Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the 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of priority, to be distributed by REMIC I/II-1 to REMIC I/II-2 on account of the REMIC I/II-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R Interest), as the case may be: (i) first, to the Holders of REMIC I/II-1 Regular Ixxxxxxxx XX, XX0, XXX0, XXX0, XXX0, IIA4, M0, X0, X0, X0, X0, X0, X0, X0, X0, M10, B1, B2, B3, B4 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 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 I/II-1 Regular Interest ZZ shall be reduced and deferred when the REMIC I/II-1 Overcollateralized Amount is less than the REMIC I/II-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/II-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M1, M2, M3, M0, X0, X0, X0, X0, X0, X00, X0, X0, X0, and B4 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates; (ii) second, the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows: (A) 98.00% to the Holders of REMIC I/II-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 Regular Interest 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 I/II-1 Regular Interest P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause; (B) to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M0, X0, X0, X0, X0, X0, X0, X0, X0, M10, B1, B2, B3 and B4, 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 I/II-1 Regular Interests are reduced to zero; (C) to the Holders of REMIC I/II-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-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 I/II-1R Interest); (iii) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof. (b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be: (i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III-1 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates; (ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows: (A) 98.00% to the Holders of REMIC III-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero, provided, however, that REMIC III-1 Regular Interest 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 III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause; (B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 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 III-1 Regular Interests are reduced to zero; (C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-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 III-1R Interest); (iii) third, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 to the Holders of REMIC III-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC III-1 Regular Interest P 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 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-A1, XXX0LT1-A2, XXX0LT1-A3, XXX0LT1-M1, IIA4LT1-M2, M0LT1-M3, X0LT1-M4A, X0LT1-M4F, X0LT1-M5A, X0LT1-M5F, X0LT1-M6, X0, X0, X0, M10, B1, B2, B3, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests IA1LT1-A1, IIA1LT1-A2, IIA2LT1-A3, IIA3, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4A, X0LT1-M4F, X0LT1-M5A, X0LT1-M5F, X0, X0, X00, X0, X0, X0, and B4 LT1-M6 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;; 109
(ii) second, to the Holders of 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 Group I/II Available Funds for such Distribution Date after the distributions in clause (i)Date, shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order98.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests IA1LT1-A1, IIA1LT1-A2, IIA2LT1-A3, IIA3LT1-M1, IIA4LT1-M2, M0LT1-M3, X0LT1-M4A, X0LT1-M4F, X0LT1-M5A, X0LT1-M5F, X0, X0, X0, X0, M10, B1, B2, B3 and B4LT1-M6, 1.00% of such remainderremainder (other than amounts payable under clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainderremainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount ; and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III-1 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows:
(A) 98.00% to the Holders of REMIC III-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero, 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 III-1 1 Regular Interest LT1-AA and REMIC 2 Regular Interest LT1-P, in that order and (ii) 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, at which point such amount shall be distributed to REMIC III-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 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 III-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-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 III-1R Interest);
(iii) third. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.. 110
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Certs Series 2003-4)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-IA1, XXX0LT1-IA2, XXX0LT1-IIA1, XXX0LT1-IIA2, IIA4LT1-IIA3, M0LT1-M1, X0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, M10, LT1-B1, B2, B3, B4 LT1-B2 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X00, X0, X0, X0, LT1-B1 and B4 LT1-B2 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X0, M10, B1, LT1-B1 and LT1-B2, B3 and B4, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation "GRP" equal to zero0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P 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 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 I/II-1 to REMIC I/II-2 on account of the REMIC I/II-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R II‑1R Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 Regular Ixxxxxxxx XXInterests AA, XX0IA1, XXX0IIA1, XXX0IIA2, XXX0IIA3, IIA4, M0M1, X0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0M8, X0M9, M10, B1, B2, B3, B4 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 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 I/II-1 Regular Interest ZZ shall be reduced and deferred when the REMIC I/II-1 Overcollateralized Amount is less than the REMIC I/II-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/II-ZZ II‑ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M1, M2, M3, M0M4, X0M5, X0M6, X0M7, X0M8, X0M9, X00M10, X0B1, X0B2, X0B3, and B4 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows:
(A) 98.00% to the Holders of REMIC I/II-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 Regular Interest 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 I/II-1 Regular Interest P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M0M1, X0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0M8, X0M9, M10, B1, B2, B3 and B4, 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 I/II-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC I/II-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-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 I/II-1R Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R III‑1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0M8, X0M9, X0B1, X0B2, X0 B3 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III-1 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ III‑ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0M8, X0M9, X0B1, X0 B2 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows:
(A) 98.00% to the Holders of REMIC III-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero, provided, however, that REMIC III-1 Regular Interest 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 III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0M8, X0M9, X0B1, X0 B2 and B3, 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 III-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-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 III-1R Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 to the Holders of REMIC III-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC III-1 Regular Interest P 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 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z 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, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: to the Holders of REMIC 1 Regular Interests LT1-S1-A, LT1-S1-B, LT1-S1-C, LT1-S1-D, LT1-S1-E, LT1-S1-F, LT1-S1-G, XX0-X0-X, XX0-X0-X, XX0-X0-X, XX0-X0-X, XX0-X0-X, XX0-X0-X, LT1-S2-D, LT1-S2-E, LT1-S2-F, LT1-S2-G, LT1-S2-H, LT1-S2-I and LT1-S2-J, pro rata, in an amount equal to the 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;
(ii) second, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z in each case in an amount equal to the 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, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: to the Holders of REMIC 1 Regular Interests LT1-1 and LT1-2, pro rata, in an amount equal to the 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, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z in each case until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: first, to the Holders of REMIC 1 Regular Interest LT1-1 and LT1-2, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, second, to the Holders of REMIC 1 Regular Interests LT1S1-A and LT1S2-A, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, third, to the Holders of REMIC 1 Regular Interests LT1S1-B and LT1S2-B, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, fourth, to the Holders of REMIC 1 Regular Xxxxxxxxx XX0X0-X and LT1S2-C, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, fifth, to the Holders of REMIC 1 Regular Interests LT1S1-D and LT1S2-D, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, sixth, to the Holders of REMIC 1 Regular Interests LT1S1-E and LT1S2-E, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, seventh, to the Holders of REMIC 1 Regular Interests LT1S1-F and LT1S2-F, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, eighth, to the Holders of REMIC 1 Regular Interests LT1S1-G and LT1S2-G, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, ninth, to the Holders of REMIC 1 Regular Interests LT1S1-H and LT1S2-H, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, tenth, to the Holders of REMIC 1 Regular Interests LT1S1-I and LT1S2-I/II-1R , pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, eleventh, to the Holders of REMIC 1 Regular Interests LT1S1-J and LT1S2-J, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(iv) fourth, 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 Interests LT1-1 and LT1-1Z. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interests LT1-1 and LT1-1Z shall not reduce the Uncertificated Principal Balance thereof. 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 Interests LT1-2 and LT1-2Z. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interests LT1-2 and LT1-2Z shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Interest Remittance Amount and the Principal Remittance 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 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 I/II-1 2 Regular Ixxxxxxxx XXInterests LT2-S1-A, LT2-S1-B, LT2-S1-C, LT2-S1-D, LT2-S1-E, LT2-S1-F, LT2-S1-G, XX0-X0-X, XXX0XX0-X0-X, XXX0XX0-X0-X, XXX0XX0-X0-X, IIA4XX0-X0-X, M0XX0-X0-X, X0LT2-S2-D, X0LT2-S2-E, X0LT2-S2-F, X0LT2-S2-G, X0LT2-S2-H, X0LT2-S2-I and LT2-S2-J, X0pro rata, X0in an amount equal to the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, M10to the Holders of REMIC 2 Regular Interests LT2-AA, B1LT2-A1, B2LT2-A2, B3LT2-A3, B4 LT2-A4, LT2-M1, LT2-M2, LT2-M3, LT2-M4, LT2-M5, LT2-M6, LT2-M7, LT2-M8, LT2-M9, and LT2-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 2 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 I/II-1 2 Regular Interest LT2-ZZ shall be reduced and deferred when the REMIC I/II-1 2 Overcollateralized Amount is less than the REMIC I/II-1 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT2-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 2 Regular Interests IA1LT2-A1, IIA1LT2-A2, IIA2LT2-A3, IIA3LT2-A4, IIA4, LT2-M1, LT2-M2, LT2-M3, M0LT2-M4, X0LT2-M5, X0LT2-M6, X0LT2-M7, X0, X0, X00, X0, X0, X0, LT2-M8 and B4 LT2-M9 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(iiiii) secondthird, to the Holders of REMIC 2 Regular Interest LT2-1SUB, REMIC 2 Regular Interest LT2-1GRP, REMIC 2 Regular Interest LT2-2SUB, REMIC 2 Regular Interest LT2-2GRP, and REMIC 2 Regular Interest LT2-XX, pro rata, 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;
(iv) fourth, an amount equal to 50% of the remainder of the Group I/II Available Funds Interest Remittance Amount and the Principal Remittance Amount for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 2 Regular Interests Interest LT2-AA and P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 Regular Interest 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 I/II-1 Regular Interest P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) 1. 00% to the Holders of REMIC I/II-1 2 Regular Interests IA1LT2-A1, IIA1LT2-A2, IIA2LT2-A3, IIA3LT2-A4, IIA4LT2-M1, M0LT2-M2, X0LT2-M3, X0LT2-M4, X0LT2-M5, X0LT2-M6, X0LT2-M7, X0, X0, X0, M10, B1, B2, B3 LT2-M8 and B4, 1.00% of such remainderLT2-M9, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC I/II-1 2 Regular Interests are reduced to zero;
(Cc) 1.00% to the Holders of REMIC I/II-1 2 Regular Interest LT2-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-2 Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III-1 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows:
(A) 98.00% to the Holders of REMIC III-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero, provided, however, that REMIC III-1 Regular Interest 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 III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 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 III-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-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 III-1R Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 to the Holders of REMIC III-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC III-1 Regular Interest P 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 sum of the Group I Interest Remittance Amount, the Group II Interest Remittance Amount, the Group I Principal Remittance Amount, and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-IA1, XXX0LT1-IA2, XXX0LT1-IIA1, XXX0LT1-IIA2, IIA4LT1-IIA3, M0LT1-M1, X0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, M10, LT1-B1, B2, B3, B4 LT1-B2 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X00, X0, X0, X0, LT1-B1 and B4 LT1-B2 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% [__.__]% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X0, M10, B1, LT1-B1 and LT1-B2, B3 and B4, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% [__.__]% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation “GRP” equal to zero[__.__]% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until ending with the designation “SUB” equal to [__.__]% 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-A1, XXX0LT1-A2, XXX0LT1-A3, XXX0LT1-A4, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-B, X0, X0, M10, B1, B2, B3, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests IA1LT1-A1, IIA1LT1-A2, IIA2LT1-A3, IIA3LT1-A4, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0, X0, X00, X0, X0, X0, and B4 LT1-B in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests IA1LT1-A1, IIA1LT1-A2, IIA2LT1-A3, IIA3LT1-A4, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0, X0, X0, X0, M10, B1, B2, B3 LT1-M7 and B4LT1-B, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation "GRP" equal to zero0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand 117
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P 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 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-IA1, XXX0LT1-IA2, XXX0LT1-IIA1, XXX0LT1-IIA2, IIA4LT1-A3, M0LT1-M1, X0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-B, X0, M10, B1, B2, B3, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, IIA3LT1-A3, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0, X0, X0, X00, X0, X0, X0, LT1-M7 and B4 LT1-B in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, IIA3LT1-A3, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0, X0, X0, X0, M10, B1, B2, B3 LT1-M7 and B4LT1-B, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation “GRP” equal to zero0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P 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 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-IA1, XXX0LT1-IIA1, XXX0LT1-IIA2, XXX0LT1-IIA3, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X0, M10, LT1-B1, B2, B3, B4 LT1-B2 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X00, X0, X0, X0, LT1-B1 and B4 LT1-B2 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, IIA4LT1-M1, M0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X0, M10, B1, LT1-B1 and LT1-B2, B3 and B4, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R‑1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation “GRP” equal to zero0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P 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 sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests A1, XX0A2, XXX0A3, XXX0M1, XXX0M2, IIA4M3, M0M4, X0M5, X0M6, X0, X0, X0, X0, X0, X0, M10M7, B1, B2, B3, B4 and ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 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 I/II-1 1 Regular Interest ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/II-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will shall be payable to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M1, M2, M3, M0, X0, X0, X0, X0, X0, X00, X0, X0, X0, and B4 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause (i), shall be allocated as follows:
(A) 98.00% to the Holders of REMIC I/II-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 Regular Interest 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 I/II-1 Regular Interest P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC I/II-1 Regular Interests IA1, IIA1, IIA2, IIA3, IIA4, M0, X0, X0, X0, X0, X0, X0, X0, X0, M10, B1, B2, B3 and B4, 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 I/II-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC I/II-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-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 I/II-1R Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III-1 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 1 Regular Interests A1, A2, A3, M1, M0M2, X0M3, X0M4, X0M5, X0M6, X0M7, X0B1, X0, X0, X0 and B3 B2 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding CertificatesCertificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest ZZ shall be increased by such amount;
(ii) secondto the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Group III Available Funds for such Distribution Date after the distributions in made pursuant to clause (i)) above, shall be allocated as follows:
(A) 98.00% to the Holders of REMIC III-1 Regular Interests AA and P, in that order, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero, provided, however, that REMIC III-1 Regular Interest 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 III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 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 III-1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-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 III-1R Interest);
(iii) third, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 to the Holders of REMIC III-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC III-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
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Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the 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 I/II-1 1 to REMIC I/II-2 2 on account of the REMIC I/II-1 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC I/II-1 1 Regular Ixxxxxxxx XXInterests LT1-AA, XX0LT1-IA1, XXX0LT1-IIA1, XXX0LT1-IIA2, XXX0LT1-IIA3, LT1-IIA4, M0LT1-M1, X0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, LT1-M10, B1LT1-M11, B2LT1-M12, B3LT1-B, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC I/II-1 1 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 I/II-1 1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC I/II-1 1 Overcollateralized Amount is less than the REMIC I/II-1 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I/IILT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, LT1-M1, LT1-M2, LT1-M3, M0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, X00LT1-M10, X0LT1-M11, X0LT1-M12, X0, and B4 LT1-B in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% to the Holders of REMIC I/II-1 1 Regular Interests Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC I/II-1 1 Regular Interest is reduced to zero, provided, however, that REMIC I/II-1 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, at which point such amount shall be distributed to REMIC I/II-1 1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(Bb) to the Holders of REMIC I/II-1 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, M0LT1-M1, X0LT1-M2, X0LT1-M3, X0LT1-M4, X0LT1-M5, X0LT1-M6, X0LT1-M7, X0LT1-M8, X0LT1-M9, LT1-M10, B1LT1-M11, B2, B3 LT1-M12 and B4LT1-B, 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 I/II-1 1 Regular Interests are reduced to zero;
(Cc) to the Holders of REMIC I/II-1 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC I/II-1 2 Regular Interest is reduced to zero; then
(Dd) any remaining amount to the Holders of the Class R Certificates (in respect of the Class I/II-1R R-1 Interest);
(iiiiv) third, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and ZZ, pro ratafourth, an amount equal to (A) 50% of the Uncertificated Accrued Interest for each such REMIC III-1 Regular Interest remainder of the Available Funds 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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date after the distributions in clause clauses (i) and (ii), shall be allocated as follows:
(Aa) 98.00% first to the Holders of REMIC III-1 1 Regular Interests AA Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and P, REMIC 1 Regular Interest LT1-2SUB in that order, until such a manner as to keep the Uncertificated Principal Balance of such each REMIC III-1 1 Regular Interest is reduced ending with the designation "GRP" equal to zero0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), provided, however, that and the Uncertificated Principal Balance of each REMIC III-1 1 Regular Interest P shall not be reduced until 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 immediately following over (y) the expiration Certificate Principal Balance of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Senior Certificates related to such Loan Group immediately prior to such Distribution Date thereafter(except that if such excess is larger than it was for the preceding Distribution Date, at which point such the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC III-1 1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M0, X0, X0, X0, X0, X0, X0, X0, X0, X0 and B3, 1.00% of such remainderLT1-XX, in the same proportion as principal payments are allocated to the Corresponding Certificates, each case until the Uncertificated Principal Balances of such the REMIC III-1 1 Regular Interests are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is have been reduced to zero; thenand
(Db) any remaining amount to the Holders of the Class R Certificates (in respect of the Class III-1R R-1 Interest);; and
(iiiv) thirdOn each Distribution Date, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC III-1 1 to the Holders of REMIC III-1 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC III-1 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
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