regular Interest I-1-A through I-59I-103-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 2 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 2 Regular Interests Interest I until the Uncertificated Principal Balance is reduced to zero and second, to REMIC 2 Regular interests I-1-A through I-59I-103-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 2 Regular Interest is reduced to zero, provided that, for REMIC 1 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 2 Regular Interests, and second second, to the extent of the product of (a) any Overcollateralization Release Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC 1 2 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 2 Regular Interest is reduced to zero.; and
(iiiC) to the Holders of REMIC 1 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b2) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution AmountAmount with respect to the Group II Loans, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Group II Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be:
(iA) first, to the Holders of each of REMIC 2 Regular Interest IOII and REMIC 2 Regular Interest II-1-A through II-103-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plusDates;
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders extent of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date amounts remaining after the distributions made pursuant to clauses clause (i) and (ii) above, payments of principal shall be allocated as follows:
(A) 98% of such remainder : first, to the Holders of REMIC 2 Regular Interest AAII until the Uncertificated Principal Balance is reduced to zero and second, to REMIC 2 Regular interests II-1-A through II-103-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, firstprovided that, to the Holders of for REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in Interests with the same proportion as numerical denomination, such payments of principal payments are shall be allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of pro rata between such REMIC 2 Regular Interests are reduced to zeroInterests, and second, to the Holders extent of the product of (a) any Overcollateralization Release Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group II Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC 2 Regular Interest ZZ, II until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable and
(C) to an Overcollateralization Release Amount shall be allocated to the Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZP, respectively; and
(C) any remaining amount to the Holders on each Distribution Date, 100% of the Class R Certificates (amount paid in respect of the Class R-2 Interest);Prepayment Charges.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) With respect to the Group I Mortgage Loans:
(A) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-51-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest I, then to REMIC 1 Regular Interests I-1-A through I-59I-51-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests.
(ii) With respect to the Group II Mortgage Loans:
(A) to Holders of each of REMIC 1 Regular Interest II and REMIC 1 Regular Interest II-1-A through II-51-B, and second on a pro rata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(B) to the extent of any Overcollateralization Release amounts remaining after the distributions made pursuant to clause (A) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest AII, then to REMIC 1 Regular Interests II-1-I A through II-51-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IOLTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(ii) second, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest AALTAA, REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM1B, REMIC 2 Regular Interest A-2DLTM2, REMIC 2 Regular Interest M-1LTM2B, REMIC 2 Regular Interest M-2LTM3, REMIC 2 Regular Interest M-3LTM4, REMIC 2 Regular Interest M-4LTM5, REMIC 2 Regular Interest M-5LTM6, REMIC 2 Regular Interest M-6LTM7, REMIC 2 Regular Interest M-7LTM8, REMIC 2 Regular Interest M-8LTM9, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LTZZ and REMIC 2 Regular Interest PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LTIA1, REMIC 2 Regular Interest A-1MLTIIA1, REMIC 2 Regular Interest A-1WLTIIA2, REMIC 2 Regular Interest A-2ALTIIA3, REMIC 2 Regular Interest A-2BLTM1, REMIC 2 Regular Interest A-2CLTM1B, REMIC 2 Regular Interest A-2DLTM2, REMIC 2 Regular Interest M-1LTM2B, REMIC 2 Regular Interest M-2LTM3, REMIC 2 Regular Interest M-3LTM4, REMIC 2 Regular Interest M-4LTM5, REMIC 2 Regular Interest M-5LTM6, REMIC 2 Regular Interest M-6LTM7, REMIC 2 Regular Interest M-7, LTM8 and REMIC 2 Regular Interest M-8LTM9, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ LTZZ shall be increased by such amount;
(iiiii) third, to the Holders of REMIC 2 Regular Interest PLT1SUB, REMIC 2 Regular Interest LT1GRP, REMIC 2 Regular Interest LT2SUB, REMIC 2 Regular Interest LT2GRP and REMIC 2 Regular Interest LTXX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iv) fourth, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of the Available 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 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however, that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Opt5)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 1A to REMIC 2 1B on account of the REMIC 1 1A Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class I-R Certificates (in respect of the Class R-1 Interest)Certificates, as the case may be:: With respect to the Group I-1 Mortgage Loans
(i) to Holders of each of REMIC 1 1A Regular Interest I, REMIC 1A Regular Interest I-P and REMIC 1A Regular Interest I-1-A through I-59I-39-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 1A Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 1A Regular Interest I, then to REMIC 1A Regular Interests I-1-A through I-59I-39-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 1A Regular Interest is reduced to zero, provided that, for REMIC 1 1A Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 1A Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 1A Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate Group I-1 Mortgage Loans and (B) on the Class I-P Principal 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. any remaining amount to the Holders of the Class I-R Certificates (in respect of the Class R-1A Interest); and With respect to the Group I-2 Mortgage Loans
(iv) to Holders of each of REMIC 1A Regular Interest II and REMIC 1A Regular Interest II-1-A through II-39-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1A Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(iiiv) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated to REMIC 1A Regular Interest II, then to REMIC 1A Regular Interests II-1-A through II-39-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1A Regular Interest is reduced to zero, provided that, for REMIC 1A Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1A Regular Interests; and
(vi) to the Holders of REMIC 1A Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Group I-2 Mortgage Loans. any remaining amount to the Holders of the Class I-R Certificates (in respect of the Class R-1A Interest); and On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 1B to REMIC 1C on account of the REMIC 2 1B Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R Certificates, as the case may be:
(i) first, to Holders of REMIC 1B Regular Interest LT-IO in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1B 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 1B Regular Interest LT-AA, REMIC 1B Regular Interest LT-I1A1, REMIC 1B Regular Interest LT-I1A2, REMIC 1B Regular Interest LT-I2A1, REMIC 1B Regular Interest LT-I2A2, REMIC 1B Regular Interest LT-IM1, REMIC 1B Regular Interest LT-IM2, REMIC 1B Regular Interest LT-IM3 and REMIC 1B Regular Interest LT-ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1B 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 1B Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 1B Overcollateralization Amount is less than the REMIC 1B Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1B Regular Interest LT-I1A1, REMIC 1B Regular Interest LT-I1A2, REMIC 1B Regular Interest LT-I2A1, REMIC 1B Regular Interest LT-I2A2, REMIC 1B Regular Interest LT-IM1, REMIC 1B Regular Interest LT-IM2 and REMIC 1B Regular Interest LT-IM3 in the same proportion as the related Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 1B Regular Interest LT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 1B Regular Interests, in an amount equal to the remainder of the Marker Allocation Percentage of the Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-3)
Distributions on the REMIC Regular Interests. (a1) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution AmountAmount with respect to the Mortgage Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(iA) to Holders of each of REMIC 1 Regular Interest I, REMIC I Regular Interest P and REMIC 1 Regular Interest I-1-A through I-59I-95-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-95-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iiiC) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b2) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(iA) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, Dates.
(i) to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest A-1LT-A1A, REMIC 2 Regular Interest A-1MLT-A1B, REMIC 2 Regular Interest A-1WLT-A1C, REMIC 2 Regular Interest A-2ALT-APT, REMIC 2 Regular Interest A-2BLT-A2, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3LT-M5, REMIC 2 Regular Interest M-4LT-M6, REMIC 2 Regular Interest M-5LT-M7, REMIC 2 Regular Interest M-6LT-M8, REMIC 2 Regular Interest M-7LT-M9, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT-M10 and REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT-A1A, REMIC 2 Regular Interest A-1MLT-A1B, REMIC 2 Regular Interest A-1WLT-A1C, REMIC 2 Regular Interest A-2ALT-APT, REMIC 2 Regular Interest A-2BLT-A2, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3LT-M5, REMIC 2 Regular Interest M-4LT-M6, REMIC 2 Regular Interest M-5LT-M7, REMIC 2 Regular Interest M-6LT-M8, REMIC 2 Regular Interest M-7, LT-M9 and REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT-M10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates Certificates, and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.002% of such remainder, first, first to the Holders of REMIC 2 Regular Interest A-1LT-A1A, REMIC 2 Regular Interest A-1MLT-A1B, REMIC 2 Regular Interest A-1WLT-A1C, REMIC 2 Regular Interest A-2ALT-APT, REMIC 2 Regular Interest A-2BLT-A2, REMIC 2 Regular Interest A-2CLT-M1, REMIC 2 Regular Interest A-2DLT-M2, REMIC 2 Regular Interest M-1LT-M3, REMIC 2 Regular Interest M-2LT-M4, REMIC 2 Regular Interest M-3LT-M5, REMIC 2 Regular Interest M-4LT-M6, REMIC 2 Regular Interest M-5LT-M7, REMIC 2 Regular Interest M-6LT-M8, REMIC 2 Regular Interest M-7, LT-M9 and REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BLT-M10, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest); provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest LT-AA and REMIC 2 Regular Interest LT-ZZ, respectively; and
(C) any remaining amount , once the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-A1A, REMIC 2 Regular Interest LT-A1B, REMIC 2 Regular Interest LT-A1C, REMIC 2 Regular Interest LT-APT, REMIC 2 Regular Interest LT-A2, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 have been reduced to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);zero.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, that (x) for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second (y) to the extent of the product of (a) any Overcollateralization Release Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC 1 Regular Interest A-I IX until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero., and second to REMIC 1 Regular Interest IX until the Uncertificated Balance of such REMIC 1 Regular Interest is reduced to zero; and
(iii3) to the Holders of REMIC 1 Regular Interest PIX, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest I and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular interests II-1-A through II-59-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that (x) for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and (y) to the extent of the product of (a) any Overcollateralization Release Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group II Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC 1 Regular Interest IIX until the Uncertificated Balance of such REMIC 1 Regular Interest is reduced to zero, and second to REMIC 1 Regular Interest IIX until the Uncertificated Balance of such REMIC 1 Regular Interest is reduced to zero.
(3) to the Holders of REMIC 1 Regular Interest IIX, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests AA, A-IA, A-IIA1, A-IIA2, A-IIA3, M1, M2, M3, M4, M5, M6, M7, M8, M9, M10, M11, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BM1, REMIC 2 Regular Interest A-2CM2, REMIC 2 Regular Interest A-2DM3, REMIC 2 Regular Interest M-1M4, REMIC 2 Regular Interest M-2M5, REMIC 2 Regular Interest M-3M6, REMIC 2 Regular Interest M-4M7, REMIC 2 Regular Interest M-5M8, REMIC 2 Regular Interest M-6M9, REMIC 2 Regular Interest M-7M10, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B and M11 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PInterests 1SUB, 1GRP, 2SUB, 2GRP and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1A-IA, REMIC 2 Regular Interest A-1MA-IIA1, REMIC 2 Regular Interest A-1WA-IIA2, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BM1, REMIC 2 Regular Interest A-2CM2, REMIC 2 Regular Interest A-2DM3, REMIC 2 Regular Interest M-1M4, REMIC 2 Regular Interest M-2M5, REMIC 2 Regular Interest M-3M6, REMIC 2 Regular Interest M-4M7, REMIC 2 Regular Interest M-5M8, REMIC 2 Regular Interest M-6M9, REMIC 2 Regular Interest M-7M10, REMIC 2 Regular Interest M-8and M11, REMIC 2 Regular Interest B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) first to the Holders of REMIC 2 Regular Interests 1SUB, 1GRP, 2SUB, 2GRP in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1D, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i1) above, payments allocated in the following order of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.priority:
(iiiA) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clauseclause (A);
(bB) with respect to the Group 1 Loans, to the Holders of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1B, 99% and 1%, respectively, until the Uncertificated Principal Balance of those REMIC 1 Regular Interests are reduced to zero;
(C) with respect to the Group 2 Loans, to the Holders of REMIC Regular Interest LT1A and REMIC 1 Regular Interest LT1C, 99% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1B is reduced to zero;
(D) to the Holders of REMIC 1 Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest IOA-IOA, REMIC 2 Regular Interest A-IOB, REMIC 2 Regular Interest A-IOC, REMIC 2 Regular Interest A-IOD and REMIC 2 Regular Interest A-IOE, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, then to the Holders of REMIC 2 Regular Interest AALT2A, REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2CLT2G, REMIC 2 Regular Interest A-2DLT2H, REMIC 2 Regular Interest M-1LT2I, REMIC 2 Regular Interest M-2LT2J, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2K and REMIC 2 Regular Interest PLT2L and REMIC 2 Regular Interest LT2P, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2F and REMIC 2 Regular Interest LT2L shall be reduced when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2H, REMIC 2 Regular Interest A-2CLT2I, REMIC 2 Regular Interest A-2D, LT2J and REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT2K in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and Certificates;
(ii) second, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest ZZ shall be increased by is reduced to zero, and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2G, 98% of such amountremainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(iib) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D and REMIC 2 Regular Interest LT2E, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero; and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I, REMIC 2 Regular Interest LT2J and REMIC 2 Regular Interest LT2K, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero;
(c) with respect to the Group 1 Loans, to the Holders of REMIC 2 Regular Interest LT2F, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, and with respect to the Group 2 Loans, to the Holders of REMIC 2 Regular Interest LT2L, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(d) to the Holders of REMIC 2 Regular Interest PLT2P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(iiie) any remaining amount to the Holders of the REMIC 2 Regular Interests, Class R Certificates (in an amount equal to the remainder respect of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:Class R-2 Interest); and
(Aiii) 98% of such remainder third, to the Holders of REMIC 2 Regular Interest AALT2P, until 100% of the Uncertificated Principal Balance amount paid in respect of such Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC 2 1 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zeroLT1P; provided, however, that 98with respect to the Group 1 Loans, 98.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2F, respectively; and
(C) any remaining amount , to the extent the principal balance of the Group 1 Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2A, REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E and REMIC 2 Regular Interest LT2F immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso, and with respect to the Group 2 Loans, 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest LT2F and REMIC 2 Regular Interest LT2L, respectively, to the Class R Certificates (in respect extent the principal balance of the Class R-2 Interest);Group 2 Loans exceeds the sum of the Uncertificated Principal Balances of REMIC 2 Regular Interest LT2G, REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I, REMIC 2 Regular Interest LT2J, REMIC 2 Regular Interest LT2K and REMIC 2 Regular Interest LT2L immediately following payments pursuant to (c) above but prior to any payments pursuant to this proviso.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-57-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interest I and then to REMIC Regular Interests I-1-A through I-59I-57-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-57-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2006-Opt4)
Distributions on the REMIC Regular Interests. The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 1 I to REMIC 2 II on account of the REMIC 1 I Group I Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-I Interest), as the case may be:
(i) to Holders of each of REMIC 1 I Regular Interest I and REMIC I Regular Interest I-1-A through I-59I-55-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, on a pro ratarata basis, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest I, then to REMIC I Regular Interests I-1-A through I-59I-55-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 I Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the if such Distribution Date immediately following follows the expiration of Prepayment Period during which occurs the latest date on which a Prepayment Charge as identified on the Prepayment Charge Schedule or may be required to be paid in respect of any Distribution Date thereafter Mortgage Loan, until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of prioritypriority and in accordance with the Servicer Remittance Report, to shall be distributed by REMIC 2 I to REMIC 3 II on account of the REMIC 2 I Group II Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates R-I Interest, as the case may be:
(i) to Holders of each of REMIC I Regular Interest II and REMIC I Regular Interest II-1-A through II-55-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 payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interest II, then to REMIC I Regular interests II-1-A through II-55-B starting with the lowest numerical denomination until the Uncertificated Principal 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 on a pro rata basis between such REMIC I Regular Interests.
(c) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Servicer Remittance Report, 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 R-2 R-II Interest), as the case may be:
(i) first, to the Holders of REMIC 2 II Regular Interest IOLT-AA, REMIC II Regular Interest LT-A1, REMIC II Regular Interest LT-A2a, REMIC II Regular Interest LT-A2b, REMIC II Regular Interest LT-A2c, REMIC II Regular Interest LT-A2d, REMIC II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest LT-M5, REMIC II Regular Interest LT-M6, REMIC II Regular Interest LT-B1, REMIC II Regular Interest LT-B2, REMIC II Regular Interest LT-B3 and REMIC II Regular Interest LT-ZZ, on a pro rata basis, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 II Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized II Overcollateralization Amount is less than the REMIC 2 II Targeted Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest LT-ZZ Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2a, REMIC 2 II Regular Interest A-1WLT-A2b, REMIC 2 II Regular Interest A-2ALT-A2c, REMIC 2 II Regular Interest A-2BLT-A2d, REMIC 2 II Regular Interest A-2CLT-M1, REMIC 2 II Regular Interest A-2DLT-M2, REMIC 2 II Regular Interest M-1LT-M3, REMIC 2 II Regular Interest M-2LT-M4, REMIC 2 II Regular Interest M-3LT-M5, REMIC 2 II Regular Interest M-4LT-M6, REMIC 2 II Regular Interest M-5LT-B1, REMIC 2 II Regular Interest M-6, LT-B2 and REMIC 2 II Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT-B3 in the same proportion as the Overcollateralization Subordination Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 II Regular Interest LT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 II Regular Interests, in an amount equal to the remainder of the Available Funds REMIC II Marker Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder (other than amounts payable under clause (C) below) to the Holders of REMIC 2 II Regular Interest AALT-AA and REMIC II Regular Interest LT-P, until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC II Regular Interest LT-P shall not be reduced until the Distribution Date following the month after the expiration of the last Prepayment Charge or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 II Regular Interest A-1LT-A1, REMIC 2 II Regular Interest A-1MLT-A2a, REMIC 2 II Regular Interest A-1WLT-A2b, REMIC 2 II Regular Interest A-2ALT-A2c, REMIC 2 II Regular Interest A-2BLT-A2d, REMIC 2 II Regular Interest A-2CLT-M1, REMIC 2 II Regular Interest A-2DLT-M2, REMIC 2 II Regular Interest M-1LT-M3, REMIC 2 II Regular Interest M-2LT-M4, REMIC 2 II Regular Interest M-3LT-M5, REMIC 2 II Regular Interest M-4LT-M6, REMIC 2 II Regular Interest M-5LT-B1, REMIC 2 II Regular Interest M-6, LT-B2 and REMIC 2 II Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest BLT-B3, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 II Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 II Regular Interest ZZLT-ZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 2 II Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-II Interest);. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC II Regular Interest LT-AA and REMIC II Regular Interest LT-P, in that order and (ii) REMIC II Regular Interest LT-ZZ, respectively; provided that REMIC II Regular Interest LT-P shall not be reduced until Distribution Date that follows the Prepayment Period during which occurs the latest date on which a Prepayment Charge may be required to be paid in respect of any Mortgage Loan, at which point such amount shall be distributed to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant to this clause.
(iii) third, to the Holders of REMIC II Regular Interest LT-1SUB, REMIC II Regular Interest LT-1GRP, REMIC II Regular Interest LT-2SUB, REMIC II Regular Interest LT-2GRP and REMIC II Regular Interest LT-XX, on a pro rata basis, in an amount equal to (A) the 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; and
(iv) fourth, to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of the Interest Remittance Amount and the Principal Distribution Amount for such Distribution Date after the distributions made pursuant to clause (iii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Principal Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest LT-XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc3)
Distributions on the REMIC Regular Interests. (a1) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution AmountAmount with respect to the Group I Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(iA) to Holders of each of REMIC 1 Regular Interest I, REMIC I Regular Interest P and REMIC 1 Regular Interest I-1-A through I-59I-72-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(iiB) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and second to REMIC 1 Regular Interests interests I-1-A through I-59I-72-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iiiC) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b2) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution Amount with respect to the Group II Loans, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(A) to Holders of each of REMIC 1 Regular Interest II, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(B) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as to REMIC 1 Regular Interest II until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) to the Holders of REMIC 1 Regular Interest P, on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges.
(3) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, Dates.
(ii) to the Holders of REMIC 2 Regular Interest LT-AA, REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-I-A1A, REMIC 2 Regular Interest A-1WLT-I-A1B, REMIC 2 Regular Interest A-2ALT-I-A1C1, REMIC 2 Regular Interest A-2BLT-I-A1C2, REMIC 2 Regular Interest A-2CLT-II-APT, REMIC 2 Regular Interest A-2DLT-II-A1, REMIC 2 Regular Interest M-1LT-II-A2, REMIC 2 Regular Interest M-2LT-M1, REMIC 2 Regular Interest M-3LT-M2, REMIC 2 Regular Interest M-4LT-M3, REMIC 2 Regular Interest M-5LT-M4, REMIC 2 Regular Interest M-6LT-M5, REMIC 2 Regular Interest M-7LT-M6, REMIC 2 Regular Interest M-8LT-M7, REMIC 2 Regular Interest BLT-M8, REMIC 2 Regular Interest ZZLT-M9, REMIC 2 Regular Interest LT-M10 and REMIC 2 Regular Interest LT-ZZ and REMIC 2 Regular Interest LT-P, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT-ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-I-A1A, REMIC 2 Regular Interest A-1WLT-I-A1B, REMIC 2 Regular Interest A-2ALT-I-A1C1, REMIC 2 Regular Interest A-2BLT-I-A1C2, REMIC 2 Regular Interest A-2CLT-II-APT, REMIC 2 Regular Interest A-2DLT-II-A1, REMIC 2 Regular Interest M-1LT-II-A2, REMIC 2 Regular Interest M-2LT-M1, REMIC 2 Regular Interest M-3LT-M2, REMIC 2 Regular Interest M-4LT-M3, REMIC 2 Regular Interest M-5LT-M4, REMIC 2 Regular Interest M-6LT-M5, REMIC 2 Regular Interest M-7LT-M6, REMIC 2 Regular Interest M-8LT-M7, REMIC 2 Regular Interest B LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates Certificates, and the Uncertificated Principal Balance of REMIC 2 Regular Interest LT-ZZ shall be increased by such amount;
(iiiii) to the Holders of REMIC 2 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iiiiv) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the REMIC 2 Marker Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) 2.002% of such remainder, first, first to the Holders of REMIC 2 Regular Interest A-1LT-I-APT, REMIC 2 Regular Interest A-1MLT-I-A1A, REMIC 2 Regular Interest A-1WLT-I-A1B, REMIC 2 Regular Interest A-2ALT-I-A1C1, REMIC 2 Regular Interest A-2BLT-I-A1C2, REMIC 2 Regular Interest A-2CLT-II-APT, REMIC 2 Regular Interest A-2DLT-II-A1, REMIC 2 Regular Interest M-1LT-II-A2, REMIC 2 Regular Interest M-2LT-M1, REMIC 2 Regular Interest M-3LT-M2, REMIC 2 Regular Interest M-4LT-M3, REMIC 2 Regular Interest M-5LT-M4, REMIC 2 Regular Interest M-6LT-M5, REMIC 2 Regular Interest M-7LT-M6, REMIC 2 Regular Interest M-8LT-M7, REMIC 2 Regular Interest BLT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);; provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 2 Regular Interest LT-AA and REMIC 2 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 2 Regular Interest LT-I-APT, REMIC 2 Regular Interest LT-I-A1A, REMIC 2 Regular Interest LT-I-A1B, REMIC 2 Regular Interest LT-I-A1C1, REMIC 2 Regular Interest LT-I-A1C2, REMIC 2 Regular Interest LT-II-APT, REMIC 2 Regular Interest LT-II-A1, REMIC 2 Regular Interest LT-II-A2, REMIC 2 Regular Interest LT-M1, REMIC 2 Regular Interest LT-M2, REMIC 2 Regular Interest LT-M3, REMIC 2 Regular Interest LT-M4, REMIC 2 Regular Interest LT-M5, REMIC 2 Regular Interest LT-M6, REMIC 2 Regular Interest LT-M7, REMIC 2 Regular Interest LT-M8, REMIC 2 Regular Interest LT-M9 and REMIC 2 Regular Interest LT-M10 have been reduced to zero; and
(v) to Holders of REMIC 2 Regular Interest LT-1SUB, REMIC 2 Regular Interest LT-1GRP, REMIC 2 Regular Interest LT-2SUB, REMIC 2 Regular Interest LT-2GRP and REMIC 2 Regular Interest LT-XX, pro rata, in an amount equal to
(a) the related Uncertificated Accrued Interest for such Distribution Date, plus
(b) any amounts in respect thereof remaining unpaid from the previous Distribution Dates; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Group I Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 0A to REMIC 2 1A on account of the REMIC 1 0A Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 R-0A Interest), as the case may be:
(i1) first, Group I Available Funds equal to the Group I Interest Remittance Amount shall be distributed pro rata, based on Uncertificated Accrued Interest to the Holders of REMIC 1 0A Regular Interest I-1-A through I-59-BLT0A-1, REMIC 1 0A Regular Interest P LT0A-2, and REMIC 1 0A Regular Interest ALT0A-IP, pro rata, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 0A Regular Interests Interest for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii2) to second, the extent remainder of amounts remaining the Group I Available Funds after the distributions made distribution of the Group I Interest Remittance Amount pursuant to clause (i1) above, payments of principal above shall be allocated distributed to the Holders of REMIC 0A Regular Interests as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.:
(iiiA) to the Holders of REMIC 1 0A Regular Interest LT0A-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(B) to the Holders of REMIC 0A Regular Interest LT0A-2, until the Uncertificated Principal Balance thereof is reduced to zero;
(C) to the Holders of REMIC 0A Regular Interest LT0A-1, until the Uncertificated Principal Balance thereof is reduced to zero; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-0A Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 0A to the Holders of REMIC 0A Regular Interest LT0A-P. The payment of the foregoing amounts to the Holders of REMIC 0A Regular Interest LT0A-P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee Trust Administrator shall cause the Group II Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 2 0B to REMIC 3 1B on account of the REMIC 2 0B Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 R-0B Interest), as the case may be:
(i1) first, Group II Available Funds equal to the Group II Interest Remittance Amount shall be distributed pro rata, based on Uncertificated Accrued Interest to the Holders of REMIC 2 0B Regular Interest IOLT0B-1, REMIC 0B Regular Interest LT0B-2, and REMIC 0B Regular Interest LT0B-P, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 0B Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates;
(2) second, the remainder of the Group II Available Funds after the distribution of the Group II Interest Remittance Amount pursuant to clause (1) above shall be distributed to the Holders of REMIC 2 0B Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal toInterests as follows:
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 0B Regular Interest LT0B-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iiiB) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 0B Regular Interest AALT0B-2, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest thereof is reduced to zero;
(BC) 2.00% of such remainder, first, to the Holders of REMIC 2 0B Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZLT0B-1, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest thereof is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(CD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-0B Interest). 143 On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 0B to the Holders of REMIC 0B Regular Interest LT0B-P. The payment of the foregoing amounts to the Holders of REMIC 0B Regular Interest LT0B-P shall not reduce the Uncertificated Principal Balance thereof.
(c) On each Distribution Date, the Trust Administrator shall cause the Group I Available Funds, in the following order of priority, to be distributed by REMIC 1A to REMIC 2 on account of the REMIC 1A Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1A Interest), as the case may be:
(1) first, Group I Available Funds equal to the Group I Interest Remittance Amount shall be distributed to (i) first, pro rata to Uncertificated Principal Balances to the Holders of REMIC 1A Regular Interest LT1A-2 and REMIC 1A Regular Interest LT1A-3, in each case, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1A Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; (ii) second, to the Holders of REMIC 1A Regular Interest LT1A-1 and REMIC 1A Regular Interest LT1A-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, the remainder of the Group I Available Funds after the distribution of the Group I Interest Remittance Amount pursuant to clause (1) above shall be distributed to the Holders of REMIC 1A Regular Interests as follows:
(A) to the Holders of REMIC 1A Regular Interest LT1A-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(B) to the Holders of REMIC 1A Regular Interest LT1A-1, until the Uncertificated Principal Balance of REMIC 1A Regular Interest LT1A-1 is reduced to zero;
(C) pro rata to Uncertificated Principal Balances to the Holders of REMIC 1A Regular Interest LT1A-2 and REMIC 1A Regular Interest LT1A-3, until both of the Uncertificated Principal Balances thereof are reduced to zero; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1A Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1A to the Holders of REMIC 1A Regular Interest LT1A-P. The payment of the foregoing amounts to the Holders of REMIC 1A Regular Interest LT1A-P shall not reduce the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, the Trust Administrator shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 1B to REMIC 2 on account of the REMIC 1B Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1B Interest), as the case may be:
(1) first, Group II Available Funds equal to the Group II Interest Remittance Amount shall be distributed (i) first, pro rata to Uncertificated Principal Balances to the Holders of REMIC 1B Regular Interest LT1B-2 and REMIC 1B Regular Interest LT1B-3, in each case, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1B Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; (ii) second, to the Holders of REMIC 1B Regular Interest LT1B-1 and REMIC 1B Regular Interest LT1B-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(2) second, the remainder of the Group II Available Funds after the distribution of the Group II Interest Remittance Amount pursuant to clause (1) above shall be distributed to the Holders of REMIC 1B Regular Interests as follows:
(A) to the Holders of REMIC 1B Regular Interest LT1B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(B) to the Holders of REMIC 1B Regular Interest LT1B-1, until the Uncertificated Principal Balance of REMIC 1B Regular Interest LT1B-1 is reduced to zero;
(C) pro rata to Uncertificated Principal Balances to the Holders of REMIC 1B Regular Interest LT1B-2 and REMIC 1B Regular Interest LT1B-3, until both of the Uncertificated Principal Balances thereof are reduced to zero; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1B Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1B to the Holders of REMIC 1B Regular Interest LT1B-P. The payment of the foregoing amounts to the Holders of REMIC 1B Regular Interest LT1B-P shall not reduce the Uncertificated Principal Balance thereof.
(e) On each Distribution Date, the Trust Administrator shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest);, as the case may be:
(1) first, Available Funds equal to the Group I Interest Remittance Amount shall be distributed (i) first, to the Holders of REMIC 2 Regular Interest LT2S-1A, REMIC 2 Regular Interest LT2S-1B, REMIC 2 Regular Interest LT2S-1C and REMIC 2 Regular Interest LT2S-1D, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and (ii) second, to Holders of REMIC 2 Regular Interest LT2A-1, REMIC 2 Regular Interest LT2B-1, REMIC 2 Regular Interest LT2C-1, REMIC 2 Regular Interest LT2D-1, REMIC 2 Regular Interest LT2E-1 and REMIC 2 Regular Interest LT2P-1, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2E-1 shall be reduced, when the REMIC 2 Overcollateralized Amount 1 is less than the REMIC 2 Overcollateralization Target Amount 1, by the lesser of (x) the amount of such difference and (y) the Maximum LT2E-1
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mort Loan Tr 2001-4 as Bk Cert Ser 2001-4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Securities Administrator shall cause the Available Distribution sum of the Interest Remittance Amount and the Principal Remittance Amount, in the following order of priority, to be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of each of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release (i) first to REMIC 1 Regular Interest ALT1-I A until its principal balance is reduced to zero and (ii) then sequentially to the Uncertificated Principal Balance of such other REMIC 1 Regular Interest Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero.
(iii3) to the Holders of REMIC 1 Regular Interest PInterests LT1-F41 and LT1-V41, (A) on each Distribution Datein equal amounts, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Period.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, shall be deemed to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i1) first, to the Holders of REMIC 2 Regular Interest LT2-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates; and second, to the Holders of the other REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest PInterests, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2-Q shall be reduced when and deferred in an amount equal to one-half of the increase, if any, in the Overcollateralization Amount for such Distribution Date, any interest so deferred shall itself bear interest at the Uncertificated REMIC 2 Overcollateralized Amount is less than the Pa ss-Through Rate for REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Regular Interest Deferral AmountLT2-Q, and such amount will shall be payable distributed as additional principal to the Holders of REMIC 2 Regular Interests LT2-A1, LT2-A2, LT2-A3, LT2-M1, LT2-M2, LT2-M3, LT2-M4, LT2-M5, LT2-M6 and LT2-M7 having a principal balance in the manner described in clause (2)(i) below;
(2) on each Distribution Date principal shall be distributed, and Realized Losses shall be allocated, among the REMIC 2 Regular Interests, in the following order of priority: (i) first, to the REMIC 2 Regular Interests LT2-A1, LT2-A2, LT2-A3, LT2-M1, LT2-M2, LT2-M3, LT2-M4, LT2-M5, LT2-M6 and LT2-M7 until the principal balance of each such Interest A-1equals one-half of the Class Principal Amount of the Corresponding Class of Certificates immediately after such Distribution Date; and (ii) second, to the REMIC 2 Regular Interest A-1MLT2-Q Interest, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;any remaining amounts.
(ii) to the Holders of REMIC 2 Regular Interest P, (A3) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges passed through with respect to the REMIC 1 Regular Interests LT1-F41 and LT1-V41 on the Corresponding Certificate and (B) on the such 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 shall be distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular InterestsInterest LT2-Q.
(c) The Class C Certificates, in an amount equal addition to any other rights set forth in this Agreement, shall also represent the remainder right to receive all distributions in respect of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);LT2-IO.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:: 109
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5 and REMIC 1 Regular Interest LTM6, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LTZZ is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified 110 on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp Finance Amer Mo Ln Tr 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-49-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-49-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-49-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Group I Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 1 Regular Interest I-1LT1A-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, B in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and secondwith respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order: first to the Holders of each REMIC 1 IS1 Interest in ascending numerical order, then to the Holders of REMIC 2 1 Regular Interest AA, LT1A-A and REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest LT1A-P, pro ratain each case, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount;
(ii) second, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest LT1A-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Intereststhird, in an amount equal to the remainder of the Group I Available Funds for such Distribution Date after the distributions made pursuant with respect to clauses (i) and (ii) abovethose Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AA, LT1A-B until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero and with respect to those Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order, first to the Holders of REMIC 1 Regular Interest LT1A-A, then to the Holders of each REMIC 1 IS1 Interest, in descending numerical order until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero; and
(iv) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1A-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1A-P shall not reduce the Uncertificated Principal Balance thereof. 143
(b) On each Distribution Date, the Trustee shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1B Interest), as the case may be:
(1) first, with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 1 Regular Interest LT1B-B in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order: first to the Holders of each REMIC 1 IIS1 Interest in ascending numerical order, then to the Holders of REMIC 1 Regular Interest LT1B-A and REMIC 1 Regular Interest LT1B-P, in each case, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 1 Regular Interest LT1B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, the remainder of the Group II Available Funds for such Distribution Date with respect to those Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 5.25%, to the Holders of REMIC 1 Regular Interest LT1B-B until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero and with respect to those Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 5.25% or greater, in the following order, first to the Holders of REMIC 1 Regular Interest LT1B-A, then to the Holders of each REMIC 1 IIS1 Interest, in descending numerical order until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1B-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1B-P shall not reduce the Uncertificated Principal Balance thereof.
(c) On each Distribution Date, the Trustee shall cause the Group I Available Funds, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be: 144
(1) first, to the Holders of each REMIC 2 IS1 Interest in ascending numerical order, then to the Holders of each REMIC 2 IS2 Interest in ascending numerical order, in each case in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date, plus (B) 2.00% of such remainderany amounts in respect thereof remaining unpaid from previous Distribution Dates, firstand then, pro rata, to the Holders of REMIC 2 Regular Interest A-1, LT2A-A and REMIC 2 Regular Interest A-1M, LT2A-P in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 1 Regular Interest A-1Wfor such Distribution Date, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest plus (B, 1% ) any amounts in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 2 Regular Interest ZZLT2A-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, to the Holders of REMIC 2 Regular Interest LT2A-A, then to the Holders of each REMIC 2 IS2 Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LT2A-P. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LT2A-P shall not reduce the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, the Trustee shall cause the Group II Available Funds, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(1) first, to the Holders of each REMIC 2 IIS1 Interest in ascending numerical order, then to the Holders of each REMIC 2 IIS2 Interest in ascending numerical order, and then, pro rata, to the Holders of REMIC 2 Regular Interest LT2B-A and REMIC 1 Regular Interest LT1B-P, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(2) second, to the Holders of REMIC 2 Regular Interest LT2B-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(3) third, to the Holders of REMIC 2 Regular Interest LT2B-A, and then to the Holders of each REMIC 2 IIS2 Interest in descending numerical order, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero; and
(4) fourth, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 2 to the Holders of REMIC 2 Regular Interest LT2B-P. The payment of the foregoing amounts to the Holders of REMIC 2 Regular Interest LT2B-P shall not reduce the Uncertificated Principal Balance thereof.
(e) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 3 to REMIC 4 on account of the REMIC 4 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-4 Interest), as the case may be:
(1) first, Group I Available Funds equal to the Group I Interest Remittance Amount shall be distributed (i) first, pro rata to the Holders of REMIC 3 Regular Interest LT3IS-1, (ii) second, pro rata to the Holders of each REMIC 3 IS2 Interest, and (iii) third, pro rata to the Holders of REMIC 3 Regular Interest LT3A-1, REMIC 3 Regular Interest LT3B-1, REMIC 3 Regular Interest LT3C-1, and REMIC 3 Regular Interest LT3P-1, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest LT3C-1 shall be reduced, when the REMIC 3 Overcollateralized Amount 2 is less than the REMIC 3 Overcollateralization Target Amount 2, by the lesser of (x) the amount of such difference and (y) the Maximum LT3C-1 Uncertificated Accrued Interest Deferral Amount;
(2) second, Group II Available Funds equal to the Group II Interest Remittance Amount shall be distributed (i) first, pro rata to the Holders of REMIC 3 Regular Interest LT3IIS-1 Interest, (ii) second, pro rata to the Holders of each REMIC 3 IIS2 Interest, and (iii) third, pro rata to Holders of REMIC 3 Regular Interest LT3A-2, REMIC 3 Regular Interest LT3B-2, REMIC 3 Regular Interest LT3C-2, and REMIC 3 Regular Interest LT3P-2, in each case in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest LT3C-2 shall be reduced, when the REMIC 3 Overcollateralized Amount 2 is less than the REMIC 3 Overcollateralization Target Amount 2, by the lesser of (x) the amount of such difference and (y) the Maximum LT3C-2 Uncertificated Accrued Interest Deferral Amount;
(3) third, to the Holders of REMIC 4 Regular Interests, in an amount equal to the remainder of the Group I Available Funds for such Distribution Date after the distributions made pursuant to clause (1) above, allocated as follows:
(A) (i) 98% to the Holders of REMIC 4 Regular Interest LT4A-1, (ii) 1.00% to the Holders of REMIC 4 Regular Interest LT4B-1 and (iii) 1.00% to the Holders 146 of REMIC 4 Regular Interest LT4C-1, until the Uncertificated Principal Balance of all such Uncertificated REMIC 4 Regular Interests is reduced to zero;
(B) then, to the Holders of REMIC 4 Regular Interest LT4P-1, on the Distribution Date immediately following the expiration of the latest Prepayment Charge with respect to Group I Mortgage Loans as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(C) then, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest);
(4) fourth, to the Holders of REMIC 3 Regular Interests, in an amount equal to the remainder of the Group II Available Funds for such Distribution Date after the distributions made pursuant to clause (2) above, allocated as follows:
(A) (i) 98% to the Holders of REMIC 3 Regular Interest LT3A-2, (ii) 1.00% to the Holders of REMIC 3 Regular Interest LT3B-2, and (iii) 1.00% to the Holders of REMIC 3 Regular Interest LT3C-2, until the Uncertificated Principal Balance of all such Uncertificated REMIC 3 Regular Interests is reduced to zero;
(B) then, to the Holders of REMIC 3 Regular Interest LT3P-2, on the Distribution Date immediately following the expiration of the latest Prepayment Charge with respect to Group II Mortgage Loans as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(C) then, any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest); and
(5) fifth, to REMIC 3 Regular Interest LT3P-1, 100% of the amount of Prepayment Charges paid in respect of REMIC 2 Regular Interest LT2A-P, and to REMIC 3 Regular Interest LT3P-2, 100% of the amount of Prepayment Charges paid in respect of REMIC 2 Regular Interest LT2B-P provided, however, that 98% and 2% of any principal payments that are attributable to Group I Overcollateralization Release Amount shall be allocated to Holders of REMIC 3 Regular Interest LT3A-1 and REMIC 3 Regular Interest LT3C-1, respectively, and 98% and 2% of any principal payments that are attributable to Group II Overcollateralization Release Amount shall be allocated to Holders of REMIC 3 Regular Interest LT3A-2 and REMIC 4 Regular Interest LT3C-2, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Mortgage Loan Trust 2002-4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to the extent of the Available Funds, to the Holders of REMIC 1 Regular Interests LTS1 through LTS32, first, in an amount equal to:
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, LT1 in an amount equal to to
(A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus plus
(B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; andand 109
(ii) to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments allocated in the following order of principal shall be allocated as follows: first, priority:
(A) to the Holders of REMIC 1 Regular Interest LT1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1 is reduced to zero;
(B) to the Holders of REMIC I Regular Interests I-1-A LTS1 through I-59-B starting with the lowest numerical denomination LTS32, sequentially, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second ; and
(C) any remaining amount to the extent Holders of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance Class R Certificates (in respect of such REMIC 1 Regular Interest is reduced to zero.the Class R-1 Interest); and
(iii) to the Holders holders of REMIC 1 Regular Interest PLTARR-1 and REMIC 1 Regular Interest LTARR-2, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) principal payments on the Distribution Date immediately following Arrearage Mortgage Loans in the expiration of same manner and priority as principal is allocated to 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;Corresponding Interest.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 2 Regular Interest IOLTAA, REMIC 2 Regular Interest LTA, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Overcollateralization Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 Regular Interest AALTAA, 98.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest LTAA is reduced to zero;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1LTA, REMIC 2 Regular Interest A-1MLTM1, REMIC 2 Regular Interest A-1WLTM2, REMIC 2 Regular Interest A-2ALTM3, REMIC 2 Regular Interest A-2B, LTM4 and REMIC 2 Regular Interest A-2CLTM5, REMIC 2 Regular Interest A-2D1.00% of 110 such remainder, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest LTZZ is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 Regular Interest LTAA and (ii) REMIC 2 Regular Interest LTZZ, respectively; and
(iii) third, to the holders of REMIC 2 Regular Interest LTARR-1 and REMIC 2 Regular Interest LTARR-2, principal payments on the Arrearage Mortgage Loans in the same manner and priority as principal is allocated to the Corresponding Certificate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Ser 2003-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTI-A1, REMIC 1 Regular Interest LTII-A1, REMIC 1 Regular Interest LTII-A2, REMIC 1 Regular Interest LTII-A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LTI-A1, REMIC 1 Regular Interest LTII-A1, REMIC 1 Regular Interest LTII-A2, REMIC 1 Regular Interest LTII-A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9 and REMIC 1 Regular Interest LTB, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until and the Uncertificated Principal Balances Balance of REMIC I Regular Interest LTZZ shall be increased by such REMIC 2 Regular Interests are reduced to zero, and second, amount;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 1, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 3 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Holders Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of the REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-IInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to the holders of REMIC 1 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 1 Regular Interests I-11-1-A through I-591-B 84-B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.;
(iii) to the Holders holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group 1 Loans received during the related Prepayment Charges Period that are identified as belonging to the Class 1-P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as identified belonging to the Class 1-P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 1, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 1 Regular Interest has been distributed pursuant to this clause;; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest).
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts with respect to Loan Group 2, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, to holders of REMIC 2 Regular Interests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution made pursuant to clause (i) above, first, to the Holders holders of REMIC 2 Regular Interest OC, until the Uncertificated Principal Balance thereof is reduced to zero, and second, to holders of REMIC 2 Regular Interests 1-1-A through 1-117-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balance of each such REMIC 2 Regular Interest is reduced to zero, provided that, for REMIC 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 2 Regular Interests;
(iii) to holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group 2 Loans received during the related Prepayment Period that are identified as belonging to the Class 2-P Certificates on the attached Mortgage Loan Schedule, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as belonging to the Class 2-P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 2, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 2 Regular Interest has been distributed pursuant to this clause; and
(iv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest).
(1) On each Distribution Date, the following amounts with respect to Loan Group 1, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 1-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and secondDates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to the Holders holders of each REMIC 2 3 Group 1 Regular Interest AA, (other than REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P1-IO), pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 3 Regular Interest 1-ZZ and REMIC 3 Regular Interest 1-P shall be reduced when the REMIC 3 Group 1 Overcollateralized Amount is less than the REMIC 3 Group 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 1 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate in the same proportion as the Extra Principal Distribution Amount with respect to Loan Group 1 is allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, and the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ shall be increased by such amount;
(iii) to the extent of the Available Distribution Amount with respect to Loan Group 1 for such Distribution Date, determined without regard to clause (ii)(B) of the definition thereof, remaining after the distribution pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interests 1-IO and 1-P ), allocated as follows:
(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 1-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) 2.00% of such remainder, first, to holders of each REMIC 3 Group 1 Regular Interest for which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC 3 Group 1 Regular Interest, until the Uncertificated Principal Balances of such REMIC 3 Group 1 Regular Interests are reduced to zero; and second, to the holders of REMIC 3 Regular Interest 1-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 1-P, pro rata, (A) all amounts representing Prepayment Charges in respect of the Group 1 Loans distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as belonging to the Class 1-P Certificates on the attached Mortgage Loan Schedule or any Distribution Date thereafter, any remaining Available Distribution Amount with respect to Loan Group 1 distributed in respect of REMIC 1 Regular Interest P, until an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause; and
(v) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-3 Interest).
(2) On each Distribution Date, the following amounts with respect to Loan Group 2, in the following order of priority, shall be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Group 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R-3 Certificates (in respect of the Class R-3 Interest), as the case may be:
(i) from the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, to holders of REMIC 3 Regular Interest 2-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distribution pursuant to clause (i), to holders of each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular Interest 2-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3 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 3 Regular Interests 2-ZZ and 2-P shall be reduced when the REMIC 3 Group 2 Overcollateralized Amount is less than the REMIC 3 Group 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group 2 Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders holders of REMIC 2 3 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B 2-A in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount with respect to Loan Group 2 is allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, and the Uncertificated Principal Balance of REMIC 2 3 Regular Interest 2-ZZ shall be increased by such amount;
(iiiii) to the Holders extent of the Available Distribution Amount with respect to Loan Group 2 for such Distribution Date, determined without regard to clause (ii)(B) of the definition of Available Distribution Amount, remaining after the distributions pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interests 2-IO and 2-P), allocated as follows:
(A) 98.00% of such remainder to holders of REMIC 3 Regular Interest 2-AA, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and
(B) 2.00% of such remainder, first, to holders of REMIC 3 Regular Interest 2-A, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for such REMIC 3 Regular Interest, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero; and second, to the holders of REMIC 3 Regular Interest 2-ZZ, until the Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced to zero;
(iv) to holders of REMIC 3 Regular Interest 2-P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of Prepayment Charges the Group 2 Loans distributed on the Corresponding Certificate REMIC 2 Regular Interest 2-P, and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge identified as identified belonging to the Class 2-P Certificates on the Prepayment Charge attached Mortgage Loan Schedule or any Distribution Date thereafter thereafter, any remaining Available Distribution Amount with respect to Loan Group 2 distributed in respect of REMIC 2 Regular Interest 2-P, until $100 an amount equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(Cv) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-3 Interest);.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 4.01(l)(ii), (vii) and (xii) on such date shall be deemed distributed from REMIC 4 to Holders of the Class 1-C Certificates in respect of the Class 1-C Distribution Amount.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest I-1-A through I-59I-56-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (iA) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests interests I-1-A through I-59I-56-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second second, to the extent of any the Overcollateralization Release Amounts, to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii) to the Holders of REMIC 1 Regular Interest PI-56-B, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution AmountFunds, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) FIRST, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1B, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) SECOND, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.:
(iiiA) to the Holders of REMIC 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(B) to the Holders of REMIC 1 Regular Interest LT1A, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1A is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT1B, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1B is reduced to zero; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Amounts paid by or collected by the Master Servicer during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) firstFIRST, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest IOLT2SA, REMIC 2 Regular Interest LT2SB and REMIC 2 Regular Interest LT2SC, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates Dates, and second, then to the Holders of REMIC 2 Regular Interest AALT2A, REMIC 2 Regular Interest A-1LT2B, REMIC 2 Regular Interest A-1MLT2C, REMIC 2 Regular Interest A-1WLT2D, REMIC 2 Regular Interest A-2ALT2E, REMIC 2 Regular Interest A-2BLT2F, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, LT2G and REMIC 2 Regular Interest PLT2P, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts ; provided, however, that amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ LT2G shall be reduced reduced, when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT2F Uncertificated Accrued Interest Deferral Amount;
(ii) SECOND, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1Interests, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated an amount equal to the Corresponding Certificates and remainder of the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by Available Funds for such amount;Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(iiA) to the Holders of REMIC 2 Regular Interest PLT2A, (A) on each Distribution Date, 10098.00% of such remainder, until the amount paid in respect Uncertificated Principal Balance of Prepayment Charges on the Corresponding Certificate and such Uncertificated REMIC 2 Regular Interest is reduced to zero;
(B) to the Holders of REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E and REMIC 2 Regular Interest LT2F, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero;
(C) to the Holders of REMIC 2 Regular Interest LT2G, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(D) to the Holders of REMIC 2 Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(iiiE) any remaining amount to the Holders of the REMIC 2 Regular Interests, Class R Certificates (in an amount equal to the remainder respect of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:Class R-2 Interest); and
(Aiii) 98% of such remainder third, to the Holders of REMIC 2 Regular Interest AALT2P, until 100% of the Uncertificated Principal Balance amount of such Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts paid in respect of REMIC 2 I Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zeroLT1P; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2G, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rataLT1B, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1P in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii2) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (1) above, allocated in the following order of priority:
(A) to the Holders of REMIC 1 Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) to the Holders of REMIC 1 Regular Interest LT1A, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1A is reduced to zero;
(C) to the Holders of REMIC 1 Regular Interest LT1B, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1B is reduced to zero; and
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest). On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of Available Funds, to the Holders of REMIC 2 Regular Interest A-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then to Holders of REMIC 2 Regular Interest LT2A, REMIC 2 Regular Interest LT2B, REMIC 2 Regular Interest LT2C, REMIC 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E, REMIC 2 Regular Interest LT2F, REMIC 2 Regular Interest LT2G, REMIC 2 Regular Interest LT2H, REMIC 2 Regular Interest LT2I and REMIC 2 Regular Interest LT2P, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest LT2I shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT2I Uncertificated Accrued Interest Deferral Amount;
(ii) second, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first:
(a) to the Holders of REMIC 2 Regular Interest LT2A, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination 98.00% of such remainder, until the Uncertificated Principal Balance of each such Uncertificated REMIC 1 2 Regular Interest is reduced to zero;
(b) to the Holders of REMIC 2 Regular Interest LT2B, provided thatREMIC 2 Regular Interest LT2C, for REMIC 1 2 Regular Interest LT2D, REMIC 2 Regular Interest LT2E, REMIC 2 Regular Interest LT2F, REMIC 2 Regular Interest LT2G and REMIC 2 Regular Interest LT2H, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second are reduced to zero;
(c) to the extent Holders of any Overcollateralization Release to REMIC 1 2 Regular Interest A-I LT2I, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 2 Regular Interest is reduced to zero.;
(iiid) to the Holders of REMIC 1 2 Regular Interest PLT2P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:; and
(iiii) firstthird, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution DateLT2P, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Master Servicer Prepayment Charge as identified Payment Amounts on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 I Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zeroLT1P; provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA LT2A and REMIC 2 Regular Interest ZZLT2I, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTIA1, REMIC 1 Regular Interest LTIIA1, REMIC 1 Regular Interest LTIIA2, REMIC 1 Regular Interest LTIIA3, REMIC 1 Regular Interest LTIIA4, REMIC 1 Regular Interest LTIIA5, REMIC 1 Regular Interest LTIIA6, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9 and REMIC 1 Regular Interest A-ILTZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interests Interest for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 1 Regular Interest LTZZ Maximum Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTIA1, REMIC 1 Regular Interest LTIIA1, REMIC 1 Regular Interest LTIIA2, REMIC 1 Regular Interest LTIIA3, REMIC 1 Regular Interest LTIIA4, REMIC 1 Regular Interest LTIIA5, REMIC 1 Regular Interest LTIIA6, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LTM9, in the same proportion as the Overcollateralization Deficiency is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 1 Regular Interest LTZZ shall be increased by such amount;
(ii) second, to the extent Holders of amounts remaining REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(A) 98.00% of such remainder (other than amounts payable under clause (C) below) to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance Holders of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, LTAA and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I LTP, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to , provided, however, that the Holders Uncertificated Principal Balance of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1LTIA1, REMIC 2 1 Regular Interest A-1MLTIIA1, REMIC 2 1 Regular Interest A-1WLTIIA2, REMIC 2 1 Regular Interest A-2ALTIIA3, REMIC 2 1 Regular Interest A-2BLTIIA4, REMIC 2 1 Regular Interest A-2CLTIIA5, REMIC 2 1 Regular Interest A-2DLTIIA6, REMIC 2 1 Regular Interest M-1LTM1, REMIC 2 1 Regular Interest M-2LTM2, REMIC 2 1 Regular Interest M-3LTM3, REMIC 2 1 Regular Interest M-4LTM4, REMIC 2 1 Regular Interest M-5LTM5, REMIC 2 1 Regular Interest M-6LTM6, REMIC 2 1 Regular Interest M-7LTM7, REMIC 2 1 Regular Interest M-8, LTM8 and REMIC 2 1 Regular Interest BLTM9, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 1 Regular Interest ZZLTZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest);.
(iii) provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; provided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
(iv) Notwithstanding the distributions described in this Section 4.06, distribution of funds shall be made only in accordance with Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Interest Funds, to the Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1A, REMIC 1 Regular Interest P LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F, and REMIC 1 Regular Interest A-ILT1G, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LT1G shall be reduced when the REMIC 2 1 Overcollateralized Amount is less than the REMIC 2 1 Specified Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1G Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LT1B, REMIC 2 1 Regular Interest A-1MLT1C, REMIC 2 1 Regular Interest A-1WLT1D, REMIC 2 1 Regular Interest A-2A, LT1E and REMIC 2 1 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B LT1F in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amountCertificates;
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) aboveDate, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALT1A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero;
(Bb) 2.00to the Holders of REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F and REMIC 1 Regular Interest LT1G, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLT1G, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 9898.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 1 Regular Interest AA LT1A and REMIC 2 1 Regular Interest ZZLT1G, respectively.
(b) All Net Interest Shortfalls and the interest portion of Realized Losses shall each be allocated by the Trustee on each Distribution Date to the following REMIC 1 Regular Interests in the specified percentages, as follows: to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively. The principal portion of Realized Losses shall be allocated by the Trustee on each Distribution Date to the following REMIC 1 Regular Interests in the specified percentages, as follows: first, to the Uncertificated Principal Balances of the REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; and
(C) any remaining amount second, to the Holders Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1F and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the Class R Certificates (in respect REMIC 1 Principal Loss Allocation Amount, 98%, 1% and 1% respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1E and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the Class R-2 Interest);REMIC 1 Principal Loss Allocation Amount, 98%, 1% and 1%, respectively; fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1D and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98%, 1% and 1%, respectively; fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98%, 1% and 1%, respectively and sixth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest LT1G up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98%, 1% and 1%, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group I Interest Remittance Amount and the Group I Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group I Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) to Holders of REMIC 1 Regular Interest IX, and each of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and.
(ii2) to the extent of amounts remaining after the distributions made pursuant to clause (i1) above, payments of principal shall be allocated as follows: first, to REMIC 1 I Regular Interest IX, then to REMIC I Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 I Regular Interest is reduced to zero, provided that, for REMIC 1 I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 I Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.; and
(iii3) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Charges Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;.
(b) On each Distribution Date, the Trustee shall cause the Available Distribution sum of the Group II Interest Remittance Amount and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Group II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(1) to Holders of REMIC 1 Regular Interest IIX and each of REMIC 1 Regular Interest II-1-A through II-59-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated to REMIC I Regular Interest IIX, then to REMIC I Regular Interests II-1-A through II-59-B starting with the lowest numerical denomination until the Uncertificated Principal 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.
(3) to the Holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest Swap-IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and Dates; second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rataFMR-IO, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and third to the Holders of REMIC 2 Regular Interests XX, X-XX, X-XXX0, X-XXX0, X-XXX0, A‑XXX0, X0, X0, X0, X0, X0, X0, X0, X0, X0, B and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 2 Regular Interest ZZ shall be reduced and deferred when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will shall be payable to the Holders of REMIC 2 Regular Interest A-1Interests X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AX-XXX0, REMIC 2 Regular Interest A-2BA‑XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest X0 and B in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest PXxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX and XX, pro rata, in an amount equal to (A) on each the Uncertificated Accrued Interest for such Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and plus (B) on the any amounts in respect thereof remaining unpaid from previous 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 clauseDates;
(iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the Holders of REMIC 2 Regular Interest AA, AA until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero, provided, however, that REMIC 2 Regular Interest AA shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest AA, until $100 has been distributed pursuant to this clause;
(B2) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1X-XX, REMIC 2 Regular Interest A-1MX-XXX0, REMIC 2 Regular Interest A-1WX-XXX0, REMIC 2 Regular Interest A-2AA-IIA3, REMIC 2 Regular Interest A-2BX-XXX0, REMIC 2 Regular Interest A-2CX0, REMIC 2 Regular Interest A-2DX0, REMIC 2 Regular Interest M-1X0, REMIC 2 Regular Interest M-2X0, REMIC 2 Regular Interest M-3X0, REMIC 2 Regular Interest M-4X0, REMIC 2 Regular Interest M-5X0, REMIC 2 Regular Interest M-6X0, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest X0 and B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C3) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);
(iv) to the Holders of REMIC 2 Regular Interests, in an amount equal to 50% of the remainder of the Available Funds such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(1) to the Holders of REMIC 2 Regular Xxxxxxxxx 0XXX, 0XXX, 0XXX, 0XXX in such a manner as to keep the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 2 Regular Interest with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates 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 principal shall be distributed to such REMIC 2 Regular Interests such that the REMIC 2 Subordinated Ratio is maintained); and then to the Holder of REMIC 2 Regular Interest XX, in each case until the Uncertificated Principal Balance of the REMIC 2 Regular Interest has been reduced to zero; and
(2) any remaining amount to the Holder of the Class R Certificates (in respect of the Class R-2 Interest); and
(v) to the Holder of the REMIC 2 Regular Interest AA, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period, provided that the payment of such amounts shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTM1, REMIC 2 1 Regular Interest A-2BLTM2, REMIC 2 1 Regular Interest A-2CLTM3, REMIC 2 1 Regular Interest A-2DLTM4, REMIC 2 1 Regular Interest M-1LTM5, REMIC 2 1 Regular Interest M-2LTM6, REMIC 2 1 Regular Interest M-3LTM7, REMIC 2 1 Regular Interest M-4LTM8, REMIC 2 1 Regular Interest M-5LTM9, REMIC 2 1 Regular Interest M-6LTM10, REMIC 2 1 Regular Interest M-7, LTB1 and REMIC 2 1 Regular Interest M-8, REMIC 2 Regular Interest B LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AA, LTAA and REMIC 1 Regular Interest LTP until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero;; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause; 107
(Bb) 2.00% of such remainder, first, first to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTM1, REMIC 2 1 Regular Interest A-2BLTM2, REMIC 2 1 Regular Interest A-2CLTM3, REMIC 2 1 Regular Interest A-2DLTM4, REMIC 2 1 Regular Interest M-1LTM5, REMIC 2 1 Regular Interest M-2LTM6, REMIC 2 1 Regular Interest M-3LTM7, REMIC 2 1 Regular Interest M-4LTM8, REMIC 2 1 Regular Interest M-5LTM9, REMIC 2 1 Regular Interest M-6LTM10, REMIC 2 1 Regular Interest M-7, LTB1 and REMIC 2 1 Regular Interest M-8LTB2, REMIC 2 Regular Interest B, 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, zero and second, to the Holders of REMIC 2 1 Regular Interest ZZ, LTZZ until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee Trust Administrator shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, Regular Interest LT1A1, REMIC 1 Regular Interest P LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 98% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC Regular Interest LTP, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00to the Holders of Regular Interest LT1A1, REMIC 1 Regular Interest LT2A1, REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7 and REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, 1.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, ;
(c) to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; andprovided that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
(Ca) All Realized Losses on the Mortgage Loans allocated to any remaining amount Regular Certificate shall be allocated by the Trust Administrator on each Distribution Date as follows: first, to Net Monthly Excess Cashflow; second, to the Holders Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eleventh, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of all Classes on any Distribution Date shall be so allocated after the actual distributions to be made on such date as provided above. All references above to the Certificate 115 Principal Balance of any Class of Certificates shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated to such Class of Certificates, on such Distribution Date. Any allocation of Realized Losses to a Mezzanine Certificate on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated; any allocation of Realized Losses to a Class C Certificates shall be made first by reducing the amount otherwise payable in respect thereof pursuant to Section 5.01(d)(xiv). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class R A Certificates (in respect of or the Class R-2 Interest);P Certificates.
(b) All Realized Losses on the Mortgage Loans shall be deemed to have been allocated in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA and REMIC 1 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM9 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM9 has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM8 has been reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM7 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM7 has been reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM6 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM6 has been reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM5 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM5 has been reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM4 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM4 has been reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM3 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM3 has been reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM2 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM2 has been reduced to zero; and eleventh, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LTAA, REMIC 1 Regular Interest LTM1 and REMIC 1 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTM1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-B)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTI-A1, REMIC 1 Regular Interest LTII-A1, REMIC 1 Regular Interest LTII-A2, REMIC 1 Regular Interest LTII-A3, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount; and
(ii) second, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1LTI-A1, REMIC 2 1 Regular Interest A-1MLTII-A1, REMIC 2 1 Regular Interest A-1WLTII-A2, REMIC 2 1 Regular Interest A-2ALTII-A3, REMIC 2 1 Regular Interest A-2BLTM1, REMIC 2 1 Regular Interest A-2CLTM2, REMIC 2 1 Regular Interest A-2DLTM3, REMIC 2 1 Regular Interest M-1LTM4, REMIC 2 1 Regular Interest M-2LTM5, REMIC 2 1 Regular Interest M-3LTM6, REMIC 2 1 Regular Interest M-4LTM7, REMIC 2 1 Regular Interest M-5LTM8, REMIC 2 1 Regular Interest M-6LTM9, REMIC 2 1 Regular Interest M-7, LTB1 and REMIC 2 1 Regular Interest M-8LTB2, REMIC 2 Regular Interest B, 11.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until and the Uncertificated Principal Balances Balance of REMIC I Regular Interest LTZZ shall be increased by such REMIC 2 Regular Interests are reduced to zero, amount and second, ; to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, 1.00% and until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Interest Remittance Amount and the Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interest I-1LT1-A through I-59-BAA, REMIC 1 Regular Interest P LT1-A, REMIC 1 Regular Interest LT1-M1, REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3, REMIC 1 Regular Interest LT1-M4, REMIC 1 Regular Interest LT1-ZZ and REMIC 1 Regular Interest ALT1-IP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interests Interest for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT1-A, REMIC 1 Regular Interest LT1-M1, REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3 and REMIC 1 Regular Interest LT1-M4 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) second, to the extent Holders of amounts remaining the REMIC 1 Regular Interest LT1-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) third, an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, :
(a) to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance Holders of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, LT1-AA and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest ALT1-I P, 98.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of , provided, however, that REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on LT1-P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1-P, until $100 has been distributed pursuant to this clause;
(b) On each Distribution Dateto the Holders of REMIC 1 Regular Interest LT1-A, the Trustee shall cause the Available Distribution AmountREMIC 1 Regular Interest LT1-M1, REMIC 1 Regular Interest LT1-M2, REMIC 1 Regular Interest LT1-M3 and REMIC 1 Regular Interest LT1-M4, 1.00% of such remainder (other than amounts payable under clause (d) below), in the following order same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of priority, to be distributed by such REMIC 2 to REMIC 3 on account of the REMIC 2 1 Regular Interests or withdrawn from are reduced to zero;
(c) to the Certificate Account and distributed Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest); provided, as the case may be:
however, that (i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates 98.00% and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount;
(ii) 2.00% of any principal payments that are attributable to the an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate that order and (Bii) on REMIC 1 Regular Interest LT1-P, respectively; provided that REMIC 1 Regular Interest LT1-P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT1-P, until $100 has been distributed pursuant to this clause;
(iii) to the Holders . 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 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder 1 to the Holders of REMIC 2 1 Regular Interest AA, until LT1-P. The payment of the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, foregoing amounts to the Holders of REMIC 2 1 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until LT1-P shall not reduce the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Certs Ser 2003-3)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Funds from the Distribution AmountAccount to make the following disbursements and transfers, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLT1AA, REMIC 1 Regular Interest P LT1A, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1ZZ and REMIC 1 Regular Interest A-ILT1P, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LT1ZZ shall be reduced when the REMIC 2 1 Overcollateralized Amount is less than the REMIC 2 Overcollateralization 1 Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LT1AA, REMIC 2 1 Regular Interest A-1MLT1A, REMIC 2 1 Regular Interest A-1W, LT1M and REMIC 2 1 Regular Interest A-2ALT1B, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LT1ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 2 1 Regular Interest PLT1P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Charges; and
(iii) third, to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AALT1AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero;
(Bb) 2.00% of such remainder, first, to the Holders of REMIC 2 1 Regular Interest A-1LT1A, REMIC 2 1 Regular Interest A-1LT1M, REMIC 2 1 Regular Interest A-1W, LT1B and REMIC 2 1 Regular Interest A-2ALT1P, REMIC 2 Regular Interest A-2B1.00% of such remainder, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, ; and second, to the Holders of REMIC 2 1 Regular Interest ZZLT1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; andthen
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest);. provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Excess Overcollateralization Amount shall be allocated to Holders of REMIC 1 Regular Interest LT1AA and REMIC 1 Regular Interest LTZZ, respectively. If the Trustee becomes aware that interest and principal collections that it receives in respect of the Mortgage Loans are not flowing from (a) REMIC 1 to REMIC 2, (b) from REMIC 2 to the Class A, Class M and Class B Certificates, the Class C Interest and the Class P Interest and (c) from the Class C Interest and the Class P Interest to the Class IO, Class C and Class P Certificates, then the Trustee shall notify the Servicer and cooperate in consulting with the Servicer’s tax counsel. The advice or any opinion of said counsel shall be full and complete authorization and protection to the Trustee in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel. All parties hereby agree to resolve such issues within 30 days of notice thereof. Furthermore, to the extent any provisions of this document are inconsistent with (a), (b) and (c) above, such provisions will be amended in accordance with Section 11.01 of this Agreement. Notwithstanding anything herein to the contrary, the Trustee shall incur no liability for any payments made in accordance with the provisions of this Agreement. Notwithstanding the distributions described in this Section 4.04, distribution of funds shall be made so that the Uncertificated Principal Balance of each of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B remains equal to 1% of the Certificate Principal Balance of the related Corresponding Certificate and for REMIC 1 Regular Interest LT1ZZ to equal the sum of (i) 1% of the Mortgage Pool and (ii) 1% of the Overcollateralized Amount for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest I-1-A through I-59-BLTAA, REMIC 1 Regular Interest P LTA1, REMIC 1 Regular Interest LTA2, REMIC 1 Regular Interest LTA3, REMIC 1 Regular Interest LTA4, REMIC 1 Regular Interest LTA5, REMIC 1 Regular Interest LTA6, REMIC 1 Regular Interest LTM1, REMIC 1 Regular Interest LTM2, REMIC 1 Regular Interest LTM3, REMIC 1 Regular Interest LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest A-ILTP, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero.
(iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 1 Regular Interest ZZ LTZZ shall be reduced and deferred when the REMIC 2 Overcollateralized 1 Overcollateralization Amount is less than the REMIC 2 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTA4, REMIC 2 1 Regular Interest A-2BLTA5, REMIC 2 1 Regular Interest A-2CLTA6, REMIC 2 1 Regular Interest A-2DLTM1, REMIC 2 1 Regular Interest M-1LTM2, REMIC 2 1 Regular Interest M-2LTM3, REMIC 2 1 Regular Interest M-3LTM4, REMIC 2 1 Regular Interest M-4LTM5, REMIC 2 1 Regular Interest M-5LTM6, REMIC 2 1 Regular Interest M-6LTM7, REMIC 2 1 Regular Interest M-7, LTM8 and REMIC 2 1 Regular Interest M-8LTM9, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 2 1 Regular Interest ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 2 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 2 1 Regular Interest AALTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 2.00% of such remainder, remainder first, to the Holders of REMIC 2 1 Regular Interest A-1LTA1, REMIC 2 1 Regular Interest A-1MLTA2, REMIC 2 1 Regular Interest A-1WLTA3, REMIC 2 1 Regular Interest A-2ALTA4, REMIC 2 1 Regular Interest A-2BLTA5, REMIC 2 1 Regular Interest A-2CLTA6, REMIC 2 1 Regular Interest A-2DLTM1, REMIC 2 1 Regular Interest M-1LTM2, REMIC 2 1 Regular Interest M-2LTM3, REMIC 2 1 Regular Interest M-3LTM4, REMIC 2 1 Regular Interest M-4LTM5, REMIC 2 1 Regular Interest M-5LTM6, REMIC 2 1 Regular Interest M-6LTM7, REMIC 2 1 Regular Interest M-7, LTM8 and REMIC 2 1 Regular Interest M-8LTM9, REMIC 2 Regular Interest B, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 1 Regular Interest ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 2 1 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 2 1 Regular Interest AA LTAA and REMIC 2 1 Regular Interest ZZLTP, in that order and (ii) REMIC 1 Regular Interest LTZZ, respectively; and
(C) any remaining amount to provided that REMIC 1 Regular Interest LTP shall not be reduced until the Holders Distribution Date immediately following the expiration of the Class R Certificates (in respect of latest Prepayment Charge as identified on the Class R-2 Interest);Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2)
