Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount otherwise distributable to the Class C-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register. (b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b). (c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that: (i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and (ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
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Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II IV Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II IV Available Distribution Amount, the REMIC II IV Distribution Amount to the Holders of the REMIC II IV Regular Interests and the Class R-2 R-4 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, (i) on each Distribution Date, from the amounts otherwise distributable to the Class CX-1 and Class CX-2-PPP-L Regular Interests on such Distribution Date pursuant to the immediately preceding sentence, distribute, to the extent thereof, to the Holders of the Certificates (other than the each Class Cof Class 1A, Class R 2A, Class CA-1B, Class CA-1C and Class PPP Group L-B Certificates), the amount Carryover Shortfall Payment, if any, for each such Class and (ii) on each Distribution Date, from the amounts otherwise distributable to the Class C3X-1-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallyimmediately preceding sentence, as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of each Class M-1of Class 3A-1A, Class M-23A-1B, Class M-3, Class M-4, Class B-1, Class B-2 3A-1C and Class B-3 Group 3-B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C CX-1, Class CX-2-PPP-L or Class 3X-1 Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class C1A, Class R 2A, Class CA-1B, Class CA-1C, Class 3A-1A, Class 3A-1B, Class 3A-1C, Group L-B and Class PPP Certificates) Group 3-B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.202.23. Each Holder of a Class 1A, Class 2A, Class CA-1B, Class CA-1C, Class 3A-1A, Class 3A-1B, Class 3A-1C, Group L-B, Group 3-B, Class CX-1, Class CX-2-PPP or Class 3X-1 Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 CertificatesDate, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such the Class CX-2-PPP Certificates, the Yield Maintenance Payment Amount Assigned Prepayment Premiums for Loan Group 1 and Loan Group 2 for such ClassDistribution Date. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 3-PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Group 3 Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 3-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II, REMIC III and REMIC II IV and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
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Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) shall, subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and instructions, (ii) withdraw shall be deemed to have distributed from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent applicable portion of the REMIC II Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II Class 1-A-7-M, Class 1-A-10-M, Class 1-A-11-M, Class 1-A-12-M, Class 2-A-3-M, Class 2-A-4-M and Class 2-A-5-M Regular Interests Interests, and to have deposited such amounts for their benefit into the Certificate Account, (iii) from the Certificate Account shall (A) distribute to the Class R-2 Residual Interest. Notwithstanding R Certificateholders the immediately preceding sentence, on each Distribution Date, amounts to be distributed to the Trustee (or any duly appointed paying agent) shall, on behalf Holders of the Trust, distribute, Class R-3 Residual Interest and (B) distribute to the Holders of the Certificates (other than the Class C, Class R 1-A-7 and Class PPP Exchangeable Certificates), ) the amount otherwise distributable amounts to be distributed to the Class C-L Regular Interest on such Distribution Date Holders of those Certificates, in each case, pursuant to clause (d)(x) of the definition of “REMIC II III Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (iiiv) second, sequentially, from the Certificate Account shall distribute to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is 1-A-7 Certificates the amount deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts been distributed pursuant to clause (ii) above to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.201-A-7-M Regular Interest. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 February 2007 to and including the Final Yield Maintenance Payment Date for the Class A-1 CertificatesDate, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such the Class 1-A-7 Certificates the Yield Maintenance Payment Amount for such Class. Furthermore, on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account the aggregate amount deemed to have been distributed pursuant to clause (ii) of the first paragraph of this Section 4.05(a) to the Class 1-A-10-M and Class 1-A-11-M and Class 1-A-12-M Regular Interests (such aggregate amount, the “Group 1 Exchangeable Certificate Distribution”) and distribute such Group 1 Exchangeable Certificate Distribution to the Holders of the Exchangeable Certificates, as follows:
(A) to the Class 1-A-8 Certificates, the Class 1-A-8 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-10-M, Class 1-A-11-M and Class 1-A-12-M Regular Interests;
(B) to the Class 1-A-10 Certificates, the Class 1-A-10 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-10-M Regular Interest;
(C) to the Class 1-A-11 Certificates, the Class 1-A-11 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-10-M and Class 1-A-11-M Regular Interests; and
(D) to the Class 1-A-12 Certificates, the portion, if any, of the Group 1 Exchangeable Certificate Distribution remaining after giving effect to the distributions pursuant to clauses (A), (B) and (C) of this paragraph. Furthermore, on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account the aggregate amount deemed to have been distributed pursuant to clause (ii) of the first paragraph of this Section 4.05(a) to the Class 2-A-3-M, Class 2-A-4-M and Class 2-A-5-M Regular Interests (such aggregate amount, the “Group 2 Exchangeable Certificate Distribution”) and distribute such Group 2 Exchangeable Certificate Distribution to the Holders of the Exchangeable Certificates, as follows:
(A) to the Class 2-A-1 Certificates, the Class 2-A-1 Fraction of all distributions of principal and interest on such Distribution Date to the Class 2-A-3-M and Class 2-A-4-M and Class 2-A-5-M Regular Interests;
(B) to the Class 2-A-3 Certificates, the Class 2-A-3 Fraction of all distributions of principal and interest on such Distribution Date to the Class 2-A-3-M Regular Interest;
(C) to the Class 2-A-4 Certificates, the Class 2-A-4 Fraction of all distributions of principal and interest on such Distribution Date to the Class 2-A-3-M and Class 2-A-4-M Regular Interests; and
(D) to the Class 2-A-5 Certificates, the portion, if any, of the Group 2 Exchangeable Certificate Distribution remaining after giving effect to the distributions pursuant to clauses (A), (B) and (C) of this paragraph. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class C-PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 January 2011 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010January 2011, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class C-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II IV Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II IV Available Distribution Amount, the REMIC II IV Distribution Amount to the Holders of the REMIC II IV Regular Interests and the Class R-2 R-4 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Group 3 Certificates (other than the Class C, Class R and Class PPP 3-C Certificates), the amount otherwise distributable to the Class 3-C-L Regular Interest on such Distribution Date pursuant to clause (d)(xIII)(d)(ix) of the definition of “REMIC II IV Distribution Amount,” sequentially, as follows: (i) first, to the Group 3-A and Class A 3-IO Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class 3-M-1, Class 3-M-2, Class 3-M-3, Class 3-M-4, Class B-1, Class B-2 3-B-1 and Class B-3 3-B-2 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class 3-C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Group 3 Certificates (other than the Class C, Class R and Class PPP 3-C Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.202.23. Each Holder of a Group 3 Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class2.23. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class C-PPP Certificates, the Assigned Group 1 and Group 2 Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September April 2010 (or, if the Servicer exercises its purchase option set forth in the second first paragraph of this Section 9.01(a), or if all the Mortgage Group 1 and Group 2 Loans are paid in full or liquidated, in each case before the Distribution Date in September April 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class C-PPP Certificates. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 3-PPP Certificates, the Assigned Group 3 Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in April 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Group 3 Loans are paid in full or liquidated, in each case before the Distribution Date in April 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 3-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II, REMIC III and REMIC II IV and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) shall, subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and instructions, (ii) shall be deemed to have distributed from the Certificate Account the applicable portion of the REMIC III Distribution Amount to the Holders of the REMIC III Regular Interests (other than the Class 1X-2 Certificates), and to have deposited such amounts for their benefit into the Certificate Account, (iii) from the Certificate Account shall (A) distribute to the Class R Certificateholders the amounts to be distributed to the Holders of the Class R-3 Residual Interest and (B) distribute to the Class 1X-2 Certificateholders the amounts to be distributed to such Holders, in each case, pursuant to the definition of “REMIC III Distribution Amount” for such Distribution Date and (iv) shall withdraw from the Certificate Account the applicable portion of the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amountthereof, the REMIC II Distribution Amount to the Holders each Class of the REMIC II Regular Interests and Certificates (other than the Class R-2 Residual InterestR and Class 1X-2 Certificates) the amount deemed to have been distributed pursuant to clause (ii) above to its Corresponding Class. Notwithstanding the immediately preceding sentence, on each Distribution Dateparagraph, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distribute(i) on each Distribution Date, to from the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount amounts otherwise distributable as interest to the Class C1X-L Regular Interest PPP and Class 2X-PPP Certificates on such Distribution Date pursuant to clause the immediately preceding paragraph (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallypro rata according to such amounts otherwise distributable as interest), as follows: (i) firstdistribute, to the extent thereof, to the Holders of each Class of Class A and Class B Certificates, pro ratathe Carryover Shortfall Payment, any Basis Risk Carry Forward Amount if any, for each such Classes for such Distribution Date Class and (ii) secondon the initial Distribution Date, sequentiallyfrom the Initial Interest Shortfall Deposit, distribute, to the extent thereof, to the Holders of each Class M-1, of Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 A and Class B-3 B Certificates, up the excess, if any, of the Carryover Shortfall Amount, if any, for each such Class over the Carryover Shortfall Payment, if any, for each such Class, pro rata according to their respective Basis Risk Carry Forward Amounts for such Distribution Dateexcess amount. Each Holder of a Class C 1X-PPP and Class 2X-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class C, Class R A and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence second paragraph of this Section 4.05(a) and the provisions of Section 2.202.23. Each Holder of a Class A, Class B, Class 1X-PPP or Class 2X-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 1X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1 for such Distribution Date and (ii) Date. Furthermore, on the each Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation)Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 2X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 2 for such Distribution Date. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2007-Oa2)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II III Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II III Regular Interests and the Class R-2 R-3 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount otherwise distributable to the Class C-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October February 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 3-A-4 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP CertificatesDate. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II IV Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II IV Available Distribution Amount, the REMIC II IV Distribution Amount to the Holders of the REMIC II IV Regular Interests and the Class R-2 R-4 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distribute(i) on each Distribution Date, to from the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount amounts otherwise distributable to the Class CDX-PPP-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallyimmediately preceding sentence, as follows: (i) firstdistribute, to the extent thereof, to the Holders of each Class A of Class CA-1B, Class 4A-1B and Group L-B Certificates, pro ratathe Carryover Shortfall Payment, any Basis Risk Carry Forward Amount if any, for each such Classes for such Distribution Date Class and (ii) secondon each Distribution Date, sequentiallyfrom the amounts otherwise distributable to the Class 5X-PPP-L Regular Interest on such Distribution Date pursuant to the immediately preceding sentence, distribute, to the extent thereof, to the Holders of each Class M-1, of Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 5A-1B and Class B-3 Group 5-B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C DX-PPP-L or Class 5X-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class CCA-1B, Class R 4A-1B, Class 5A-1B, Group L-B and Class PPP Certificates) Group 5-B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.202.23. Each Holder of a Class CA-1B, Class 4A-1B, Class 5A-1B, Group L-B, Group 5-B, Class DX-PPP or Class 5X-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class DX-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4 for such Distribution Date and (ii) Date. Furthermore, on the each Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation)Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 5X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 5 for such Distribution Date. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II, REMIC III and REMIC II IV and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and instructions, (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests Group 4 Certificates and the Class R-2 Residual Interest. Notwithstanding Interest and (iii) withdraw from the immediately preceding sentenceCertificate Account the REMIC III Available Distribution Amount for such Distribution Date and distribute, on each from the amount so withdrawn, to the extent of the REMIC III Available Distribution DateAmount, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, REMIC III Distribution Amount to the Holders of the Group 1, Group 2, Group 3 and Group L-B Certificates (other than and the Class C, Class R and Class PPP Certificates), the amount otherwise distributable to the Class C-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such ClassR-3 Residual Interest. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class C-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1, Loan Group 2 and Loan Group 3 for such Distribution Date and (ii) on the Distribution Date in September July 2010 (or, if the Servicer exercises its purchase option set forth in the second first paragraph of this Section 9.01(a), or if all the Mortgage Group 1, Group 2 and Group 3 Loans are paid in full or liquidated, in each case before the Distribution Date in September July 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class C-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b4.02(c) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer, the Master Servicer or a Third Party Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), from the amount otherwise distributable to the Class CX-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallyimmediately preceding sentence, as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of the Class M-1A-1B1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 A-1B2 and Class B-3 A-1B3 and each Class of Class B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C X Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class CA-1B1, Class R A-1B2, Class A-1B3 and each Class PPP Certificates) of Class B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Class A-1B1, Class A-1B2, Class A-1B3, Class B or Class X Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, X Certificates the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP CertificatesDate. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2006-Ar5)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), from the amount otherwise distributable to the Class CX-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallyimmediately preceding sentence, as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of each Class M-1, of Class M-2, A Certificates (other than the Class M-3, Class M-4, Class B-1, Class B-2 A-1A2 Certificates) and Class B-3 B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C X Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Class A Certificates (other than the Class C, Class R A-1A2 Certificates) and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Class A Certificate (other than a Class A-1A2 Certificate), Class B Certificate or Class X Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 December 2005 to and including the Final Yield Maintenance Payment Date for the Class A-1 CertificatesDate, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such the Class A Certificates (other than a Class A-1A2 Certificates), the related Yield Maintenance Payment Amount for such ClassPayment. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP CertificatesDate. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement). Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) above shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) above shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee in writing by the 15th day of the month that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2005-Ar13)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi3.05(a)(viii), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), from the amount otherwise distributable to the Class CX-L Regular Interest on such Distribution Date pursuant to clause (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallyimmediately preceding sentence, as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of each Class M-1of Class A Certificates (other than the Class A-3 Certificates), Class M-2the Carryover Shortfall Payment, Class M-3if any, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for each such Distribution DateClass. Each Holder of a Class C X Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Class A Certificates (other than the Class C, Class R and Class PPP A-3 Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.202.16. Each Holder of a Class A (other than a Class A-3 Certificate) or Class X Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.16. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 March 2005 to and including the Final Yield Maintenance Payment Date for the Class A-1 CertificatesAugust 2013, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP A (other than the Class A-3 Certificates) and Class Y Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP Certificatesapplicable Yield Maintenance Payment. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Master Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement). Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) above shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee)Master Servicer. Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) above shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Master Servicer has notified the Trustee in writing by the 15th day of the month that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2005-Ar1)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II III Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II III Regular Interests and the Class R-2 R-3 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Group 3 Certificates (other than the Class C, Class R and Class PPP 3-C Certificates), the amount otherwise distributable to the Class 3-C-L Regular Interest on such Distribution Date pursuant to clause (d)(xII)(d)(xiv) of the definition of “REMIC II III Distribution Amount,” sequentially, as follows: (i) first, to the Class Group 3-A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class 3-M-1, Class 3-M-2, Class 3-M-3, Class 3-M-4, Class 3-M-5, Class 3-M-6, Class 3-B-1, Class B-2 3-B-2, Class 3-B-3, Class 3-B-4 and Class B-3 3-B-5 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class 3-C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Group 3 Certificates (other than the Class C, Class R and Class PPP 3-C Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Group 3 Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October July 2006 to and including the applicable Final Yield Maintenance Payment Date for the each Class A-1 of Class 1-A-1, Class 1-A-7, Class 1-A-12 and Class 2-CB-2 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class C-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1, Loan Group 2 and Loan Group 4 for such Distribution Date and (ii) on the Distribution Date in September June 2010 (or, if the Servicer exercises its purchase option set forth in the second first paragraph of this Section 9.01(a), or if all the Mortgage Group 1, Group 2 and Group 4 Loans are paid in full or liquidated, in each case before the Distribution Date in September June 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class C-PPP Certificates. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 3-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 3 for such Distribution Date and (ii) on the Distribution Date in June 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Group 3 Loans are paid in full or liquidated, in each case before the Distribution Date in June 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 3-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) shall, subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and instructions, (ii) withdraw shall be deemed to have distributed from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent applicable portion of the REMIC II Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II Class 1-A-EXS-M, Class 1-A-EXS-IO1-M, Class 1-A-EXS-IO2-M, Class 1-A-EXSUP-M, Class 1-A-EXSUP-IO-M, Class 1-A-EXMZ-M, Class 1-A-EXMZ-IO-M, Class 3-A-EXS-M, Class 3-A-EXS-IO1-M and Class 3-A-EXS-IO2-M Regular Interests Interests, and to have deposited such amounts for their benefit into the Certificate Account and (iii) from the Certificate Account shall (A) distribute to the Class R-2 Residual Interest. Notwithstanding R Certificateholders the immediately preceding sentence, on each Distribution Date, amounts to be distributed to the Trustee (or any duly appointed paying agent) shall, on behalf Holders of the Trust, distribute, Class R-3 Residual Interest and (B) distribute to the Holders of the Certificates (other than the Class C, Class R and Class PPP Exchangeable Certificates), ) the amount otherwise distributable amounts to be distributed to the Class C-L Regular Interest on such Distribution Date Holders of those Certificates, in each case, pursuant to clause (d)(x) of the definition of “REMIC II III Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 CertificatesDate, the Trustee shall on behalf of the Trust withdraw from the Certificate Account the aggregate amount deemed to have been distributed pursuant to clause (ii) of the first paragraph of this Section 4.05(a) to the Class 1-A-EXS-M, Class 1-A-EXS-IO1-M and Class 1-A-EXS-IO2-M Regular Interests (such aggregate amount, the “Subgroup 1-1 Exchangeable Certificate Distribution”) and distribute such Subgroup 1-1 Exchangeable Certificate Distribution to the Holders of the Exchangeable Certificates, as follows:
(A) to the Class 1-A-4 Certificates, the Class 1-A-4 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXS-M, Class 1-A-EXS-IO1-M and Class 1-A-EXS-IO2-M Regular Interests;
(B) to the Yield Maintenance Payment Amount for Class 1-A-13 Certificates, the Class 1-A-13 Fraction of all distributions of principal and interest on such ClassDistribution Date to the Class 1-A-EXS-M Regular Interest;
(C) to the Class 1-A-14 Certificates, the Class 1-A-14 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXS-M and Class 1-A-EXS-IO1-M Regular Interests; and
(D) to the Class 1-A-15 Certificates, the portion, if any, of the Subgroup 1-1 Exchangeable Certificate Distribution remaining after giving effect to the distributions pursuant to clauses (A), (B) and (C) of this paragraph. Furthermore, on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account the aggregate amount deemed to have been distributed pursuant to clause (ii) of the first paragraph of this Section 4.05(a) to the Class 1-A-EXSUP-M, Class 1-A-EXSUP-IO-M, Class 1-A-EXMZ-M and Class 1-A-EXMZ-IO-M Regular Interests (such aggregate amount, the “Subgroup 1-2 Exchangeable Certificate Distribution”) and distribute such Subgroup 1-2 Exchangeable Certificate Distribution to the Holders of the Exchangeable Certificates, as follows:
(A) to the Class 1-A-1 Certificates, the Class 1-A-1 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXSUP-M and Class 1-A-EXSUP-IO-M Regular Interests;
(B) to the Class 1-A-8 Certificates, the Class 1-A-8 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXMZ-M and Class 1-A-EXMZ-IO-M Regular Interests;
(C) to the Class 1-A-11 Certificates, the Class 1-A-11 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXSUP-M Regular Interest;
(D) to the Class 1-A-12 Certificates, the Class 1-A-12 Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXMZ-M Regular Interest;
(E) to the Class 1-A-9 Certificates, the sum of (1) the Class 1-A-9 Super Senior Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXSUP-M Regular Interest and (2) the Class 1-A-9 Mezzanine Fraction of all distributions of principal and interest on such Distribution Date to the Class 1-A-EXMZ-M Regular Interest; and
(F) to the Class 1-A-10 Certificates, the portion, if any, of the Subgroup 1-2 Exchangeable Certificate Distribution remaining after giving effect to the distributions pursuant to clauses (A), (B), (C), (D) and (E) of this paragraph. Furthermore, on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account the aggregate amount deemed to have been distributed pursuant to clause (ii) of the first paragraph of this Section 4.05(a) to the Class 3-A-EXS-M, Class 3-A-EXS-IO1-M and Class 3-A-EXS-IO2-M Regular Interests (such aggregate amount, the “Group 3 Exchangeable Certificate Distribution”) and distribute such Group 3 Exchangeable Certificate Distribution to the Holders of the Exchangeable Certificates, as follows:
(A) to the Class 3-A-1 Certificates, the Class 3-A-1 Fraction of all distributions of principal and interest on such Distribution Date to the Class 3-A-EXS-M, Class 3-A-EXS-IO1-M and Class 3-A-EXS-IO2-M Regular Interests;
(B) to the Class 3-A-3 Certificates, the Class 3-A-3 Fraction of all distributions of principal and interest on such Distribution Date to the Class 3-A-EXS-M Regular Interest;
(C) to the Class 3-A-4 Certificates, the Class 3-A-4 Fraction of all distributions of principal and interest on such Distribution Date to the Class 3-A-EXS-M and Class 3-A-EXS-IO1-M Regular Interests; and
(D) to the Class 3-A-5 Certificates, the portion, if any, of the Group 3 Exchangeable Certificate Distribution remaining after giving effect to the distributions pursuant to clauses (A), (B) and (C) of this paragraph. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class C-PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September 2010 March 2011 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010March 2011, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class C-PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II III Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II III Regular Interests and the Class R-2 R-3 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Dateparagraph, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, (i) on each Distribution Date, from the amounts otherwise distributable as interest to the Class 1X-L and Class 2X-PPP-L Regular Interests on such Distribution Date pursuant to the immediately preceding paragraph, distribute, to the extent thereof, to the Holders of the Certificates (other than the each Class Cof Class 1A, Class R 1A-1B, Class 2A, Class 2A-1B, Class CA-1C and Class PPP B Certificates), the amount Carryover Shortfall Payment, if any, for each such Class and (ii) on the initial Distribution Date, from the Initial Interest Shortfall Deposit, distribute, to the extent thereof, to the Holders of each Class of Class 1A, Class 1A-1B, Class 2A, Class 2A-1B, Class CA-1C and Class B Certificates, the excess, if any, of the Carryover Shortfall Amount, if any, for each such Class over the Carryover Shortfall Payment, if any, for each such Class, pro rata according to such excess amount. The amounts otherwise distributable as interest to the Class C1X-L and Class 2X-PPP-L Regular Interests on each Distribution Date pursuant to the first paragraph of this Section 4.05(a) shall be reduced by the aggregate Carryover Shortfall Payments paid pursuant to clause (i) of the second paragraph of this Section 4.05(a) as follows: (a) first, the amounts otherwise distributable as interest to the Class 1X-L and Class 2X-PPP-L Regular Interests on such Distribution Date shall be reduced, pro rata according to such amounts otherwise distributable as interest, by the aggregate Carryover Shortfall Payments paid to the Class 2A, Class 2A-1B and Class CA-1C Certificates pursuant to clause (i) of the second paragraph of this Section 4.05(a), (b) second, the remaining amount (after giving effect to the reduction pursuant to clause (a) above) otherwise distributable as interest to the Class 1X-L Regular Interest on such Distribution Date shall be further reduced by the aggregate Carryover Shortfall Payments paid to the Class 1A and Class 1A-1B Certificates pursuant to the second paragraph of this Section 4.05(a), (c) third, the remaining amount (after giving effect to the reduction pursuant to clause (d)(xa) above) otherwise distributable as interest to the Class 2X-PPP-L Regular Interest on such Distribution Date shall be further reduced by the portion, if any, of the aggregate Carryover Shortfall Payments paid to the Class 1A and Class 1A-1B Certificates pursuant to clause (i) of the definition second paragraph of “REMIC II this Section 4.05(a) that has not been allocated in reduction of the amount otherwise distributable as interest to the Class 1X-L Regular Interest pursuant to clause (b) above and (d) the remaining amounts (after giving effect to the reductions pursuant to clauses (a), (b) and (c) above) otherwise distributable as interest to the Class 1X-L and Class 2X-PPP-L Regular Interests on such Distribution Amount,” sequentiallyDate shall be further reduced, pro rata according to such remaining amounts otherwise distributable as follows: interest, by the aggregate Carryover Shortfall Payments paid to the Class B Certificates pursuant to clause (i) first, to of the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 and Class B-3 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Datesecond paragraph of this Section 4.05(a). Each Holder of a Class C 1X or Class 2X-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class C1A, Class R 1A-1B, Class 2A, Class 2A-1B, Class CA-1C and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence second paragraph of this Section 4.05(a) and the provisions of Section 2.202.23. Each Holder of a Class 1A, Class 1A-1B, Class 2A, Class 2A-1B, Class CA-1C, Class B, Class 1X or Class 2X-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 2X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 2 for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP CertificatesDate. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
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Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II III Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II III Regular Interests and the Class R-2 R-3 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distributeon each Distribution Date, to from the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount amounts otherwise distributable to the Class C1X-PPP-L and Class 2X-PPP-L Regular Interest Interests on such Distribution Date pursuant to clause the immediately preceding sentence (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallypro rata according to such amount otherwise distributable), as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of each Class M-1of Class 1A-1B1, Class M-21A-1B2, Class M-31A-1B3, Class M-4, Class B-1, Class B-2 1A-1B4 and Class B-3 B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C 1X-PPP or Class 2X-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class C1A-1B1, Class R 1A-1B2, Class 1A-1B3, Class 1A-1B4 and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.202.23. Each Holder of a Class 1A-1B1, Class 1A-1B2, Class 1A-1B3, Class 1A-1B4, Class B, Class 1X-PPP or Class 2X-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class 1X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1 for such Distribution Date and (ii) Date. Furthermore, on the each Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation)Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 2X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 2 for such Distribution Date. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2006-Ar9)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount otherwise distributable to the Class C-L Regular Interest on such Distribution Date pursuant to clause (d)(xd)(xi) of the definition of “REMIC II Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro ratarata (according to the Basis Risk Carry Forward Amount for such Classes for such Distribution Date), any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 B-2, Class B-3 and Class B-3 B-4 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October November 2006 to and including the applicable Final Yield Maintenance Payment Date for each Class of the Class A-1 A-1B and Class A-2 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September October 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September October 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) shall, subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and instructions, (ii) shall be deemed to have distributed from the Certificate Account the applicable portion of the REMIC III Distribution Amount to the Holders of the REMIC III Regular Interests (other than the Class 2X-1 Certificates), and to have deposited such amounts for their benefit into the Certificate Account, (iii) from the Certificate Account shall (A) distribute to the Class R Certificateholders the amounts to be distributed to the Holders of the Class R-3 Residual Interest and (B) distribute to the Class 2X-1 Certificateholders the amounts to be distributed to such Holders, in each case, pursuant to the definition of “REMIC III Distribution Amount” for such Distribution Date and (iv) shall withdraw from the Certificate Account the applicable portion of the REMIC II III Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amountthereof, the REMIC II Distribution Amount to the Holders each Class of the REMIC II Regular Interests and Certificates (other than the Class R-2 Residual InterestR and Class 2X-1 Certificates) the amount deemed to have been distributed pursuant to clause (ii) above to its Corresponding Class. Notwithstanding the immediately preceding sentence, on each Distribution Dateparagraph, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distribute(i) on each Distribution Date, to from the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount amounts otherwise distributable as interest to the Class CCX-L Regular Interest PPP Certificates on such Distribution Date pursuant to clause the immediately preceding paragraph (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallypro rata according to such amounts otherwise distributable as interest), as follows: (i) firstdistribute, to the extent thereof, to the Holders of each Class of Class A and Class B Certificates, pro ratathe Carryover Shortfall Payment, any Basis Risk Carry Forward Amount if any, for each such Classes for such Distribution Date Class and (ii) secondon the initial Distribution Date, sequentiallyfrom the Initial Interest Shortfall Deposit, distribute, to the extent thereof, to the Holders of each Class M-1, of Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 A and Class B-3 B Certificates, up the excess, if any, of the Carryover Shortfall Amount, if any, for each such Class over the Carryover Shortfall Payment, if any, for each such Class, pro rata according to their respective Basis Risk Carry Forward Amounts for such Distribution Dateexcess amount. Each Holder of a Class C CX-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class C, Class R A and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence second paragraph of this Section 4.05(a) and the provisions of Section 2.202.23. Each Holder of a Class A, Class B or Class CX-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class CX-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 1 and Loan Group 2 for such Distribution Date and (ii) on the Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP CertificatesDate. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2007-Oa3)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II III Available Distribution Amount, the REMIC II III Distribution Amount to the Holders of the REMIC II III Regular Interests and the Class R-2 R-3 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, shall on behalf of the Trust, distributeon each Distribution Date, to from the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount amounts otherwise distributable to the Class CCX-PPP-L and Class 3X-PPP-L Regular Interest Interests on such Distribution Date pursuant to clause the immediately preceding sentence (d)(x) of the definition of “REMIC II Distribution Amount,” sequentiallypro rata according to such amount otherwise distributable), as follows: (i) firstdistribute, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentiallyextent thereof, to the Holders of each Class M-1of Class CA-1B1, Class M-2CA-1B2, Class M-3CA-1B4, Class M-4, Class B-1, Class B-2 CA-1B4 and Class B-3 B Certificates, up to their respective Basis Risk Carry Forward Amounts the Carryover Shortfall Payment, if any, for each such Distribution DateClass. Each Holder of a Class C CX-PPP-L or Class 3X-PPP Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts Carryover Shortfall Payments to the Holders of the Certificates (other than the Class CCA-1B1, Class R CA-1B2, Class CA-1B4, Class CA-1B4 and Class PPP Certificates) B Certificates pursuant to the immediately preceding sentence and the provisions of Section 2.202.23. Each Holder of a Class CA-1B1, Class CA-1B2, Class CA-1B4, Class CA-1B4, Class B, Class CX-PPP or Class 3X-PPP Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.202.23. Furthermore, on each Distribution Date from and including the Distribution Date in October 2006 to and including the Final Yield Maintenance Payment Date for the Class A-1 Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class CX-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 2 for such Distribution Date and (ii) Date. Furthermore, on the each Distribution Date in September 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September 2010, then on the date of such purchase or payment in full or liquidation)Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class 3X-PPP Certificates, the Assigned Prepayment Premiums for Loan Group 3 for such Distribution Date. The net distributions to the Certificates pursuant to this Section 4.04(a4.05(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a4.05(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I I, REMIC II and REMIC II III and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii4.05(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Minimum Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer has notified the Trustee that it believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
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Samples: Pooling and Servicing Agreement (WaMu Mortgage Pass-Through Certificates, Series 2006-Ar7)
Distributions to Certificateholders; Payment of Special Primary Insurance Premiums. (a) On each Distribution Date, the Trustee (or any duly appointed paying agent) shall on behalf of the Trust (i) subject to Section 3.05(a)(vi), withdraw from the Certificate Account any Special Primary Insurance Premium payable on such Distribution Date and pay such amount to the insurer under the applicable Special Primary Insurance Policy in accordance with the Servicer’s instructions and (ii) withdraw from the Certificate Account the REMIC II Available Distribution Amount for such Distribution Date and distribute, from the amount so withdrawn, to the extent of the REMIC II Available Distribution Amount, the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and the Class R-2 Residual Interest. Notwithstanding the immediately preceding sentence, on each Distribution Date, the Trustee (or any duly appointed paying agent) shall, on behalf of the Trust, distribute, to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates), the amount otherwise distributable to the Class C-L Regular Interest on such Distribution Date pursuant to clause (d)(xd)(xi) of the definition of “REMIC II Distribution Amount,” sequentially, as follows: (i) first, to the Class A Certificates, pro rata, any Basis Risk Carry Forward Amount for such Classes for such Distribution Date and (ii) second, sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2 B-2, Class B-3 and Class B-3 B-4 Certificates, up to their respective Basis Risk Carry Forward Amounts for such Distribution Date. Each Holder of a Class C Certificate is deemed to have accepted the terms for payment of the Basis Risk Carry Forward Amounts to the Holders of the Certificates (other than the Class C, Class R and Class PPP Certificates) pursuant to the immediately preceding sentence and the provisions of Section 2.20. Each Holder of a Certificate is deemed, by acceptance of such Certificate, to have accepted the provisions of Section 2.20. Furthermore, on each Distribution Date from and including the Distribution Date in October September 2006 to and including the applicable Final Yield Maintenance Payment Date for the each Class A-1 of Class A-1B and Class A-2B Certificates, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of such Class the Yield Maintenance Payment Amount for such Class. Furthermore, (i) on each Distribution Date, the Trustee shall on behalf of the Trust withdraw from the Certificate Account and distribute to the Holders of the Class PPP Certificates, the Assigned Prepayment Premiums for such Distribution Date and (ii) on the Distribution Date in September August 2010 (or, if the Servicer exercises its purchase option set forth in the second paragraph of this Section 9.01(a), or if all the Mortgage Loans are paid in full or liquidated, in each case before the Distribution Date in September August 2010, then on the date of such purchase or payment in full or liquidation), the Trustee shall on behalf of the Trust withdraw from the Certificate Account $100 and distribute such amount to the Holders of the Class PPP Certificates. The net distributions to the Certificates pursuant to this Section 4.04(a) shall be made in accordance with the written statement received from the Servicer pursuant to Section 4.02(b) and without any responsibility on the part of the Trustee to recalculate, verify or confirm the information in such statement. Any Special Primary Insurance Premiums distributed pursuant to clause (i) of the first paragraph of this Section 4.04(a) shall be distributed by any method specified in the respective Special Primary Insurance Policy as directed by the related insurer to the Servicer (and by the Servicer to the Trustee). Amounts distributed to the Certificateholders pursuant to clause (ii) of the first paragraph of this Section 4.04(a) shall be distributed by wire transfer in immediately available funds for the account of, or by check mailed to, each such Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.01 respecting the final distribution), as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register.
(b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal and all allocations of Realized Losses made on any Distribution Date shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer or exchange therefor or in lieu thereof, whether or not such distribution is noted on such Certificate. The final distribution of principal of each Certificate (and the final distribution upon the Class R Certificates upon (i) the termination of REMIC I and REMIC II and (ii) the payment, or making provision for payment, of all liabilities of the Trust) shall be payable in the manner provided above only upon presentation and surrender thereof on or after the Distribution Date therefor at the office or agency of the Certificate Registrar specified in the notice delivered pursuant to Section 4.04(c)(ii) and Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Mortgage Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the Payoff Period, the Servicer believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Servicer shall so notify the Trustee no later than the 16th day of the month of such Distribution Date, and the Trustee shall, upon receipt of such notice, no later than the 18th day of the month of such Distribution Date, mail or cause to be mailed to each Person in whose name a Certificate to be so retired is registered at the close of business on the Record Date and to the Rating Agencies a notice to the effect that:
(i) it is expected that funds sufficient to make such final distribution will be available in the Certificate Account on such Distribution Date, and
(ii) if such funds are available, (A) such final distribution will be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Certificate Registrar maintained for such purpose (the address of which shall be set forth in such notice), and (B) no interest shall accrue on such Certificate after such Distribution Date.
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