Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 2-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 2-LPO Interest so as to keep the principal balance of the Class 2-LPO Interest equal to the Class Certificate Balance of the Class 30-PO Certificates; second, to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 and Loan Group 3, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest and the Class 3-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2" and from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3."
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Banc of America Funding 2006-6 Trust)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 21-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 21-LPO Interest Interest, so as to keep the principal balance of the Class 2-LPO Interest thereof at all times equal to the Class Certificate Balance of the Class 301-PO Certificates; second, to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest Interest, so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Cashflow Group 1, Loan Cashflow Group 2 and Loan Cashflow Group 3, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest and the Class 3-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Mortgage Loans contributing to Cashflow Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Mortgage Loans contributing to Cashflow Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2" and from the Mortgage Loans contributing to Cashflow Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2007-2)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 21-LPO Interest and the Class 3-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related each Uncertificated Lower-Tier Interests pro rata based on, and Interest in the same relative proportions as interest is allocated to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 21-LPO Interest and the Class 3-LPO Interest, so as to keep the principal balance balances thereof at all times equal to the Component Balances of the Class 21-LPO Interest equal to the Class Certificate Balance of the Class 30-PO CertificatesComponent and the Class 3-30-PO Component, respectively; second, to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest and the Class 34-LS Interest so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 2, Loan Group 3 and Loan Group 34, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest and the Class 34-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest, the Class 3-L Interest and the Class 34-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2," and from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3" and from the Group 4 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "4."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2006-5 Trust)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 1-LPO Interest, the Class 2-LPO Interest, the Class 3-LPO Interest, the Class 4-LPO Interest, the Class 5A-LPO Interest and the Class 5B-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2," and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3," (d) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 4 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "4," (e) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 5A in the case of Uncertificated Lower-Tier Interests beginning with the numeral "5A," (f) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 5B in the case of Uncertificated Lower-Tier Interests beginning with the numeral "5B" and (g) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 6 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "6." All distributions of principal shall be made first to the Class 1-LPO Interest, the Class 2-LPO Interest, the Class 3-LPO Interest, the Class 4-LPO Interest, the Class 5A-LPO Interest and the Class 5B-LPO Interest, so as to keep the principal balance balances thereof at all times equal to the Component Balances of the Class 1-X-PO Component, the Class 2-LPO Interest equal to X-PO Component, the Class Certificate Balance of the Class 303-X-PO CertificatesComponent, Class 4-X-PO Component, Class 5A-X-PO Component and Class 5B-X-PO Component, respectively; second, to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest, the Class 4-LS Interest, the Class 5A-LS Interest, the Class 5B-LS Interest and the Class 36-LS Interest so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 2, Loan Group 3, Loan Group 4, Loan Group 5A, Loan Group 5B and Loan Group 36, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest, the Class 4-LS Interest, the Class 5A-LS Interest, the Class 5B-LS Interest and the Class 36-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest and Interest, the Class 3-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2" and from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3."Class
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2006-3 Trust)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest each Uncertificated Lower-Tier Interest (other than the Class LIO Interest) shall be distributed receive distributions in respect of principal in an amount equal to the amount of principal distributed to its respective Corresponding Upper-Tier Class or Classes, as provided herein. On each Distribution Date, each Uncertificated Lower-Tier Interest (other than the Class LPO Interest) shall receive distributions in respect of interest in an amount equal to the Interest Accrual Amounts and Unpaid Interest Shortfalls, as the case may be, in respect of its Corresponding Upper-Tier Class or Classes, in each case to the extent actually distributed thereon. Such amounts distributed to the Uncertificated Lower-Tier Interests (other than the Class 2-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Lower-Tier Distribution Amount." As of any date, the principal balance or notional amount of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to equals the related Uncertificated Loweraggregate of the Class Certificate Balances or Notional Amounts of the respective Corresponding Upper-Tier Interests pro rata based onClass or Classes or, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 2A-LPO Interest so as to keep the principal balance of the Class 2-LPO Interest equal to L2 Interest, the Class Certificate Balance of the Class 30-PO A-2 Certificates; second, to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest so as to keep the . The initial principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 and Loan Group 3, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least balance or notional amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest and the Class 3-L Interest. Any distributions of principal made to the each Uncertificated Lower-Tier Interests pursuant Interest equals the aggregate of the Initial Class Certificate Balances or Initial Notional Amounts of the respective Corresponding Upper-Tier Class or Classes or, in the case of the Class A-L2 Interest, the initial Class Certificate Balance of the Class A-2 Certificates. The pass-through rate with respect to this paragraph the Class A-L1 Interest, Class A-L2 Interest, Class A-LUR Interest, Class LIO Interest, Class B-L1 Interest, Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5 Interest and Class B-L6 Interest shall be made from the Group 1 Mortgage Loans 5.500% per annum. The Class LPO Interest is a principal-only interest and is not entitled to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2" and from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3distributions of interest."
Appears in 1 contract
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 21-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 21-LPO Interest Interest, so as to keep the principal balance of the Class 2-LPO Interest thereof at all times equal to the Class Certificate Balance of the Class 301-PO Certificates; second, to the Class 1-LS Interest, Interest and the Class 2-LS Interest and the Class 3-LS Interest Interest, so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Cashflow Group 1, Loan 1 and Cashflow Group 2 and Loan Group 32, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Interest and Class 2-LS Interest and the Class 3-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Interest and Class 2-L Interest and the Class 3-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Mortgage Loans contributing to Cashflow Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," and from the Mortgage Loans contributing to Cashflow Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2." Realized Losses shall be applied after all distributions have been made on each Distribution Date first, to the Class 1-LPO Interest, so as to keep its principal balance equal to the Class Certificate Balance of the Class 1-PO Certificates; second, to the Class 1-LS Interest and from the Class 2-LS Interest, so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group 3 Mortgage Loans Subordinate Amount for Cashflow Group 1 and Cashflow Group 2, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest and the Class 2-LS Interest such that the Subordinate Balance Ratio is maintained); and third, the remaining Realized Losses shall be allocated to the Class 1-LS Interest and the Class 2-LS Interest. Any Realized Losses allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Realized Losses allocated to Cashflow Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "31" and (b) from Realized Losses allocated to Cashflow Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2." As of any date, the aggregate principal balance of the Class 1-L Interest and the Class 1-LS Interest shall equal the aggregate Pool Stated Principal Balance (Non-PO Portion) of Cashflow Group 1. As of any date, the aggregate principal balance of the Class 2-L Interest and the Class 2-LS Interest shall equal the aggregate Pool Stated Principal Balance (Non-PO Portion) of Cashflow Group 2. As of any date, the principal balance of the Class 1-LPO Interest will be equal to the Class Certificate Balance of the Class 1-PO Certificates. As of any date, the notional amount of the Class 2-LWIO Interest will be equal to the Class 2-IO Notional Amount. The pass-through rate with respect to the Class 1-L Interest and the Class 1-LS Interest shall be 6.000% per annum. The pass-through rate with respect to the Class 2-L Interest and the Class 2-LS Interest shall be 7.000% per annum. The pass-through rate with respect to the Class 2-LWIO Interest shall be the same as the Pass-Through Rate for the Class 2-IO Certificates, as such rate is described in the Preliminary Statement. The Class 1-LPO Interest is a principal-only interest and is not entitled to distributions of interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions will be allocated to each Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest. Amounts distributed to the Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Lower-Tier Distribution Amount."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Mortgage 2007-3 Trust)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest the Securities Administrator shall be deemed to cause in the following order of priority, the following amounts to be distributed in respect to the Upper-Tier REMIC on account of the Uncertificated Lower-Tier Regular Interests (other than such amount, the “Lower-Tier Distribution Amount”) or withdrawn from the Certificate Account and distributed to the Holder of the Class 2A-LPO Interest) at the pass-through rate thereon, as described in the next to last paragraph of this Section 5.02(a)(vi). For purposes of calculating the interest distributable R Certificate (in respect of each the Class LR Interest), as the case may be:
(i) to Holders of the Class LT-AA Interest, the Lower-Tier Corresponding Marker Interests, the Class LT-P Interest, the Class LT-AR Interest and the Class LT-ZZ Interest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of the Class LT-ZZ Interest shall be reduced and deferred when the Lower-Tier REMIC Overcollateralized Amount is less than the Lower-Tier REMIC Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of the Lower-Tier Corresponding Marker Interests, in the same proportion as the Overcollateralization Deficiency is allocated to the Corresponding Classes and the Uncertificated Balance of the Class LT-ZZ Interest shall be increased by such amount;
(ii) to the Holders of the Uncertificated Lower-Tier Interests, in an amount equal to the remainder of the Interest Remittance Amount and Principal Remittance Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(1) to the Class LT-AA Interest, the Class LT-P Interest and the Class LT-AR Interest, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated Lower-Tier Interest and is reduced to zero; provided, however, that the Class LT-P Interest shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge or any Distribution DateDate thereafter, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3." All distributions of principal shall be made first to the Class 2-LPO Interest so as to keep the principal balance of the Class 2-LPO Interest equal to the Class Certificate Balance of the Class 30-PO Certificates; second, to the Class 1-LS Interest, the Class 2-LS Interest and the Class 3-LS Interest so as to keep the principal balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 and Loan Group 3, respectively (except that if any which point such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1LT-LS P Interest, the Class 2-LS Interest and the Class 3-LS Interest, such that the Subordinate Balance Ratio is maintained), and third, any remaining principal to the Class 1-L Interest, the Class 2-L Interest and the Class 3-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests until $100 has been distributed pursuant to this paragraph shall be made from the Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "1," from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "2" and from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "3."clause;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp)
Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, interest Uncertificated Accrued Interest shall be deemed distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 2-LPO Interest) at the passUncertificated Lower-through rate Tier REMIC Pass-Through Rate thereon, as described plus any amounts in the next to last paragraph of this Section 5.02(a)(vi)respect thereof remaining unpaid from previous Distribution Dates. For purposes of calculating the interest distributable Uncertificated Accrued Interest in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related with respect to a Loan Group the Mortgage Loans shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and Interest in the same relative proportions as interest is allocated to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 1 J in the case of Uncertificated Lower-Tier Interests beginning with the numeral "“1," ” and “2” and (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 2 X in the case of Uncertificated Lower-Tier Interests beginning with the numeral "2" “3” and (c) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "3“4." ” All distributions of principal shall be made first to the Class 2-LPO Interest so as to keep the principal balance of the Class 2-LPO Interest equal to the Class Certificate Balance of the Class 30-PO Certificates; secondfirst, to the Class 1-LS Interest, the Class 2-LS Interest and Interest, the Class 3-LS Interest and the Class 4-LS Interest, so as to keep the principal balances Uncertificated Balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2 2, Loan Group 3 and Loan Group 34, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest and the Class 34-LS Interest, such that the Subordinate Balance Ratio is maintained), and thirdsecond, any remaining principal to the Class 1-L Interest, the Class 2-L Interest, Class 3-L Interest and the Class 34-L Interest. Any distributions of principal made to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made from the Group 1 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "“1," ” from the Group 2 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "“2" and ,” from the Group 3 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral "“3” and from the Group 4 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral “4."” Realized Losses shall be applied after all distributions have been made on each Distribution Date first, to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest and the Class 4-LS Interest so as to keep the Uncertificated Balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of Realized Losses shall be allocated to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest and the Class 4-LS Interest such that the Subordinate Balance Ratio is maintained); and second, the remaining Realized Losses shall be allocated to the Class 1-L Interest, Class 2-L Interest, Class 3-L Interest and Class 4-L Interest. Any Realized Losses allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be from Realized Losses allocated to Loan Group 1 in the case of Uncertificated Lower-Tier Interests beginning with the numeral “1,” from Realized Losses allocated to Loan Group 2 in the case of Uncertificated Lower-Tier Interests beginning with the numeral “2,” from Realized Losses allocated to Loan Group 3 in the case of Uncertificated Lower-Tier Interests beginning with the numeral “3,” and from Realized Losses allocated to the Loan Group 4 Mortgage Loans to the Uncertificated Lower-Tier Interests beginning with the numeral “4.” Recoveries and Reimbursement Amounts received with respect to the Loan Groups shall be applied to the Uncertificated Lower-Tier Interests in a manner analogous to the application of Realized Losses to the Uncertificated Lower-Tier Interests. As of any date, the aggregate Uncertificated Balance of the Class 1-L Interest and the Class 1-LS Interest shall equal the Pool Principal Balance of Loan Group 1. As of any date, the aggregate Uncertificated Balance of the Class 2-L and Class 2-LS Interest shall equal the Pool Principal Balance of Loan Group 2. As of any date, the aggregate Uncertificated Balance of the Class 3-L and Class 3-LS Interest shall equal the Pool Principal Balance of Loan Group 3. As of any date, the aggregate Uncertificated Balance of the Class 4-L and Class 4-LS Interest shall equal the Pool Principal Balance of Loan Group 4. Amounts distributed to the Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the “Lower-Tier Distribution Amount.” Distributions on the Uncertificated Middle-Tier Interests. On each Distribution Date, each Uncertificated Middle-Tier Interest shall receive distributions in respect of principal in an amount equal to the amount of principal distributed to its respective Corresponding Class or Classes of Certificates as provided herein and shall have its principal balance increased in the event of Recoveries, in an amount equal to any such increase in the Class Certificate Balance of the respective Corresponding Class or Classes of Certificates. On each Distribution Date, each Uncertificated Middle-Tier Interest shall receive distributions in respect of interest based on its Uncertificated Middle-Tier REMIC Pass-Through Rate based on its Uncertificated Balance or Notional Amount in an amount equal to the Uncertificated Accrued Interest of such class, and any amounts undistributed from prior Distribution Dates, which amount shall equal the Interest Distribution Amount in respect of its Corresponding Class or Classes of Certificates in each case to the extent actually distributed thereon. Such amounts distributed to the Uncertificated Middle- Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the “Middle-Tier Distribution Amount.” As of any date, the Uncertificated Balance or Notional Amount of each Uncertificated Middle-Tier Interest equals the aggregate of the Class Certificate Balances or Notional Amounts of the respective Corresponding Class or Classes of Certificates or in the case of the Class MRI-3A1 Interest, the aggregate Class Certificate Balance of the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates. The initial Uncertificated Balance of each Uncertificated Middle-Tier Interest equals the aggregate of the Initial Class Certificate Balances or Initial Notional Amounts of the respective Corresponding Class or Class of Certificates or in the case of the Class MRI-3A1 Interest, the aggregate Initial Class Certificate Balance of the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates. Distributions on the Upper-Tier Interests. Each Upper-Tier Regular Interest will be entitled to receive interest and principal payments at the times and in the amounts equal to those made on the Certificate to which it corresponds.
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Samples: Pooling and Servicing Agreement (Banc of America Funding Corp)