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Common use of Distributions to Certificateholders Clause in Contracts

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 3 contracts

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-9f), Trust Agreement (Structured Asset Securities Corp), Trust Agreement (GSR Mortgage Loan Trust 2005-9f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on On each Distribution Date, the Securities Administrator Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the aggregate Distribution Account, the Available Distribution Amount for such Distribution Date and distribute to each Collateral Group related Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than Collateral Group 7as provided in Section 9.2 respecting the final distribution) as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register, from the Certificate Accountamount so withdrawn and to the extent of the Available Distribution Amount such Certificateholder’s Percentage Interest of the following amounts and in following order and priority: (a) On each Distribution Date prior to the Credit Support Depletion Date, and shall the Securities Administrator will distribute it the Available Distribution Amount in the following manner order and order of priority: (1) first, to each class of Senior Certificates (other than the Class PO Certificates) and the Class AR Certificates, the related Interest Distribution Amount on a pro rata basis based on the related Interest Distribution Amount with respect to each such Class; (2) second, to the Class PO Certificates, the Discount Fractional Principal Amount until the Certificate Principal Balance of the Class PO Certificates has been reduced to zero; (3) third, to the Class AR Certificates, the Senior Principal Distribution Amount until the Certificate Principal Balance of the Class AR Certificates has been reduced to zero; (4) fourth, to the Class A-1, Class A-2, Class AI-1 and Class AI-2 Certificates, pro rata based on Certificate Principal Balance, the Senior Principal Distribution Amount remaining after payments pursuant to clause (3) above, until their Certificate Principal Balances have been reduced to zero; and (5) fifth, the Discount Fractional Principal Shortfall to the Class PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount for such Distribution Date (without regard to the proviso of such definition). (6) From the Available Distribution Amount remaining after payments pursuant to clauses (1) through (5) above, (a) first, the Senior Interest Shortfall Amount for each Class of Senior Certificates (other than the Principal Only Class PO Certificates) related to for such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Distribution Date, Accrued Certificate Interest thereonif any, pro rata in proportion according to the amount of Accrued Certificate Interest owing interest to which each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall would otherwise be distributed in the following order of priority entitled and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added second, an amount equal to the Class Principal Balance thereof: (i) to the Class 2A-4 CertificatesCollateral Deficiency Amount, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificatesif any, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group), to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to pro rata among the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: Certificates (iother than the Interest Only Certificates) 87.9708606127483% to based on the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Certificate Principal Balance of each such classClass, as a payment of principal. (7) From the Group 1(Bremaining Available Distribution Amount, after payments pursuant to clauses (1) NAS Priority Amount through (6) above, to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8, Class B-9, Class B-10, Class B-11 and Class B-12 Certificates, sequentially, in that order, an amount equal to their respective Interest Distribution Amounts for such Distribution DateDate and their pro rata share, until based on the Class outstanding Certificate Principal Balance of each such class is reduced to zero; (B) to Class, of the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicableAmount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its the Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable payable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata distributed to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level such percentage as of the Closing Date Date, and all to the Class or Classes of related Subordinate Certificates senior thereto;, pro rata based on the certificate principal balance of each such Class. (58) To the Class A-1 and Class AI-1 Certificates, from the Available Distribution Amount remaining after distributions pursuant to clauses (1) through (7) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to each related such classes of certificates. (9) To the Class A-2 and Class AI-2 Certificates, from the Available Distribution Amount remaining after distributions pursuant to clauses (1) through (8) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such classes of certificates, and then to the Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses losses previously allocated to such Certificates; andclasses of certificates. (610) after all of To the other Classes of Certificates (other than the Residual Class AR Certificates) have been paid in full, the remainder if any, (which is expected to be zero), if any of the Available Distribution Amount for remaining after distributions pursuant to clauses (i1) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, through (ii9) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingabove. (b) On each Distribution Date prior to on or after the Credit Support Depletion Date but after Date, to the date extent of the Available Distribution Amount on which such Distribution Date, distributions will be made to the aggregate Certificate Principal Balance Senior Certificates in the following order of priority: (1) first, to each class of the Senior Certificates (other than the Class 7A-1PO Certificates) and the Class AR Certificates, from the Available Distribution Amount, the related Interest Distribution Amount on a pro rata basis based on the amount payable to each such Class; (2) second, from the Available Distribution Amount remaining after payments in clause (1) above, the Discount Fractional Principal Amount to the Class PO Certificates; (3) third, to the Class A-1, Class 7A-2A-2, Class 1A-P AI-1 and Class 2A-P AI-2 Certificates) of any , pro rata based on Certificate Group has been reduced to zeroPrincipal Balance, amounts otherwise distributable as principal on each Class of related Subordinate Certificates the Available Distribution Amount remaining after payments pursuant to Section 3.01(a)(4)clauses (1) and (2) above, in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class their Certificate Principal Balances thereof have been reduced to zero; (4) fourth, provided that on such from the Available Distribution Date Amount remaining after payments pursuant to clauses (a1) through (3) above, to each Class of certificates for which a Senior Interest Shortfall Amount exists, the related Aggregate Subordinate Percentage Senior Interest Shortfall Amount for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence)pro rata, shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of based on such Senior Certificates equals Interest Shortfall Amount; (5) fifth, from the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed payments pursuant to clauses (1) through (4) above, to the Senior Certificates (other than the related Class A-P A-1 and Class AI-1 Certificates) of such other Certificate Groups. In addition, by Pro Rata Allocation, the amount of any unpaid Current Shortfalls with respect unreimbursed losses previously allocated to an Undercollateralized Group on any each such Class; (6) sixth, from the Available Distribution Date Amount remaining after payments pursuant to clauses (including any Current Shortfalls for such Distribution Date1) shall be distributed through (5) above, to the Senior Certificates Class A-2 and Class AI-2 Certificates, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to each such Class; and (other than the related Class A-P Certificates7) of such Undercollateralized Group prior seventh, to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Class AR Certificates, in reverse order of priority the remainder, if any (orwhich is expected to be zero), following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, Available Distribution Amount remaining after giving effect to distributions pursuant to Section 3.01(aclauses (1) on such through (6) above. (c) On each Distribution Date, exceeds the Non-AP Pool Balance Securities Administrator will distribute to the Class P Certificates any Trust Prepayment Charges received in respect of the related Collateral Group for Loans. On the Distribution Date in December 2011, prior to making any distributions to the Class AR Certificates, the Securities Administrator shall make a payment of principal to the Class P Certificates in reduction of the certificate principal balance of such Distribution Dateclass.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1), Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Certificateholder by wire transfer in immediately available funds for the account of the Standard Terms Certificateholder, or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution), as specified by each such Certificateholder, and subject at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the exceptions set forth below extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and to Section 3.02, on in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall withdraw distribute the aggregate Available Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date: (a) first, to the Certificate Swap Account, an amount equal to the sum of any Net Swap Payment owed to the Certificate Swap Provider and any Swap Termination Payment owed to the Certificate Swap Provider not due to a Swap Provider Trigger Event for such Distribution Date; (b) second, concurrently to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent of the Interest Remittance Amount on a pro rata basis based on the entitlement of each Collateral Group such Class; and (other than Collateral Group 7c) from third, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, sequentially, in that order, the related Interest Distribution Amount allocable to each such Class to the extent of the Interest Remittance Amount for such Distribution Date remaining after distributions to the Certificate AccountSwap Account and distribution of the Senior Interest Distribution Amount to the Class A Certificates and distribution of the Interest Distribution Amount to any Class of Class M Certificates with a higher payment priority. (A) On each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect, and the Securities Administrator shall distribute it the Principal Distribution Amount for that Distribution Date in the following manner amounts and order of priority: (1a) first to each the Certificate Swap Account, an amount equal to the sum of any Net Swap Payment owed to the Certificate Swap Provider and any Swap Termination Payment owed to the Certificate Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; (b) second, concurrently, on a pro rata basis (with respect to subsection (i) below, based on the Certificate Principal Balance of the Class A-3 Certificates, and with respect to subsection (ii) below, based on the aggregate Certificate Principal Balance of Senior Certificates (other than the Principal Only Class A-1, Class A-2, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereofas follows: (i) to the Holders of the Class 1A-12 A-3 Certificates, until the Class its Certificate Principal Balance thereof is has been reduced to zero; , and (ii) to the Holders of the Class 1A-13 A-1, Class A-2, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, concurrently, on a pro rata basis (with respect to clause (A) below, based on the aggregate Certificate Principal Balance of the Class A-1, Class A-4 and Class A-5 Certificates, and with respect to clause (B) below, based on the aggregate Certificate Principal Balance of the Class A-2, Class A-6 and Class A-7 Certificates) as follows: (A) concurrently, on a pro rata basis (with respect to clause (a) below, based on the Certificate Principal Balance of the Class A-1 Certificates, and with respect to clause (b) below, based on the aggregate Certificate Principal Balance of the Class A-4 and Class A-5 Certificates) as follows: (a) first, to the holders of the Class A-1 Certificates, until the Class its Certificate Principal Balance thereof is has been reduced to zero; and (b) Accrued Certificate Interest on second, sequentially, to the holders of the Class 2A-5 Certificates shall be distributed in the following order of priority A-4 and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 A-5 Certificates, in that order, until the Class their respective Certificate Principal Balance thereof is Balances have been reduced to zero; and (iiB) concurrently, on a pro rata basis (with respect to clause (a) below, based on the Certificate Principal Balance of the Class 2A-5 A-2 Certificates, until and with respect to clause (b) below, based on the aggregate Certificate Principal Balance of the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only A-6 and Class A-7 Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentiallyfirst, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance holders of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 A-2 Certificates, until the Class its Certificate Principal Balance thereof is has been reduced to zero; and (IIIb) second, sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance holders of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 A-6 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 A-7 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Datethat order, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Certificate Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is Balances have been reduced to zero; and (c) third, sequentially to the Holders of the Class 3A-1 M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in reduction of its Class Principal Balancethat order, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Dateremaining after the distributions in subsection (b) above, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Certificate Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class or Component of Senior Certificates (other than the Principal Only Certificates) related to of such Collateral Certificate Group (other than Collateral than, in the case of Group 1I and Group III, the Class A-P and Collateral Group 2-PCertificates), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on each of the Class 1A-13 IA-4 and Class IIA-4 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i1) Accrued Certificate Interest on the Class IA-4 Certificates will be distributed in the following order of priority: (A) sequentially, to the Class 1A-12 IA-2 and Class IA-3 Certificates, in that order, until the Class Principal Balance Balances thereof is are reduced to zero; and (iiB) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 IA-4 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) Accrued Certificate Interest on the Class IIA-4 Certificates will be distributed in the following order of priority: (A) sequentially, to the Class IIA-2 and Class IIA-3 Certificates, in that order, until the Class Principal Balances thereof are reduced to zero; and (B) to the Class IIA-4 Certificates, until the Class Principal Balance thereof is reduced to zero; (ii) to the Senior Certificates (of the related Certificate Group, other than the any related Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Loan Group, concurrently as follows: (a1) to the Class 1A-2IA-1, Class 1A-4IA-2, Class 1A-5IA-3, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-4 and Class 1A-16 IA-5 Certificates and the A-P(I) Component of the Class A-P Certificates, in reduction of their respective Class Principal Balances or Component Principal Balance, from the Available Distribution Amount for Collateral Group 1 I, concurrently, as follows: (A) to the Class IA-1, Class IA-2, Class IA-3, Class IA-4 and Class IA-5 Certificates, in reduction of their respective Class Principal Balances, in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 GroupI, in the following order of priority: (A) i. to the Class 1A-14, Class 1A-15 and Class 1A-16 IA-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS IA-5 Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class Class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) ii. sequentially, to the 1A-7 GroupClass IA-1, Class IA-2, Class IA-3 and Class IA-4 Certificates, in accordance with the 1A-7 Group Prioritythat order, until the aggregate Class Principal Balance of such Classes is Balances thereof are reduced to the PAC Scheduled Amount for such Distribution Date;zero; and (II) iii. to the Class 1A-10 IA-5 Certificates, until the Class Principal Balance thereof is reduced to zero; and (IIIB) sequentially, to the 1A-7 GroupA-P(I) Component, without regard to the PAC Scheduled A-P Principal Distribution Amount for such Distribution DateComponent and Group I, until the aggregate Class Component Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes Component is reduced to zero; (D2) to the Class 1A-14IIA-1, Class 1A-15 IIA-2, Class IIA-3, Class IIA-4 and Class 1A-16 IIA-5 Certificates, pro ratain reduction of their respective Class Principal Balances or Component Principal Balance, from the Available Distribution Amount for Group II in proportion an amount up to the Class Senior Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 CertificatesDistribution Amount for Group II, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 IIA-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS IIA-5 Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class Class is reduced to zero; (B) sequentially, to the Class 1A-2 IIA-1, Class IIA-2, Class IIA-3 and Class IIA-4 Certificates, in that order, until the Class Principal Balances thereof are reduced to zero; and (C) to the Class IIA-5 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C3) to the Class 1A-4 IIIA-1, Class IIIA-3, Class IIIA-4 and Class 1A-5 IIIA-5 Certificates and the A-P(III) Component of the Class A-P Certificates, pro rata, in proportion to the reduction of their respective Class Principal Balance of each such classBalances or Component Principal Balance, until from the Class Principal Balance of each such class is reduced to zero;Available Distribution Amount for Group III, concurrently, as follows: (bA) to the Class 2A-1 GroupIIIA-1, Class IIIA-3, Class IIIA-4 and Class IIIA-5 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution DateIII, in the following order of priority: (i) i. sequentially, to the Class 2A-6, Class 2A-7 IIIA-1 and Class 2A-8 IIIA-3 Certificates, in that order, until their aggregate Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date; ii. pro rata, in proportion to the Class IIIA-4 and Class IIIA-5 Certificates, until the Class Principal Balance of each such classBalances thereof are reduced to zero; and iii. sequentially, to the Group 2 NAS Priority Class IIIA-1 and Class IIIA-3 Certificates, in that order, without regard to their Scheduled Amount for such Distribution Date, until their respective Class Principal Balances are reduced to zero; and (B) to the A-P(III) Component of the Class A-P Certificates, the A-P Principal Distribution Amount for such Component and Group III, until the Component Principal Balance of each such class Component is reduced to zero; (ii4) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6IVA-1, Class 2A-7 IVA-3 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 IVA-4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 IV in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 IV, in the following order of priority: (A) to the Class IVA-1 Certificates, until its Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date; (B) pro rata, to the Class IVA-3 and Class IVA-4 Certificates, until their respective Class Principal Balances are reduced to zero; and (C) to the Class IVA-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the its Class Principal Balance of each such Class is reduced to zero;; and (e5) pro rata to the Class 5A-1 VA-1, Class VA-3, Class VA-4 and Class 5A-2 VA-5 Certificates, in reduction of their respective Class Principal Balances, Balance from the Available Distribution Amount for Collateral Group 5 V, in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 V, concurrently, as follows: (A) 80.00%, to the Class VA-1, Class VA-3 and Class VA-4 Certificates in the following order of priority: i. sequentially, to the Class VA-1 and Class VA-3 Certificates, in that order, until their aggregate Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date; ii. to the Class VA-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and iii. sequentially, to the Class VA-1 and Class VA-3 Certificates, in that order, without regard to their Scheduled Amount for such Distribution Date, until their respective Class Principal Balances are reduced to zero; and (B) 20.00%, to the Class VA-5 Certificates, until the Class Principal Balance of each such Class thereof is reduced to zero; and; (f6) pro rata to the Class 6A-1 and Class 6A-2 VIA-1 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 6 VI in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution DateVI, until the its Class Principal Balance of each such Class is reduced to zero (giii) to the Class 1A-P Certificatesconcurrently, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) pro rata from amounts otherwise payable to the Subordinate Certificates, to the related class each Class of Class A-P Principal Only Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates class and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of any such Class A-P of Principal Only Certificates; (4iv) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P)six groups, but subject to the prior distribution of amounts described under “— Cross-Collateralization” below, to the related Subordinate Certificates, in their order of seniority the sum of (i) Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Groupgroup, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class class or Classes classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes classes of related Subordinate Certificates senior thereto; (5v) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6vi) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingsix groups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance or Component Principal Amount of the Senior Certificates (other than than, in the case of Group I and Group III, the related Component of the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(iv), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Notional Certificates and, in the case of Group I and Group III, the related Component of the Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(23.01(a)(ii) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan any Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than than, in the case of Group I and Group III, the related class Component of the Class A-A P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than than, in the case of Group I and Group III, the related Component of the Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Notional Certificates and, in the case of Group I and Group III, the related Component of the Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(23.01(a)(ii), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Group not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than than, in the case of Group I and Group III, the related Component of the Class A-P Certificates) of such other Certificate GroupsGroup. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall will be distributed to the Senior Certificates (other than than, in the case of Group I and Group III, the related Component of the Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than than, in the case of Group I and Group III, the related Component of the Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 2 contracts

Samples: Trust Agreement (Gs Mortgage Securities Corp GSR Mort Loan Tr 2003-7f), Trust Agreement (Gs Mortgage Securities Corp)

Distributions to Certificateholders. (a) REMIC UT Distributions. (a) . In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 2A-4 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereofof the Class 2A-4 Certificates: (i) to the Class 1A-12 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and; (b) Accrued Certificate Interest on the Class 2A-5 3A-3 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereofof the Class 3A-3 Certificates: (i) to the Class 2A-4 3A-1 Certificates, until the aggregate Class Principal Balance thereof is reduced to zerothe PAC(C) Scheduled Amount for such Distribution Date; and (ii) to the Class 2A-5 3A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group2A-1, Class 2A-2, Class 2A-3, Class 2A-4, Class 2A-6, Class 2A-7, Class 2A-8, Class 2A-9, Class 2A-10, Class 2A-11, Class 2A-12, Class 2A-13, Class 2A-14, Class 2A-15, Class 2A-16, Class 2A-17, Class 2A-19 and Class 2A-20 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) 39.1588918023% of the amount distributable pursuant to clause (2)(b) above to the Class 2A-6, Class 2A-7 2A-7, Class 2A-8, Class 2A-9, Class 2A-10, Class 2A-11, Class 2A-12, Class 2A-15, Class 2A-16, Class 2A-17, Class 2A-19 and Class 2A-8 2A-20 Certificates, pro ratain the following order of priority: (A) sequentially, to the Class 2A-15, Class 2A-16 and Class 2A-17 Certificates, in proportion to that order, until the aggregate Class Principal Balance of each such class, Classes is reduced to the Group 2 NAS Priority PAC(A) Scheduled Amount for such Distribution Date; (B) to the Class 2A-6, Class 2A-10, Class 2A-11, Class 2A-12, Class 2A-19 and Class 2A-20 Certificates, concurrently as follows: (I) 41.2673879444% of the amount distributable pursuant to clause (2)(b)(i)(B) above to the Class 2A-11 and Class 2A-12 Certificates in the following order of priority; a. to the Class 2A-11 Certificates, until the Class Principal Balance of each such class thereof is reduced to zerothe PAC(B) Scheduled Amount for such Distribution Date; (ii) b. to the Class 2A-2 2A-12 Certificates, until the Class Principal Balance thereof is reduced to zero;; and (iii) c. to the Class 2A-3 Group2A-11 Certificates, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) without regard to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (cPAC(B) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Scheduled Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 2 contracts

Samples: Trust Agreement (GSR Mortgage Loan Trust 2006-2f), Trust Agreement (GSR Mortgage Loan Trust 2006-2f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Certificateholder by wire transfer in immediately available funds for the account of the Standard Terms Certificateholder, or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution), as specified by each such Certificateholder, and subject at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the exceptions set forth below extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and to Section 3.02, on in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall withdraw distribute the aggregate Available Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date: (a) first, to the Supplemental Interest Trust, an amount equal to the sum of any and any Net Swap Payment owed to the Swap Provider and any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; (b) second, concurrently to the holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5, Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent of the Interest Remittance Amount on a pro rata basis based on the entitlement of each Collateral Group such Class; and (other than Collateral Group 7c) from third, to the Certificate Accountholders of the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, the related Interest Distribution Amount allocable to each such Class to the extent of the Interest Remittance Amount for such Distribution Date remaining after distribution of the Senior Interest Distribution Amount to the Class A Certificates and distribution of the Interest Distribution Amount to any Class of Class M Certificates with a higher payment priority. (A) On each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect, the Securities Administrator shall distribute it the Principal Distribution Amount for that Distribution Date in the following manner amounts and order of priority: (1a) First, concurrently and on a pro rata basis, to the Class R Certificates until the Class R Certificate Principal Balance has been reduced to zero, and then to (i) the Class A-5 Certificates based on the Class A-5 Certificate Principal Balance until the Class A-5 Principal Balance has been reduced to zero and (ii) the Class A-1, Class A-2, Class A-3, and Class A-4 Certificates based on the Certificate Principal Balance of each such Class until the Certificate Principal Balance of Senior each such Class has been reduced to zero; provided, however, that distributions to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates pursuant to clause (other than ii) shall be made on a sequential basis, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; (b) Second, sequentially to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Distribution Amount remaining after the distributions in clause First, Accrued above, until the Certificate Interest thereon, pro rata in proportion to the amount Principal Balance of Accrued Certificate Interest owing to each such Class; provided that,Class has been reduced to zero. (B) On each Distribution Date (i) on or after the Stepdown Date and (ii) on which a Trigger Event is not in effect, the Securities Administrator shall distribute the Principal Distribution Amount for that Distribution Date in the following amounts and order of priority: (a) Accrued Certificate Interest First, concurrently and on a pro rata basis, the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added Senior Principal Distribution Amount, to the Class R Certificates until the Class R Certificate Principal Balance thereof: has been reduced to zero, and then to (i) to the Class 1A-12 A-5 Certificates, based on the Class A-5 Certificate Principal Balance until the Class A-5 Certificate Principal Balance has been reduced to zero, and (ii) to the Class A-1, Class A-2, Class A-3 and class A-4 Certificates based on the Certificate Principal Balance of each such Class until the Certificate Principal Balance of each such Class has been reduced to zero; provided, however, that distributions to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates pursuant to clause (ii) shall be made on a sequential basis, in that order, until the Class Certificate Principal Balance thereof is of each such Class has been reduced to zero; (b) Second, to the holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero; (c) Third, to the holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; (d) Fourth, to the holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; (e) Fifth, to the holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; (f) Sixth, to the holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; (g) Seventh, to the holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; (h) Eighth, to the holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; (i) Ninth, to the holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-8 Certificates has been reduced to zero; (j) Tenth, to the holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-9 Certificates has been reduced to zero; and (iik) Eleventh, to the holders of the Class 1A-13 M-10 Certificates, the Class M-10 Principal Distribution Amount in reduction of the Certificate Principal Balance thereof, until the Class Certificate Principal Balance thereof is of the Class M-10 Certificates has been reduced to zero; and. (biii) Accrued Certificate Interest on On each Distribution Date, the Class 2A-5 Certificates Securities Administrator shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 distribute any Net Monthly Excess Cashflow for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, Date in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rataholders of the Classes of Certificates then entitled to receive distributions in respect of principal, in proportion an amount equal to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Overcollateralization Increase Amount for such Distribution Date, until distributable as part of the Class Principal Balance of each such class is reduced to zeroDistribution Amount for that Distribution Date in accordance with the priorities set forth in Section 4.1(a)(ii) above; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Groupholders of the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in accordance with that order, the 1A-7 Group Priority, until the aggregate related Interest Carry Forward Amount for each such Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 GroupReserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any, with respect to the Class A and Class M Certificates exceeds the amount in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zeroReserve Fund that was not distributed on prior Distribution Dates; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%concurrently, to the holders of the Class 1A-2A-1, Class 1A-4 A-2, Class A-3 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, A-4 Certificates on a pro rata, in proportion to the Class Principal Balance of each such classrata basis, the Group 1(A) NAS Priority Allocated Realized Loss Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Af1)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1) to each Class or Component of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1I-P and Collateral Group 2II-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, that (aI) Accrued Certificate Interest on the Class 1A-13 IA-2 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) to the Class 1A-12 IA-1 Certificates, until the Class Principal Balance thereof are reduced to zero; and (ii) to the Class IA-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (II) Accrued Certificate Interest on the Class IIA-4 Certificates will be distributed in the following order of priority and will be added to the Class Principal Balance of such Class of Certificates: (i) to the Class IIA-2 Certificates, until the Class Principal Balance thereof are reduced to zero; (ii) to the Class IIA-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iiiii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 IIA-4 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2IA-1, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-2 and Class 1A-16 IA-3 Certificates, in reduction of their Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 I, in the following order of priority: (i) the Class IA-3 Certificates, the Class IA-3 Priority Amount, until the Class Principal Balance of such Class is reduced to zero; (ii) to the Class IA-1, Class IA-2 and Class IA-3 Certificates, in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 GroupI, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 IA-1 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 IA-2 Certificates, until the Class Principal Balance thereof of such Class is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 IA-3 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class Class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6IIA-1, Class 2A-7 IIA-2, Class IIA-3, Class IIA-4, Class IIA-5, Class IIA-6, Class IIA-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 IIA-8 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 II in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 II, in the following order of priority: (i) pro rata, to the Class IIA-5 and Class IIA-6 Certificates, the Group II NAS Priority Amount for such Distribution Date, until the respective Class Principal Balances of such Classes are reduced to zero; (ii) to the Class IIA-1, Class IIA-2, Class IIA-3, Class IIA-4, Class IIA-7 and Class IIA-8 Certificates, in the following order of priority: (A) pro rata to the Class IIA-1 and Class IIA-7 Certificates, until the Class Principal Balance of each such Class is reduced to zero; (eB) pro rata to the Class 5A-1 IIA-8 Certificates, until the Class Principal Balance of such Class is reduced to zero; (C) to the Class IIA-2 Certificates, until the Class Principal Balance of such Class is reduced to zero; (D) to the Class IIA-3 Certificates, until the Class Principal Balance of such Class is reduced to zero; and (E) to the Class IIA-4 Certificates, until the Class Principal Balance of such Class is reduced to zero; and (iii) pro rata, to the Class IIA-5 and Class 5A-2 IIA-6 Certificates, until the respective Class Principal Balances of such Classes are reduced to zero. (c) to the Class IIIA-1, Class IIIA-3, Class IIIA-4, Class IIIA-5 and Class IIIA-6 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 III in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 III, in the following order of priority: (i) to the Class IIIA-4 Certificates, the Class IIIA-4 Priority Amount, until the Class Principal Balance of such Class is reduced to zero; (ii) sequentially, to the Class IIIA-1 and Class IIIA-3 Certificates, in that order, until the aggregate Certificate Balance thereof is reduced to its Scheduled Amount for such Distribution Date; (iii) pro rata, to the Class IIIA-5 and Class IIIA-6 Certificates, until the respective Class Principal Balance of each such Class is reduced to zero; (iv) sequentially, to the Class IIIA-1 and Class IIIA-3 Certificates, in that order, without regard to their Scheduled Amount for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; and (v) to the Class IIIA-4 Certificates, until the Class Principal Balance of such Class is reduced to zero; (fd) pro rata to the Class 6A-1 and Class 6A-2 IVA-1 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 6 IV in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution DateIV, until the Class Principal Balance balance of each such Class is reduced to zero; (ge) to the Class 1A-P VA-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1-P, V in an amount up to the A-P Senior Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal BalanceGroup V, until the Class Principal Balance thereof balance of such Class is reduced to zero;; and (hf) to the Class 2AA-P Certificates, from the Available Distribution Amount Amounts for Collateral Group 2I-P and Collateral Group II-P, the aggregate of the A-P Principal Distribution Amount Amounts for such Collateral GroupGroups, in reduction of the Class Principal Balances of the related Components thereof, until their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7I, Collateral Group 1-P II, Collateral Group III, Collateral Group IV and Collateral Group 2-P)V, but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class class or Classes classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(3), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Notional Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Notional Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2004-6f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 3A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (ia) to the Class 1A-12 3A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount for such Distribution Date; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 3A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-81A-6, Class 1A-91A-7, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 1A-8 and Class 1A-16 1A-9 Certificates, in reduction of their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date1, concurrently as follows: (i) 87.970860612748350.00% to the 1A-1 GroupClass 1A-1, Class 1A-2, Class 1A-3, Class 1A-8 and Class 1A-9 Certificates, in the following order of priority: (A) pro rata, to the Class 1A-14, Class 1A-15 1A-3 and Class 1A-16 1A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) I NAS Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class thereof is reduced to zero; (B) to the 1A-6 GroupClass 1A-1 Certificates, in until the following order of priority:Class Principal Balance thereof is reduced to zero; (IC) sequentiallypro rata, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the 1A-2 and Class 1A-10 1A-9 Certificates, until the Class Principal Balance thereof is reduced to zero; and (IIID) sequentiallypro rata, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 1A-3 and Class 1A-16 1A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class thereof is reduced to zero; and (ii) 12.0291393872517%, 50.00% to the Class 1A-21A-4, Class 1A-4 1A-5, Class 1A-6 and Class 1A-5 1A-7 Certificates, in the following order of priority: (A) to the Class 1A-4 1A-4, Class 1A-5 and Class 1A-5 1A-6 Certificates, pro ratasequentially, in proportion to that order, until the sum of the Class Principal Balance of each such class, the Group 1(A) NAS Priority Balances thereof is reduced to their aggregate PAC Scheduled Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 1A-7 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 1A-4, Class 1A-5 and Class 1A-5 1A-6 Certificates, pro rata, in proportion without regard to the Class Principal Balance of each their aggregate PAC Scheduled Amount for such classDistribution Date, until the Class Principal Balance of each such class Class is reduced to zero; (b) to the Class 2A-1 Group2A-1, Class 2A-2 and Class 2A-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date2, in the following order of priorityconcurrently as follows: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-3 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 II NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 CertificatesAmount, until the Class Principal Balance thereof is reduced to zero; (iiiii) to the Class 2A-3 Group2A-1 and Class 2A-2 Certificates, sequentially, in accordance with the 2A-3 Group Prioritythat order, until the Class Principal Balance of each such Class is reduced to zero; and (iviii) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-3 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class thereof is reduced to zero; and; (c) to the Class 3A-1 and Class 3A-3 Certificates, in reduction of its their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 3, in the following order of priority: (i) to the Class 3A-3 Certificates, until its Class Principal Balances is reduced to its PAC Scheduled Amount for such Distribution Date; (ii) to the Class 3A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) to the Class 3A-3 Certificates, without regard to its PAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date4, until the Class Principal Balance of each such Class balance thereof is reduced to zero;; and (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1AA-P Certificates, from the Available Distribution Amount Amounts for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balancethereof, until the such Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(3), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-1f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Certificateholder by wire transfer in immediately available funds for the account of the Standard Terms Certificateholder, or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution), as specified by each such Certificateholder, and subject at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the exceptions set forth below extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and to Section 3.02, on in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall withdraw distribute the aggregate Available Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date: (a) first, to the applicable Swap Account in the Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment owed to the Swap Providers and any Swap Termination Payment owed to the Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date; (b) second, concurrently to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent of the Interest Remittance Amount on a pro rata basis based on the entitlement of each Collateral Group such Class; and (other than Collateral Group 7c) from third, to the Certificate AccountHolders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates sequentially, in that order, the related Interest Distribution Amount allocable to each such Class to the extent of the Interest Remittance Amount for such Distribution Date remaining after distribution of the Senior Interest Distribution Amount to the Class A Certificates and distribution of the Interest Distribution Amount to any Class of Class M Certificates with a higher payment priority. (A) On each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger Event is in effect, the Securities Administrator shall distribute it the Principal Distribution Amount for that Distribution Date in the following manner amounts and order of priority: (a) first, to the applicable Swap Account in the Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment owed to the Swap Providers and any Swap Termination Payment owed to the Swap Providers not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; (b) second, concurrently and on a pro rata basis: (1) to each Class the Holders of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 A-7 Certificates, until the Class its Certificate Principal Balance thereof is has been reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) on a pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.basis:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar3)

Distributions to Certificateholders. REMIC UT I-2 Distributions. (a) In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-2 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class or Component of Senior Certificates (other than the Principal Only Certificates) related to of such Collateral Certificate Group (other than Collateral than, in the case of Group 1II, the Class IIA-P and Collateral Group 2-PCertificates), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and; (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (of the related Certificate Group, other than the any related Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Loan Group, concurrently as follows: (a1) to the Class 1A-2IA-1, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-3 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 IA-4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 I, in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 I, in the following order of priority: (A) to the Class IA-1 Certificates, until the Class Principal Balance thereof is reduced to its Scheduled Amount for such Distribution Date; (B) pro rata, to the Class IA-3 and Class IA-4 Certificates, until their respective Class Principal Balances have been reduced to zero; and (C) to the Class IA-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the its Class Principal Balance of each such Class is has been reduced to zero; (e2) pro rata to the Class 5A-1 IIA-1, Class IIA-3, Class IIA-4 and Class 5A-2 IIA-P Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 II, concurrently, as follows: (A) to the Class IIA-1, Class IIA-3 and Class IIA-4 Certificates, in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 II, in the following order of priority: i. to the Class IIA-1 Certificates, until the Class Principal Balance thereof is reduced to its Scheduled Amount for such Distribution Date; ii. pro rata, to the Class IIA-3 and Class IIA-4 Certificates, until their respective Class Principal Balances have been reduced to zero; and : iii. to the Class IIA-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the its Class Principal Balance of each such Class is has been reduced to zero;: (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (gB) to the Class 1AIIA-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal BalanceClass, until the Class Principal Balance thereof is reduced to zero; (hiii) to the Class 2A-P Certificatesconcurrently, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) pro rata from amounts otherwise payable to the Subordinate Certificates, to the related class of Class AIIA-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates class and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such Class AIIA-P Certificates; (4iv) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P)both groups, but subject to the prior distribution of amounts described under “— Cross-Collateralization” below, to the related Subordinate Certificates, in their order of seniority the sum of (i) Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Groupgroup, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class class or Classes classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes classes of related Subordinate Certificates senior thereto; (5v) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6vi) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingboth groups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance or Component Principal Amount of the Senior Certificates (other than than, in the case of Group II, the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AIIA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(iv), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Notional Certificates and and, in the related case of Group II, the Class AIIA-P Certificates) remaining outstanding pursuant to Section 3.01(a)(23.01(a)(ii) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan any Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Notional Certificates and and, in the related case of Group II, the Class AIIA-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(23.01(a)(ii), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Group not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than than, in the related case of Group II, the Class AIIA-P Certificates) of such other Certificate GroupsGroup. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall will be distributed to the Senior Certificates (other than than, in the related case of Group II, the Class A-IIA P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates . (other than the related Class A-P Certificatesc) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Pass-Through Certificates Series 2003-5f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class or Component of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1III-P, Collateral Group IV-P, Collateral Group V-P and Collateral Group 2VI-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and; (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a1) to the Class 1A-2IA-1, Class 1A-4IA-3, Class 1A-5IA-4, Class 1A-8IA-5, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-6 and Class 1A-16 IA-7 Certificates, in reduction of their Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 GroupI, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 IA-7 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS IA-7 Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 IA-1, Class IA-3 and Class IA-4 Certificates, until the Class Principal aggregate Certificate Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution its Scheduled Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) i. pro rata, to the Class 2A-6, Class 2A-7 IA-1 and Class 2A-8 IA-3 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) ii. to the Class 2A-6, Class 2A-7 and Class 2A-8 IA-4 Certificates, pro rata, in proportion to until the Class Principal Balance of each such classClass is reduced to zero; (C) pro rata, to the Class IA-5 and Class IA-6 Certificates, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (dD) pro rata rata, to the Class 4A-1 IA-1 and Class 4A-2 IA-3 Certificates, in reduction of without regard to their respective Class Principal Balances, from the Available Distribution Scheduled Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (eE) pro rata to the Class 5A-1 IA-4 Certificates, without regard to their Scheduled Amount for such Distribution Date, until the Class Principal Balance of such Class is reduced to zero; and (F) to the Class IA-7 Certificates, until the Class Principal Balance of such Class is reduced to zero; (2) to the Class IIA-1, Class IIA-3, Class IIA-5 and Class 5A-2 IIA-6 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 II in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution DateII, in the following order of priority: (A) to the Class IIA-1 Certificates, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution its Scheduled Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (gB) to the Class 1A-P IIA-3, Class IIA-5 and Class IIA-6 Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Groupconcurrently, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.follows:

Appears in 1 contract

Samples: Master Servicing and Trust Agreement (Gs Mortgage Sec Corp Mortgage Pass THR Certs Ser 2004-2f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as followsin the following order of priority: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Group 1 Certificates, in reduction of their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (Ai) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 1A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 GroupGroup 2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-62A-1, Class 2A-7 2A-2, Class 2A-3, Class 2A-8 and Class 2A-8 2A-19 Certificates, pro ratauntil the aggregate Class Principal Balance thereof is reduced to the PAC1 Scheduled Amount for such Distribution Date, concurrently as follows: (A) 24.9257445613% of the amount distributable pursuant to Section 3.01(2)(b)(i), sequentially, to the Class 2A-1 and Class 2A-2 Certificates, in proportion to that order, until the Class Principal Balance of each such classClass is reduced to zero; and (B) 75.0742554387% of the amount distributable pursuant to Section 3.01(2)(b)(i), sequentially, to the Group 2 NAS Priority Amount for such Distribution DateClass 2A-3, Class 2A-8 and Class 2A-19 Certificates, in that order, until the Class Principal Balance of each such class Class is reduced to zero; (ii) to the Class 2A-2 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zerothe PAC2 Scheduled Amount for such Distribution Date; (iii) to the Class 2A-3 Group2A-5, Class 2A-9, Class 2A-10, Class 2A-11, Class 2A-12, Class 2A-13, Class 2A-14, Class 2A-15, Class 2A-16, Class 2A-17 and Class 2A-18 Certificates, concurrently as follows: (A) 31.0925937442% of the amount distributable pursuant to Section 3.01(2)(b)(iii), to the Class 2A-9, Class 2A-14 and Class 2A-15 Certificates, in accordance with the 2A-3 Group Priorityfollowing order of priority: (I) pro rata, to the Class 2A-14 and Class 2A-15 Certificates, based on their respective Class Principal Balances, until the Class Principal Balance of each such Class is reduced to zero; and (ivII) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-9 Certificates, pro rata, in proportion to until the Class Principal Balance thereof is reduced to zero; (B) 68.9074062558% of each such classthe amount distributable pursuant to Section 3.01(2)(b)(iii), pro rata to the Class 2A-5, Class 2A-10, Class 2A-11, Class 2A-12, Class 2A-13, Class 2A-16, Class 2A-17 and Class 2A-18 Certificates, based on their respective Class Principal Balances, until the Class Principal Balance of each such class Class is reduced to zero; (iv) sequentially, to the Class 2A-6 and Class 2A-7 Certificates, in that order, until the Class Principal Balance of each such Class is reduced to zero; (v) to the Class 2A-4 Certificates, without regard to the PAC2 Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (vi) to the Class 2A-1, Class 2A-2, Class 2A-3, Class 2A-8 and Class 2A-19 Certificates, without regard to the PAC1 Scheduled Amount for such Distribution Date, concurrently as follows: (A) 24.9257445613% of the amount distributable pursuant to Section 3.01(2)(b)(iv), sequentially, to the Class 2A-1 and Class 2A-2 Certificates, in that order, until the Class Principal Balance of each such Class is reduced to zero; and (B) 75.0742554387% of the amount distributable pursuant to Section 3.01(2)(b)(iv), sequentially, to the Class 2A-3, Class 2A-8 and Class 2A-19 Certificates, in that order, until the Class Principal Balance of each such Class is reduced to zero; (c) to the Class 3A-1 Group 3 Certificates, in reduction of its their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, in the following order of priority: (i) pro rata, to the Class 3A-1 and Class 3A-7 Certificates, based on their respective Class Principal Balances, the Group 3 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (ii) to the Class 3A-2, Class 3A-3 and Class 3A-4 Certificates, concurrently as follows: (A) 87.50% of the amount distributable pursuant to Section 3.01(2)(c)(ii), pro rata, to the Class 3A-2 and Class 3A-3 Certificates, based on their respective Class Principal Balances, until the Class Principal Balance of each such Class is reduced to zero; and (B) 12.50% of the amount distributable pursuant to Section 3.01(2)(c)(ii), to the Class 3A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; (diii) pro rata to the Class 4A-1 3A-6 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iv) pro rata, to the Class 3A-1 and Class 4A-2 3A-7 Certificates, based on their respective Class Principal Balances, until the Class Principal Balance of each such Class is reduced to zero; (d) to the Group 4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero;concurrently as follows: (ei) pro rata 32.9856831170% of the amount distributable pursuant to Section 3.01(2)(d), to the Class 5A-1 4A-5, Class 4A-6, Class 4A-7 and Class 5A-2 4A-8 Certificates, in reduction the following order of priority: (A) pro rata, to the Class 4A-5 and Class 4A-6 Certificates, based on their respective Class Principal Balances, from the Available Distribution Group 4 NAS Priority Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (fB) pro rata sequentially, to the Class 6A-1 4A-7 and Class 6A-2 4A-8 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Datethat order, until the Class Principal Balance of each such Class is reduced to zero; and (gC) pro rata, to the Class 1A-P 4A-5 and Class 4A-6 Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of based on their respective Class Principal BalanceBalances, until the Class Principal Balance thereof of each such Class is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-5f)

Distributions to Certificateholders. (a) REMIC UT Distributions. (a) . In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1i) to each Class of REMIC Certificates that are Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) , Accrued Certificate Interest on the Class 1A-13 2A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 2A-3 Certificates: (iA) to the Class 1A-12 2A-2, Certificates, until the Class Principal Balance thereof is reduced to zero; and (iiB) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2ii) to the REMIC Certificates that are Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (aA) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates2A-1, until the Class Principal Balance thereof is reduced to zero; and (C) to the 2A-2, Class 1A-4 2A-3, Class 2A-4, Class 2A-5 and Class 1A-5 2A-6 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i1) to the Class 2A-62A-5 and Class 2A-6 Certificates, pro rata, in proportion to the Class Principal Balance of each such Class, the Group 2 Super NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (2) to the Class 2A-1, Class 2A-7 2A-2, Class 2A-3 and Class 2A-8 2A-4 Certificates, in the following order of priority: (a) to the Class 2A-1 Certificates, until the Class Principal Balance thereof is reduced to the PAC Scheduled Amount for such Distribution Date; (b) sequentially, to the Class 2A-2 and Class 2A-3 Certificates, in that order, until the Class Principal Balance of each such Class is reduced to zero; (c) to the Class 2A-1 Certificates, without regard to the PAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (d) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (3) to the Class 2A-5 and Class 2A-6 Certificates, pro rata, in proportion to the Class Principal Balance of each such Class, until the Class Principal Balance of each such Class is reduced to zero; (C) to the Class 3A-1 and Class 3A-2 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (dD) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero; (eE) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero;; and (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (gF) to the Class 1AA-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3iii) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4iv) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 71, Collateral Group 1-P 2, Collateral Group 3, Collateral Group 4 and Collateral Group 2-P)5, but subject to the prior distribution of amounts described under Section 3.01(c) below, to the related classes of Subordinate Certificates, in their order of seniority the sum of (i) Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and (ii) their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5v) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6vi) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 RC Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to on or after the Credit Support Depletion Date but after Date, to the date extent of the Available Distribution Amount allocable to each Collateral Group on which the aggregate Certificate Principal Balance of such Distribution Date, distributions shall be made to the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced related to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of prioritysuch Collateral Group, in respect of interest (pro rata according to Accrued Certificate Interest for such Class’s Subordinate Class Percentage of Distribution Date) and then with respect to principal (pro rata according to their outstanding principal balances); and the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates remainder (other than any Interest Only Certificates and Fair Market Value Excess remaining after the related Class A-P Certificates) remaining outstanding pursuant optional termination of the Trust Estate), if any, which is expected to Section 3.01(a)(2) until be zero, of the Available Distribution Amount for each such Collateral Group shall be distributed to the holders of the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%R Certificates. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. . (c) On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(23.01(a)(ii), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR 2006-5f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 IIA-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (A) to the Class IIA-1 Certificates, until the Class Principal Balance thereof is reduced to its PAC Scheduled Amount for such Distribution Date; and (B) to the Class IIA-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (ii) to the Senior Certificates related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, as follows: (A) to the Class IA-1 and Class IA-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group I in an amount up to the Senior Principal Distribution Amount for Collateral Group I, pro rata to the Class IA-1 and Class IA-2 Certificates, until the Class Principal Balance of each such Class is reduced to zero; (B) to the Class IIA-1 and Class IIA-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group II in an amount up to the Senior Principal Distribution Amount for Collateral Group II, in the following order of priority: (i) to the Class 1A-12 IIA-1 Certificates, until the Class Principal Balance thereof is reduced to its PAC Scheduled Amount for such Distribution Date; (ii) to the Class IIA-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iiiii) to the Class 1A-13 IIA-1 Certificates, until the Class Principal Balance thereof is reduced without regard to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the its PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 IIIA-1 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 IIIA-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 III in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution DateIII, pro rata to the Class IIIA-1 and Class IIIA-3 Certificates, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4iii) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7I, Collateral Group 1-P II and Collateral Group 2-P)III, but subject to the prior distribution of amounts pursuant to paragraph (b) below, to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class class or Classes classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes classes of related Subordinate Certificates senior thereto; (5iv) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6v) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(iii), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Notional Certificates) remaining outstanding pursuant to Section 3.01(a)(23.01(a)(ii) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related such Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Notional Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(23.01(a)(ii), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (GS Mortgage GSR Loan Trust 2004-8f)

Distributions to Certificateholders. (a) REMIC UT Distributions. (a) . In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of REMIC Certificates that are Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 2A-8 Certificates shall be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 2A-8 Certificates and distributed in the following order of priority: (i) to the Class 1A-12 2A-7 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 2A-8 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 5A-8 Certificates shall be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 5A-8 Certificates and distributed in the following order of priority: (i) to the Class 2A-4 5A-7 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 5A-8 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the REMIC Certificates that are Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group2A-3, Class 2A-4, Class 2A-5, Class 2A-7, Class 2A-8, Class 2A-10 and Class 2A-11 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 2A-10 and Class 2A-8 2A-11 Certificates, pro rata, in proportion to the Class Principal Balance of each such classClass, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class Class is reduced to zero; (ii) to the Class 2A-2 2A-3, Class 2A-4, Class 2A-5, Class 2A-7 and Class 2A-8 Certificates, in the following order of priority: (A) sequentially, to the Class 2A-3 and Class 2A-4 Certificates, in that order, until the aggregate Class Principal Balance of such Classes is reduced to the PAC(A) Scheduled Amount for such Distribution Date; (B) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (iiiC) sequentially, to the Class 2A-3 Groupand Class 2A-4 Certificates, in accordance with that order, without regard to the 2A-3 Group PriorityPAC(A) Scheduled Amount for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; and (ivD) sequentially, to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, in that order, until the Class Principal Balance of each such Class is reduced to zero; and (iii) to the Class 2A-10 and Class 2A-11 Certificates, pro rata, in proportion to the Class Principal Balance of each such classClass, until the Class Principal Balance of each such class Class is reduced to zero; and; (c) to the Class 3A-1 and Class 3A-2 Certificates, pro rata, in proportion to the Class Principal Balance of each such Class, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero; (e) pro rata to the Class 5A-1 5A-3, Class 5A-4, Class 5A-5, Class 5A-7, Class 5A-8, Class 5A-10 and Class 5A-2 5A-11 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Groupconcurrently, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.follows:

Appears in 1 contract

Samples: Trust Agreement (GSR 2006-4f)

Distributions to Certificateholders. REMIC UT Distributions. (a) REMIC I-1 Distributions. In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.023.02(a) and (b), on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral REMIC I-1, which shall be the Available Distribution Amount for Group (other than Collateral Group 7) I, from the Certificate REMIC I-1 Distribution Account, and shall distribute it in the following manner and order of priority:priority to the REMIC II-1 Distribution Account (except that payments on the Class I-R1 Certificates will be made to the holder thereof): (1) to each the IA-X1 Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1IA-P A1, Class IA-B1 and Collateral Group 2Class IA-P)C1, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2IA-P1, Class 1A-4IA-A1, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-B1 and Class 1A-16 CertificatesIA-C1 Interests, in reduction each case from the portion of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 allocable thereto, minus, in an amount up each case, the portion thereof paid pursuant to clause (1) above, the Senior Principal Distribution Amount for Collateral Group 1 Subgroup I-P, Subgroup I-A, Subgroup I-B and Subgroup I-C, respectively, for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to and the 1A-1 Groupportion, in the following order of priority: (A) to the Class 1A-14if any, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such remaining unpaid from prior Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution DateDates, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance Certificate Balances thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is have been reduced to zero; (3) to the Class IA-B1 Interests, from the Principal Distribution Amount for Subgroup I-B, the amount of any unreimbursed Realized Losses allocated to such Interests on such Distribution Date and prior Distribution Dates; and (4) concurrently, to the Class IA-P1, Class IA-A1, and Class IA-C Interests, from amounts otherwise payable available to pay the Subordinate Certificates, to the related class of Class A-P CertificatesDistribution Amounts, the principal portion of Current respective Unpaid Realized Losses and the Deferred Principal Amount Loss Amounts for such Class A-P Certificates Classes and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (45) to the extent each of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7Class IB-B1, Collateral Group 1Class IB-P B2, Class IB-B3, Class IB-B4, Class IB-B5 and Collateral Group 2Class IB-P), but subject to the prior distribution of amounts to the related Subordinate CertificatesB6 Interests, in their order of seniority that order, the sum of (i) Accrued Certificate Interest thereon and (ii) its pro rata on the basis of the amount owing to each such Class, and their pro rata sharesshare, based on their outstanding Certificate BalancesBalance, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicableDistribution Date; provided, however, that on any Distribution Date on which the Subordination Level for any Class of REMIC I-1 Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the any Class or Classes of the related REMIC I-1 Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class of related REMIC I-1 Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date Date, in an amount equal to the lesser of (i) the amount required to increase the subordination level for such Class of Subordinate Certificates to its initial subordination level and all (ii) the amount of the Subordinate Principal Prepayment Amount otherwise payable to junior Classes of REMIC I-1 Subordinate Certificates; (6) to reimburse any Realized Losses previously allocated to the Subordinate Interests in REMIC I-1, in sequential order; and any remainder, after all of the Group I Certificates have been paid in full; (7) to the Class I-R1 Certificates, after all of the other Classes of Certificates have been paid in full, the remainder, if any, of the Available Distribution Amount for Group I. (b) On each Distribution Date on or after the Credit Support Depletion Date for Loan Group I, subject to the qualification set forth at the end of this paragraph, distributions will be made to the Interests relating to each Subgroup only from the Available Distribution Amount for each Subgroup as follows; provided that for purposes of allocating interest collections between Subgroups, interest actually collected on each Mortgage Loan will be allocated between the Subgroup or Subgroups (and the Class IA-X1 Interest) to which such Mortgage Loan contributes in proportion to the dollar entitlement of each Subgroup to such interest: (1) to pay Accrued Certificate Interest to each Class within a Subgroup, in proportion to the amounts of Accrued Certificate Interest due to each such Class for such Distribution Date, (2) to pay the Principal Distribution Amount for the related Subordinate Subgroup, pro rata among Classes related to the Subgroup, until the Certificate Balances thereof has been reduced to zero, (3) any remainder will be crossed over to the other Subgroups, pro rata in proportion to the Certificate Balances of the Classes of Certificates senior related thereto;, and treated as part of the Available Distribution Amount for such other Subgroups, (4) any previously incurred realized losses will be reimbursed, and (5) the remainder, if any, of the Available Distribution Amount for Group I will be paid to the Class I-R1 Certificates. Notwithstanding the foregoing, if the Credit Support Depletion Date occurred as a result of the remaining Certificate Balance of the Class IB-B1 Certificates being less than or equal to the outstanding Unpaid Realized Loss Amounts required to be made, the amount otherwise available to make payments to the Class IB-B1, Class IB-B2, Class IB-B3, Class IB-B4, Class IB-B5 and IB-B6 Interests will be crossed over to pay such Unpaid Realized Loss Amounts, pro rata based on the respective amounts owed. (c) REMIC I-2 Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms, on each Distribution Date, after all REMIC Interest allocations have been made as described in Section 3.01(a) above and Section 3.02(a) and (b)]below, the Trustee shall withdraw all amounts allocated to the various REMIC I-1 Regular Interests and deposited into the REMIC II-1 Distribution Account and shall allocate and distribute to the holders of each Class of REMIC I-2 Certificates the amount distributed to the Corresponding Class pursuant to section 3.01(a) and 3.01(b) above, except that any amount remaining after making payments pursuant to clause (6) above shall be distributed to the holder of the Class I-R2 Certificates. (d) REMIC II-1 Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02(a) and (b), on each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount for Group II from the REMIC II-1 Distribution Account, and shall distribute it to the REMIC II-2 Distribution Account in the following manner, except that amounts payable to the Class II-R1 Certificates shall be paid to the holder thereof: (1) to the Class IIA-A1 Interest, Class IIA-C1 Interest, the Class IIA-X1 Interest and each Class of Class IIA-B Interests, Accrued Certificate Interest thereon, pro rata in proportion to the amount owing to each related such Class; provided that the amount allocated to the Group IIA-B8 Interests will be reallocated as follows: (A) first, to make payments of principal to the Class IIA-B7 Interests until the Certificate Balance thereof is reduced to the Scheduled Amount; and (B) second, to make payments of Certificatesprincipal to the Class IIA-B8 Interests until the Certificate Balance thereof is reduced to zero; (2) concurrently, to each of the Class IIA-P1 Interest, the Class IIA-A1 Interest, and Class IIA-C1 Interest, and to the Class IIA-B Interests, as a group, in reduction of the Certificate Balances thereof, the Available Distribution Amount for the applicable Subgroup (reduced by the amount distributed therefrom pursuant to clause (1) on such Distribution Date, in each case until the Certificate Balance thereof (or aggregate Certificate Balance in the case of the Class IIA-B Certificates) has been reduced to zero; provided that the aggregate amount distributable to the Class IIA-B Certificates pursuant to this clause (2) shall be allocated among the Class IIA-B Certificates as follows; (A) 14.2857136% of the Principal Distribution Amount for Subgroup I-B shall be paid to the Class IIA-B1 Interests until the Certificate Balance thereof is reduced to zero; (B) 85.7142864% of such aggregate amount shall be paid in the following order of priority: first, to the Class IIA-B3 and Class IIA-B4 Interests, pro rata in proportion to their seniorityCertificate Balances, until each such Certificate Balance has been reduced to its Scheduled Amount for such Distribution Date; second, to the Class IIA-B6 Interests, until the Certificate Balance thereof has been reduced to its Scheduled Amount for such Distribution Date; third, to the Class IIA-B7 Interests, until the Certificate Balance thereof has been reduced to its Scheduled Amount for such Distribution Date; fourth, to the Class IIA-B8 Interests, until the Certificate Balance thereof has been reduced to zero; fifth, to the Class IIA-B7 Interests, until the Certificate Balance is thereof reduced to zero; sixth, to the Class IIA-B3 and Class IIA-B4 Interests, pro rata until the Certificate Balances thereof have been reduced to zero; seventh, to the Class IIA-B6 Interests, until the Certificate Balance thereof is reduced to zero; (3) pro rata (based on the amount owing thereto) to the Class IIA-B Interests, from the Principal Distribution Amount for Subgroup II-B, the amount of any unreimbursed Realized Losses previously allocated to such CertificatesInterests on such Distribution Date and prior Distribution Dates; and (4) concurrently, to the Class IIA-P1, Class IIA-A1, and Class IIA-C1 Interests, from amounts otherwise available to pay the Subordinate Distribution Amount, the respective Unpaid Realized Loss Amounts for such Classes and such Distribution Date; (5) to each of the Class IIB-1, Class IIB-2, Class IIB-3, Class IIB-4, Class IIB-5 and Class IIB-6 Interests, in that order, the sum of (i) Accrued Certificate Interest thereon and (ii) its pro rata share, based on outstanding Certificate Balance, of the Subordinate Principal Distribution Amount for such Distribution Date; provided, however, that on any Distribution Date on which the Subordination Level for any class of REMIC II-1 Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise allocable to any Class of REMIC II-1 Subordinate Certificates junior to such class will be allocated to the most senior Class of REMIC II-1 Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date, in an amount equal to the lesser of (i) the amount required to increase the subordination level for such Class of Subordinate Certificates to its initial subordination level and (ii) the amount of the Subordinate Principal Prepayment Amount otherwise payable to junior Classes of REMIC II-1 Subordinate Certificates; (6) to reimburse any Realized Losses previously allocated to any Class of Subgroup II-B Certificates, and (7) to the Class II-R1 Certificates, after all of the other Classes of REMIC II-1 Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any. (e) REMIC II-2. Distributions made from REMIC II-1 will be applied to make payments on the Certificates as follows: (1) Subject to Section 3.01(f), which is expected each Class of REMIC II-2 Certificates, (other than Class II-R2) will be entitled to receive the amount distributed to the Corresponding Class of REMIC II-1 pursuant to subparagraph (d), except that: (2) On each Distribution Date on or after the Credit Support Depletion Date for REMIC II-1, subject to the qualification set forth at the end of this paragraph, distributions will be zero, of made to the Certificates relating to each Subgroup only from the Available Distribution Amount for each Subgroup. For purposes of allocating interest collections between Subgroups, interest actually collected on each Mortgage Loan will be allocated between the Subgroup or Subgroups (i) all Collateral Groups related to Loan Group 1 to and the Class 1IIA-R1 Certificates X1 Interest) to the extent which such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Mortgage Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed contributes in proportion to the aggregate Certificate Principal Balances of such Certificates dollar entitlement of each Subgroup to such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Dateinterest.

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Securities Corp)

Distributions to Certificateholders. REMIC UT I-2 Distributions. (a) . In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) and each Subgroup from the Certificate REMIC I-1 Distribution Account, and shall distribute it in the following manner and order of priority:priority to the REMIC I-2 Distribution Account (except that payments on the Class R Certificates will be made to the holder thereof): (1i) to each Class of the Senior Certificates (other than the Principal Only related Component of the Class A-P Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)of each subgroup, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 IA-2 Certificates shall will be distributed in the following order of priority and shall will be added to the Certificate Balance of the Class Principal Balance thereofIA-2 Certificates: (iA) to make payments of principal to the Class 1A-12 IA-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iiB) to make payments of principal to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 IA-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (2ii) concurrently, from collections allocable to the applicable group or subgroup, (1) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent Component of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 A-P Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 I and such Distribution Date, the A-P Principal Distribution Amount for such Component and such Distribution Date, (2) to the Class IA Certificates (other than the A-P(I) Component and the Class IA-4 Certificates), from the Available Distribution Amount for Group I and such Distribution Date, in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 such Certificates for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to which amount will be distributed among the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of IA Certificates (other than the Residual A-P(1) Component and the Class IA-4 Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocatedconcurrently, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.follows:

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Securities Corp Mor Pass THR Cer Ser 2002-8f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class or Component of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1III-P, Collateral Group IV-P, Collateral Group V-P and Collateral Group 2VI-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and; (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a1) to the Class 1A-2IA-1, Class 1A-4IA-3, Class 1A-5IA-4, Class 1A-8IA-5, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-6 and Class 1A-16 IA-7 Certificates, in reduction of their Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 GroupI, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 IA-7 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS IA-7 Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 IA-1, Class IA-3 and Class IA-4 Certificates, until the aggregate Certificate Balance thereof is reduced to its Scheduled Amount for such Distribution Date, in the following order of priority: i. pro rata, to the Class IA-1 and Class IA-3 Certificates, until the Class Principal Balance of each such Class is reduced to zero; and ii. to the Class IA-4 Certificates, until the Class Principal Balance of such Class is reduced to zero; iii. to the Class IA-5 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) pro rata, to the Class 1A-4 IA-5 and Class 1A-5 IA-6 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and; (ivD) pro rata, to the Class 2A-6, Class 2A-7 IA-1 and Class 2A-8 IA-3 Certificates, pro rata, in proportion without regard to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution their Scheduled Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (eE) pro rata to the Class 5A-1 IA-4 Certificates, without regard to their Scheduled Amount for such Distribution Date, until the Class Principal Balance of such Class is reduced to zero; and (F) to the Class IA-7 Certificates, until the Class Principal Balance of such Class is reduced to zero; (2) to the Class IIA-1, Class IIA-3, Class IIA-5 and Class 5A-2 IIA-6 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 II in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution DateII, in the following order of priority: (A) to the Class IIA-1 Certificates, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution its Scheduled Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (gB) to the Class 1A-P IIA-3, Class IIA-5 and Class IIA-6 Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Groupconcurrently, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.follows:

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Sec Corp Mortgage Pass THR Certs Ser 2004-2f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1i) to each Class or Component of Senior Certificates of such Certificate Group (other than the related Component of the related Class of Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and; (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (of the related Certificate Group, other than the any related Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Loan Group, concurrently as follows: (a1) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 IA-1 and Class 1A-16 IA-2 Certificates and the A-P1(I) Component of the Class A-P1 Certificates, in reduction of their respective Class Principal Balances or Component Principal Balance, from the Available Distribution Amount for Collateral Group 1 I, concurrently, as follows: (A) pro rata, to the Class IA-1 and Class IA-2 Certificates, in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 I, until their respective Class Principal Balances have been reduced to zero; and (B) to the A-P1(I) Component, the A-P Principal Distribution Amount for such Component and Group I, until the Component Principal Balance of such Component is reduced to zero; (2) to the Class IIA-1, Class IIA-3, Class IIA-5, Class IIA-6, Class IIA-7 and Class IIA-8 Certificates and the A-P2(II) Component of the Class A-P2 Certificates, in reduction of their respective Class Principal Balances or Component Principal Balance, from the Available Distribution DateAmount for Group II, concurrently concurrently, as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14IIA-1, Class 1A-15 IIA-3, Class IIA-5, Class IIA-6, Class IIA-7 and Class 1A-16 IIA-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 II, in the following order of priority: i. sequentially, to the Class IIA-1, Class IIA-3 and Class IIA-5 Certificates, in that order, until their aggregate Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date; ii. to the Class IIA-7 and Class IIA-8 Certificates and the IIA-6(TAC) Component, until the sum of the Class Principal Balances of the Class IIA-7 and Class IIA-8 Certificates and the Component Principal Balance of the IIA-6(TAC) Component is reduced to its aggregate Scheduled Amount for such Distribution Date, in the following order of priority: (i1. to the IIA-6(TAC) Component, until its Component Principal Balance is reduced to its Scheduled Amount for such Distribution Date; 2. pro rata, to the Class 2A-6, Class 2A-7 IIA-7 and Class 2A-8 IIA-8 Certificates, until their respective Class Principal Balances are reduced to zero; and 3. to the IIA-6(TAC) Component, until its Component Principal Balance is reduced to zero; iii. to the IIA-6(SUP) Component, until its Component Principal Balance is reduced to zero; iv. to the Class IIA-7 and Class IIA-8 Certificates and the IIA-6(TAC) Component, without regard to their aggregate Scheduled Amount for such Distribution Date, in the following order of priority: 1. to the IIA-6(TAC) Component, until its Component Principal Balance is reduced to its Scheduled Amount for such Distribution Date; 2. pro rata, in proportion to the Class IIA-7 and Class IIA-8 Certificates, until their respective Class Principal Balances are reduced to zero; and 3. to the IIA-6(TAC) Component, until its Component Principal Balance of each such classis reduced to zero; v. sequentially, to the Group 2 NAS Priority Class IIA-1, Class IIA-3 and Class IIA-5 Certificates, in that order, without regard to their aggregate Scheduled Amount for such Distribution Date, until their respective Class Principal Balances are reduced to zero; and (B) to the A-P2(II) Component of the Class A-P2 Certificates, the A-P Principal Distribution Amount for such Component and Group II, until the Component Principal Balance of each such class Component is reduced to zero; (ii3) to the Class 2A-2 CertificatesIIIA-1, until Class IIIA-3, Class IIIA-5, Class IIIA-6 and Class IIIA-7 Certificates and the A-P2(III) Component of the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 A-P2 Certificates, in reduction of its their respective Class Principal Balances or Component Principal Balance, from the Available Distribution Amount for Collateral Group 3 III, concurrently, as follows: (A) to the Class IIIA-1, Class IIIA-3, Class IIIA-5, Class IIIA-6 and Class IIIA-7 Certificates, in reduction of their respective Class Principal Balances, in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 III, in the following order of priority: i. sequentially, to the Class IIIA-1 and Class IIIA-3 Certificates, in that order, until their aggregate Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata ii. concurrently, to the Class 4A-1 IIIA-5, Class IIIA-6 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral GroupIIIA-7, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.follows:

Appears in 1 contract

Samples: Trust Agreement (Mortgage Pass-Through Certificates Series 2003-4f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on On each Distribution Date, the Securities Administrator Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the aggregate Distribution Account the Group I Available Distribution Amount and Group II Available Distribution Amount for such Distribution Date and distribute to each Collateral Group related Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than Collateral Group 7as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register, from the Certificate Accountamount so withdrawn and to the extent of the Group I Available Distribution Amount and Group II Available Distribution Amount, as applicable, such Certificateholder's Percentage Interest of the following amounts and shall in following order and priority: (a) On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator will distribute it the Group I Available Distribution Amount and the Group II Available Distribution Amount in the following manner order and order of priority: (i) On each Distribution Date, the Group I Available Distribution Amount will be distributed as follows: (1) FIRST, concurrently to the Group I Senior Certificates, the related Interest Distribution Amount with respect to each such Class; and (2) SECOND, concurrently to the Class I-A-1, Class I-A-3 and Class I-A-4 Certificates from the Group I Available Distribution Amount remaining after payments pursuant to clause (i)(1) above, the related Senior Principal Distribution Amount, on a pro rata basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero. (ii) On each Distribution Date, the Group II Available Distribution Amount will be distributed as follows: (1) FIRST, concurrently to the Class II-A-1 Certificates and Class R Certificates, the related Interest Distribution Amount with respect to each such Class; and (2) SECOND, sequentially, to the Class R Certificates and Class I-A-1 Certificates in that order, from the Group II Available Distribution Amount remaining after payments pursuant to clause (ii)(1) above, the related Senior Principal Distribution Amount, until the Certificate Principal Balance of each such Class has been reduced to zero. (iii) From the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after payments pursuant to clauses (i)(1), (i)(2), (ii)(1) and (ii)(2) above, (i) first, the Senior Interest Shortfall Amount for each Class of Group I Senior Certificates and Group II Senior Certificates for such Distribution Date, if any, pro rata according to the amount of interest to which each such Class would otherwise be entitled, (ii) second, an amount equal to the Collateral Deficiency Amount, if any, to the Group I Senior Certificates (other than the Principal Only Class I-A-2 Certificates) related to such Collateral and Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereonII Senior Certificates, pro rata in proportion to between the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Group I Senior Certificates (other than the Interest Only Class I-A-2 Certificates) related to such Collateral Group, to and the extent of the remaining Available Distribution Amount for Group II Senior Certificates based on the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 Deficiency Amount and Class 1A-16 within each group of Certificates, in reduction of their Class Principal Balance, from on a pro rata basis based on the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Certificate Principal Balance of each such classClass, as a payment of principal and (iii) if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Group 1(BI Senior Certificates (other than the Class I-A-2 Certificates) NAS Priority or Group II Senior Certificates that have been paid in full, will be paid as principal to the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates that have not been paid in full in accordance with the priorities set forth in clauses (a)(i) and (a)(ii) above. (iv) From the sum of the remaining Group I Available Distribution Amount and Group II Available Distribution Amount, after payments pursuant to clauses (i) through (iii) above, to the Class M, Class B-1 and Class B-2 Certificates, sequentially, in that order, an amount equal to their respective Interest Distribution Amounts for such Distribution DateDate and their pro rata share, until based on the Class outstanding Certificate Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicableAmount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its the Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable payable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata distributed to the most senior Class of related Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Subordinate Certificates senior thereto, pro rata based on the Certificate Principal Balance of each such Class. (v) To the Reserve Fund and then from the Reserve Fund to the Group I Senior Certificates (other than the Class I-A-2 Certificates) in respect of any Net WAC Rate Carryover Amounts as follows: (1) FIRST, concurrently to the Holders of the Class I-A-1, Class I-A-3 and Class I-A-4 Certificates, on a pro rata basis based on the related Net WAC Rate Carryover Amount, any amounts received by the Securities Administrator on account of the Cap Contract for such Distribution Date; and (2) SECOND, concurrently to the Holders of the Class I-A-1, Class I-A-3 and Class I-A-4 Certificates, on a pro rata basis based on the related Net WAC Rate Carryover Amount payable to such Class, any Net WAC Rate Carryover Amounts remaining unpaid after distributions pursuant to clause (v)(1) above. (vi) From the sum of the remaining Group I Available Distribution Amount and Group II Available Distribution Amount, after payments pursuant to clauses (i) through (v) above, to the Class B-3, Class B-4 and Class B-5 Certificates, sequentially, in that order, an amount equal to (i) their respective Interest Distribution Amounts for such Distribution Date, and (ii) their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Subordinate Principal Amount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than the Subordination Level as of the Closing Date and all Date, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of related the Subordinate Certificates junior to such Class will be distributed to the most senior Class of Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Subordinate Certificates senior thereto;, pro rata based on the Certificate Principal Balance of each such Class. (5vii) To the Group I Senior Certificates and Group II Senior Certificates, from the Group I Available Distribution Amount and Group II Available Distribution Amount, respectively, remaining after distributions pursuant to each related Class clauses (i) through (vi) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such Classes of Certificates, and then to the Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses losses previously allocated to such Classes of Certificates; and. (6viii) after all of To the other Classes of Certificates (other than the Residual Class R Certificates) have been paid in full, the remainder if any, (which is expected to be zero), if any of the Group I Available Distribution Amount for and Group II Available Distribution Amount remaining after distributions pursuant to clauses (i) all Collateral Groups through (vii) above. On each Distribution Date, the amount of any Prepayment Charges received in connection with the Loans during the related to Loan Group 1 Prepayment Period will be paid to the Class 1I-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R A-2 Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to on or after the Credit Support Depletion Date but after Date, to the date on which the aggregate Certificate Principal Balance extent of the Group I Available Distribution Amount and Group II Available Distribution Amount on such Distribution Date, distributions will be made to the Group I Senior Certificates and Group II Senior Certificates in the following order of priority: (i) FIRST, (a) concurrently to the Group I Senior Certificates from the Group I Available Distribution Amount, the related Interest Distribution Amount pro rata based on the amount payable to each such Class, to the extent of amounts available, and (b) to the Group II Senior Certificates from the Group II Available Distribution Amount, the related Interest Distribution Amount pro rata based on the amount payable to each such Class, to the extent of amounts available; (ii) SECOND, (a) to the Group I Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1AI-P and Class 2A-P A-2 Certificates) on a pro rata basis based on the Certificate Principal Balance of any each such Class, the Group I Available Distribution Amount remaining after payments pursuant to clause (i)(a) above, and (b) to the Group II Senior Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class, the Group II Available Distribution Amount remaining after payments pursuant to clause (i)(b) above, in each case until the Certificate Principal Balance of each such Class has been reduced to zero; (iii) THIRD, amounts otherwise distributable as principal on from the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after payments pursuant to clauses (i) and (ii) above, to each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4)for which a Senior Interest Shortfall Amount exists, in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount; (iv) FOURTH, to the Collateral Group relating Reserve Fund and then from the Reserve Fund, concurrently to the Class I-A-1, Class I-A-3 and Class I-A-4 Certificates, the Net WAC Rate Carryover Amount payable to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on for such Distribution Date (after taking into account all payments received by the Securities Administrator from the Cap Contract); (v) FIFTH, (a) from the related Aggregate Subordinate Percentage for such Group I Available Distribution Date is less than 200% of Amount remaining after payments pursuant to clauses (i) through (iv) above, to the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the I Senior Certificates (other than the related class of Class AI-P A-2 Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal a pro rata basis based on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate outstanding Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In additionClass, the amount of any unpaid Current Shortfalls with respect unreimbursed losses previously allocated to an Undercollateralized each such Class and (b) from the Group on any II Available Distribution Date Amount remaining after payments pursuant to clauses (including any Current Shortfalls for such Distribution Datei) shall be distributed through (iv) above, to the Senior Class II-A-1 Certificates (other than the related and Class A-P R Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal , on a pro rata basis based on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate outstanding Certificate Principal Balance of such Class, the Senior Certificates (other than the related Class A-P Certificates) amount of any unreimbursed losses previously allocated to each such Certificate GroupClass; and (vi) SIXTH, to the Class R Certificates, the remainder, if any (which is expected to be zero), of the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after giving effect to distributions pursuant to Section 3.01(aclauses (i) on such through (v) above. On each Distribution Date, exceeds the Non-AP Pool Balance amount of any Prepayment Charges received in connection with the Loans during the related Collateral Group for such Distribution DatePrepayment Period will be paid to the Class I-A-2 Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-1)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related such Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is has been reduced to zero; (b) to the Class 2A-1 GroupGroup 2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such classClass, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (eii) pro rata to the Class 5A-1 2A-1, Class 2A-2, Class 2A-3, Class 2A-4 Class 2A-5 and Class 5A-2 2A-6 Certificates, in reduction the following order of their respective priority: (A) for so long as the Class 2A-5 Certificates remain outstanding, to the Class 2A-1, Class 2A-2, Class 2A-3, Class 2A-4 and Class 2A-5 Certificates, concurrently, as follows: (I) 57.1711609583459% of the amount distributable pursuant to Section 3.01(a)(2)(b)(ii)(A) to the Class 2A-1, Class 2A-2 and Class 2A-3 Certificates, in the following order of priority: a. to the Class 2A-2 and Class 2A-3 Certificates sequentially, in that order, until the sum of the Class Principal Balances, from Balances of the Available Distribution Class 2A-2 and Class 2A-3 Certificates is reduced to their PAC Scheduled Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date; b. to the Class 2A-1 Certificates, until the Class Principal Balance of each such Class thereof is reduced to zero;; and (f) pro rata c. to the Class 6A-1 2A-2 and Class 6A-2 2A-3 Certificates, sequentially, in reduction of that order, without regard to their respective Class Principal Balances, from the Available Distribution PAC Scheduled Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-8f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Certificateholder, by wire transfer in immediately available funds for the account of the Standard Terms Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and subject at the address of such Holder appearing in the Certificate Register, from the amount so withdrawn and to the exceptions set forth below extent of such Available Distribution Amount, such Certificateholder's Percentage Interest of the following amounts and to Section 3.02, on in following order and priority: (i) On each Distribution Date, the Securities Administrator shall withdraw distribute the aggregate Available Distribution Interest Remittance Amount for each Collateral Group (other than Collateral Group 7) from such Distribution Date to the Certificate Account, Holders of the Class A Certificates and shall distribute it the Class M Certificates in the following manner order and order of priority: (1A) to each Class of Senior Certificates Certificates, the Senior Interest Distribution Amount for such Distribution Date and such Class on a pro rata basis; (B) to the Class M-1 Certificates, the Interest Distribution Amount allocable to the Class M-1 Certificates; (C) to the Class M-2 Certificates, the Interest Distribution Amount allocable to the Class M-2 Certificates; (D) to the Class M-3 Certificates, the Interest Distribution Amount allocable to the Class M-3 Certificates; (ii) On each Distribution Date, the Securities Administration shall distribute the Principal Distribution Amounts in the Certificates, other than the Principal Only Class A-IO and Class P Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall priority: (A) The Senior Principal Distribution Amount will be added distributed as follows: (1) first, to the Class Principal Balance thereof: (i) A-6 Certificates, an amount equal to the Class 1A-12 CertificatesA-6 Lockout Distribution Amount for that Distribution Date, until the Class Certificate Principal Balance thereof is has been reduced to zero; and (ii2) to second, any remaining Senior Principal Distribution Amount after the Class 1A-13 Certificatesdistributions described above, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as followspriority: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 A-1 Certificates, in reduction until the Certificate Principal Balance thereof has been reduced to zero; (b) to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (c) to the Class A-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (d) to the Class A-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (e) to the Class A-5 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and (f) to the Class A-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. (B) Holders of their the Class M-1 Certificates will be entitled to receive on each Distribution Date, to the extent of the portion of the Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to remaining after the Senior Principal Distribution Amount for Collateral Group 1 has been distributed, the Class M-1 Principal Distribution Amount, in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero. (C) Holders of the Class M-2 Certificates will be entitled to receive on each Distribution Date, to the extent of the portion of the Principal Distribution Amount remaining after the sum of the Senior Principal Distribution Amount and the Class M-1 Principal Distribution Amount has been distributed, the Class M-2 Principal Distribution Amount, in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero. (D) Holders of the Class M-3 Certificates will be entitled to receive on each Distribution Date, to the extent of the portion of the Principal Distribution Amount remaining after the sum of the Senior Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount has been distributed, the Class M-3 Principal Distribution Amount, in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero. (iii) On each Distribution Date, the Securities Administrator shall distribute any Net Monthly Excess Cashflow for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, Date in the following order of priority: (A) to the holders of the Class 1A-14, Class 1A-15 A Certificates and Class 1A-16 Certificates, pro rata, in proportion M Certificates an amount equal to the Class Extra Principal Balance of each such class, the Group 1(BDistribution Amount in accordance with clause (iv) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zerobelow; (B) to the 1A-6 GroupHolders of the Class M-1 Certificates, in an amount equal to the Interest Carry Forward Amount allocable to such Class of Certificates; (C) to the Holders of the Class M-2 Certificates, in an amount equal to the Interest Carry Forward Amount allocable to such Class of Certificates; (D) to the Holders of the Class M-3 Certificates, in an amount equal to the Interest Carry Forward Amount allocable to such Class of Certificates; (E) to the Reserve Fund, an amount equal to the sum of the Net WAC Rate Carryover Amounts, if any, with respect to the Class A Certificates and the Class M Certificates; (F) to the Holders of the Class CE Certificates, the Interest Distribution Amount and any Overcollateralization Reduction Amount for such Distribution Date; and (G) to the Holders of the Class R Certificates, in respect of the Class R-III Interest, any remaining amounts; provided that if such Distribution Date is the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Loan Schedule or any Distribution Date thereafter, then any such remaining amounts will be distributed first, to the Holders of the Class P Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and second, to the Holders of the Class R Certificates. On each Distribution Date, the Securities Administrator, after making the required distributions of interest and principal to the Certificates as described in Section 4.1(a)(i) and (ii) above and after the distribution of the Net Monthly Excess Cashflow as described in Section 4.1(a)(iii), the Securities Administrator will withdraw from the Reserve Fund the amounts on deposit therein and distribute such amounts to the Class A Certificates (other than the Class A-IO Certificates) and the Class M Certificates in respect of any Net WAC Rate Carryover Amounts due to each such Class in the following manner and order of priority: first, concurrently to the Class A Certificates, other than the Class A-IO Certificates, on a pro rata basis, the related Net WAC Rate Carryover Amount for such Distribution Date for each such Class; second, to the Class M-1 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; third, to the Class M-2 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; and fourth, to the Class M-3 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class. (A) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Extra Principal Distribution Amount shall be distributed in the following order of priority: (I1) sequentiallyfirst, to the 1A-7 GroupHolders of the Class A-1, in accordance with Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates until the 1A-7 Group PriorityCertificate Principal Balance of each such Class has been reduced to zero; (2) second, to the Holders of the Class M-1 Certificates, until the aggregate Class Certificate Principal Balance of such Classes is Class has been reduced to the PAC Scheduled Amount for such Distribution Datezero; (II3) third, to the Holders of the Class 1A-10 M-2 Certificates, until the Class Certificate Principal Balance thereof is of such Class has been reduced to zero; and (III4) sequentiallyfourth, to the 1A-7 Group, without regard to Holders of the PAC Scheduled Amount for such Distribution DateClass M-3 Certificates, until the aggregate Class Certificate Principal Balance of such Classes is Class has been reduced to zero; and. (CB) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions of principal to the 1A-11 Group, in accordance with extent of the 1A-11 Group Priority, until the aggregate Class Extra Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, Distribution Amount shall be distributed in the following order of priority: (A1) the lesser of (x) the Extra Principal Distribution Amount and (y) the Senior Principal Distribution Amount, shall be distributed to the Holders of the Class 1A-4 A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class 1A-5 A-6 Certificates, pro ratain that order, in proportion to until the Class Certificates Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is has been reduced to zero; (B2) the lesser of (x) the excess of (i) the Extra Principal Distribution Amount over (ii) the amount distributed to the Holders of the Class 1A-2 A Certificates pursuant to clause (1) above and (y) the Class M-1 Principal Distribution Amount, shall be distributed to the Holders of the Class M-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Certificate Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is has been reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to lesser of (x) the related class excess of Class A-P Certificates, (i) the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Extra Principal Distribution Amount over (without regard ii) the sum of the amounts distributed to the proviso Holders of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class A Certificates and Class M-1 Certificates pursuant to clauses (1) and (2) above and (y) the Class M-2 Principal Distribution Amount, shall be distributed to the Holders of the Class M-2 Certificates, until the Certificate Principal Balance of such Class A-P Certificates;has been reduced to zero; and (4) to the extent lesser of (x) the remaining Available excess of (i) the Extra Principal Distribution Amount for all related Collateral Groups over (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority ii) the sum of Accrued Certificate Interest pro rata on the basis amounts distributed to the Holders of the amount owing Class A Certificates, Class M-1 Certificates and Class M-2 Certificates pursuant to each such Classclauses (1), (2) and their pro rata shares(3) above and (y) the Class M-3 Principal Distribution Amount, based on their outstanding Certificate Balances, shall be distributed to the Holders of the related Subordinate Class M-3 Certificates, until the Certificate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class Balance of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata has been reduced to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior Date, the Securities Administrator shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Charges and shall distribute such amounts to the Credit Support Depletion Date but after Class P Certificateholders as described above. (c) All reductions in the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P a Certificate effected by distributions of principal or allocations of Realized Losses with respect to Loans made on any Distribution Date shall be binding upon all Holders of such Certificate and Class 2A-P Certificates) of any Certificate Group has been reduced to zeroissued upon the registration of transfer or exchange therefor or in lieu thereof, amounts otherwise distributable as whether or not such distribution is noted on such Certificate. The final distribution of principal on of each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates Certificate (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts final distribution with respect to the related Mortgage Loans otherwise distributable as principal on Class R Certificate upon termination of the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current ShortfallsTrust Fund) (or, following the related Credit Support Depletion Date, such other amounts described shall be payable in the immediately following sentence), shall be distributed as principal to manner provided above only upon presentation and surrender thereof on or after the Senior Certificates (other than any Interest Only Certificates and Distribution Date therefor at the related Class A-P Certificates) office or agency of such Undercollateralized Group the Securities Administrator specified in the notice delivered pursuant to Section 3.01(a)(2)4.1(d) or Section 9.1. (d) Whenever, until on the aggregate Certificate basis of Curtailments, Payoffs and Monthly Payments on the Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the applicable Prepayment Period, the Securities Administrator believes that the entire remaining unpaid Class Principal Balance of such Senior any Class of Certificates equals shall become distributable on the Non-AP Pool Balance next Distribution Date, the Securities Administrator shall, no later than the Determination Date of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) month of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for 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, to the Underwriter and to each Rating Agency a notice to the effect that: (i) it is expected that funds sufficient to make such final distribution shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided available in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) Account on such Distribution Date, exceeds and (ii) if such funds are available, (A) such final distribution shall be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the Non-AP Pool Balance office or agency of the related Collateral Group Securities Administrator 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 (Mortgage Loan Trust Series 2003-2xs)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-3 Distribution Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 8A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) to the Class 1A-12 8A-1 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount for such Distribution Date; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 8A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest-Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-1, Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 1A-6 and Class 1A-16 1A-7 Certificates, in reduction of their Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount, concurrently as follows: (i) 30.7968372439% to the Class 1A-5 Certificates, until the Class Principal Balance of such Class is reduced to zero; and (ii) 69.2031627561% in the following order of priority: (A) pro rata, to the Class 1A-4 and Class 1A-7 Certificates, the Group I NAS Priority Amount, until the Class Principal Balance of such Class is reduced to zero; (B) to the Class 1A-1, Class 1A-2, Class 1A-3 and Class 1A-6 Certificates, in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (iI) 87.970860612748344.3885917457% to the 1A-1 Group, in the following order of priority: (A1) to the Class 1A-14, Class 1A-15 and Class 1A-16 1A-6 Certificates, pro rata, in proportion to until the Class Principal Balance of each such classClass is reduced to zero; and (2) to the Class 1A-3 Certificates, until the Group 1(BClass Principal Balance of such Class is reduced to zero; (II) NAS Priority Amount for such Distribution Date55.6114082543% in the following order of priority: (1) pro rata to the Class 1A-1 and Class 1A-2 Certificates, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III2) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution DateClass 1A-3 Certificates, until the aggregate Class Principal Balance of such Classes Class is reduced to zero; and (C) to the 1A-11 Grouppro rata, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 1A-4 and Class 1A-16 1A-7 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group2A-1, Class 2A-2, Class 2A-3, Class 2A-4 and Class 2A-5, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for 2, concurrently as follows: (i) 57.4625230031% to the Class 2A-4 Certificates, until the Class Principal Balance of such Distribution Date, Class is reduced to zero; and (ii) 42.5374769969% in the following order of priority: (iA) pro rata, to the Class 2A-6, Class 2A-7 2A-3 and Class 2A-8 2A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 II NAS Priority Amount for such Distribution Date, until the respective Class Principal Balances of such Classes are reduced to zero; (B) to the Class 2A-1 Certificates, until the Class Principal Balance of each such class Class is reduced to zero; (iiC) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (ivD) pro rata, to the Class 2A-6, Class 2A-7 2A-3 and Class 2A-8 2A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the respective Class Principal Balance Balances of each such class is Classes are reduced to zero; and; (c) to the Class 3A-1 Certificates, in reduction of its their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date3, until the Class Principal Balance thereof of such Class is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date4, until the Class Principal Balance balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date5, until the Class Principal Balance balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Group 6, until the Class Principal Balance of such Class is reduced to zero; (g) to the Class 7A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 6 7 in an amount up to the Senior Principal Distribution Amount for Group 7, until the Class Principal Balance of such Class is reduced to zero; (h) to the Class 8A-1 and Class 8A-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 8 in an amount up to the Senior Principal Distribution Amount for Collateral Group 8, in the following order of priority: (i) to the Class 8A-1 Certificates, until the Class Principal Balance thereof is reduced to its Scheduled Amount for such Distribution Date; (ii) to the Class 8A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) to the Class 8A-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero; (gi) to the Class 1A-P 9A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 19 in an amount up to the Senior Principal Distribution Amount for Group 9, until the Class Principal Balance of such Class is reduced to zero; (j) to the Class A-P Certificates, from the Available Distribution Amounts for Collateral Group P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their the Class Principal BalanceBalance thereof, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GS Mortgage GSR Loan Trust 2004-10f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that,: (a) Accrued Certificate Interest on the Class 1A-13 1A-6 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereof:of such Class of Certificates (i) to the Class 1A-12 1A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 1A-6 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 2A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereof:of such Class of Certificates (i) to the Class 2A-4 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zeroits PAC Scheduled Amount for such Distribution Date; and (ii) to the Class 2A-5 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-1, Class 1A-2, Class 1A-41A-3, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 1A-5 and Class 1A-16 1A-6 Certificates, in reduction of their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group1, in the following order of priority: (Ai) to the Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 CertificatesAmount, until the Class Principal Balance thereof is reduced to zero; and; (IIIii) sequentiallypro rata, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 1A-2 and Class 1A-16 1A-3 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class Class is reduced to zero; and; (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (Aiii) to the Class 1A-4 1A-5 and Class 1A-5 1A-6 Certificates, pro ratasequentially, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Datethat order, until the Class Principal Balance of each such class Class is reduced to zero; (Biv) to the Class 1A-2 1A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Groupand Class 2A-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date2, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-1 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class thereof is reduced to zeroits PAC Scheduled Amount for such Distribution Date; (ii) to the Class 2A-2 2A-3 Certificates, until the Class Principal Balance of thereof is reduced to zero; and (iii) to the Class 2A-1 Certificates, without regard to its PAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date3, in the following order of priority, until the Class Principal Balance thereof is reduced to zero;; and (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1AA-P Certificates, from the Available Distribution Amount Amounts for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balancethereof, until the such Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) to the Class R2 Certificates to the extent such remainder is applicable to REMIC I-1 and otherwise to the Class R1 Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(3), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-2f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on On each Distribution Date, the Trustee, to the extent on deposit therein and based solely upon the Securities Administrator Administrator's Remittance Report for such Distribution Date, shall withdraw from the aggregate Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Collateral Group Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than Collateral Group 7as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register, from the Certificate Accountamount so withdrawn and to the extent of the Available Distribution Amount, and shall distribute it in such Certificateholder's Percentage Interest of the following manner amounts and in following order of priority: (I) For any Distribution Date prior to the Credit Support Depletion Date, the Available Distribution Amount shall be distributed to the Certificates in the following amounts and priority: (1) first, to each the Class of A-P Certificates, the Discount Fractional Principal Amount; (2) second, to the Senior Certificates (other than the Principal Only Certificates), concurrently, the sum of the Interest Distribution Amounts for such Classes of Certificates remaining unpaid from previous Distribution Dates, pro rata according to their respective shares of such unpaid amounts provided, however, that the aggregate amount that would otherwise be payable to the Accrual Certificates pursuant to this clause (I)(2) related will be paid instead as principal as described in clause (I)(3); (3) third, (a) to the Senior Certificates, concurrently, the sum of the Interest Distribution Amounts for such Collateral Group Classes (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereonthe Principal Only Certificates) of Certificates for the current Distribution Date, pro rata in proportion according to their respective Interest Distribution Amounts and (b) the Class A-16 Accrual Amount as principal to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Accretion Directed Certificates shall be distributed in the following order of priority and shall be added priority: to the Class Principal Balance thereof: (i) A-14 Certificates and then to the Class 1A-12 Certificates, A-15 Certificates until the their respective Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is Balances have been reduced to zero; (24) fourth, to the Senior Certificates (other than the Class A-P Certificates and the Interest Only Certificates) related to such Collateral Group), to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (Aa) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%first, to the Class 1A-2, Class 1A-4 and Class 1A-5 R Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the until its Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is has been reduced to zero; (b) second, to the Class 2A-1 GroupA-17 Certificates and Class A-18 Certificates, in reduction of pro rata, according to their respective outstanding Class Principal Balances up to the Lockout Principal Amount, until their respective Class Principal BalancesBalances have been reduced to zero; (c) third, from the Available Distribution Amount for Collateral Group 2 in an amount up to (1) 50.00% of the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Dateremaining after the distributions, if any, described in clauses (I)(4)(a) and (b) above to the Class A-1, Class A-2, Class A-3, Class A-5, Class A-6, Class A-7, Class A-8 and Class A-9 Certificates in the following order of priority: (i) first, (x) 62.50% of the Senior Principal Amount described in clause (I)(4)(c)(1) above to the Class 2A-6A-1 Certificates and the Class A-2 Certificates, sequentially, in that order, until their Class 2A-7 Principal Balances are reduced to their respective Planned Principal Balances set forth in Exhibit M attached hereto and (y) 37.50% of the Senior Principal Amount described in clause (I)(4)(c)(1) above to the Class A-3 Certificates until its Class Principal Balance is reduced to its Planned Principal Balance set forth in Exhibit M attached hereto; (ii) second, to the Class A-5 Certificates, the amount necessary to reduce the Class Principal Balance of the Class A-5 Certificates to its Planned Principal Balance set forth in Exhibit M attached hereto; (iii) third, to the Class A-6 Certificates and the Class A-7 Certificates, sequentially, in that order, until their Class Principal Balances are reduced to their respective Targeted Principal Balances set forth in Exhibit N attached hereto; (iv) fourth, to the Class A-8 Certificates and Class 2A-8 A-9 Certificates, pro rata, in proportion according to their respective outstanding Class Principal Balances, until their respective Class Principal Balances have been reduced to zero; (v) fifth, to the Class A-6 Certificates unless the Class Principal Balance of the Class A-6 Certificates has been reduced to zero, in which case to the Class A-7 Certificates, in each such classcase without regard to their Targeted Principal Balances, until their respective Class Principal Balances have been reduced to zero; (vi) sixth, (x) 62.50% of the Group 2 NAS Priority Senior Principal Amount for such Distribution Datedescribed in clause (I)(4)(c)(1) above remaining after the distributions, if any, described in clauses (I)(4)(c)(1)(i) through(c)(1)(iv) above first, to the Class A-1 Certificates until the Class Principal Balance of the Class A-1 Certificates has been reduced to zero and then to the Class A-2 Certificates until its Class Principal Balance has been reduced to zero, in each such class is case without regard to their respective Planned Principal Balances, and (y) 37.50% of the Senior Principal Amount described in clause (I)(4)(c)(1) above remaining after the distributions, if any, described in clauses (I)(4)(c) (1) (i) through(c)(1)(v) above to the Class A-3 Certificates without regard to its Planned Principal Balance, until its Class Principal Balance has been reduced to zero; (vii) seventh, to the Class A-5 Certificates without regard to its Planned Principal Balance, until its Class Principal Balance has been reduced to zero; and (2) 50.00% of the Senior Principal Amount remaining after the distributions, if any, described in clauses (I)(4)(a) and (b) above to the Class A-10, Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, and Class A-16 Certificates in the following order of priority: (i) first, to the Class A-10, Class A-11, Class A-12 and Class A- 13 Certificatex, xxo rata, according to their respective outstanding Class Principal Balances, until their respective Class Principal Balances have been reduced to zero; (ii) second, to the Class 2A-2 A-14, Class A-15 and Class A-16 Certificates, sequentially, in that order, in each case until the its respective Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is has been reduced to zero; (d) pro rata fourth, to the Class 4A-1 A-17 Certificates and Class 4A-2 A-18 Certificates, in reduction of pro rata, according to their respective outstanding Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the their Class Principal Balance of each such Class is has been reduced to zero; (e5) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificatesfifth, to the related class of Class A-P Certificates, up to the principal portion of Current Realized Losses and the Deferred Subordinate Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (determined without regard to the proviso of such definition) for such Distribution Date, the related Subordinate Certificates and, provided further, that such amounts shall not reduce Discount Fractional Principal Shortfall amount payable to the Class Principal Balance of A-P Certificates on previous Distribution Dates pursuant to this clause (I)(5) and remaining unpaid from such previous Distribution Dates; and (6) sixth, to the Class A-P Certificates, up to the Subordinate Principal Amount (determined without regard to the proviso of such definition) for such Distribution Date (less any amounts distributed to the Class A-P Certificates pursuant to paragraph (I)(5)), the Discount Fractional Principal Shortfall for such Distribution Date; provided that any amounts distributed in respect of the Discount Fractional Principal Shortfall pursuant to clause (I)(5) above or this clause (I)(6) shall not cause a further reduction of the Class A-P Class Principal Balance; (47) seventh, to the extent each of the remaining Available Class M, B-1, B-2, B-3, B-4 and B-5 Certificates, sequentiallx, xx xxxx xxxxx xf seniority, the following: (a) first, its respective amount of previously unpaid and then current Interest Distribution Amount; (b) second, its pro rata share of the Subordinate Principal Amount for all related Collateral Groups (other than Collateral Group 7such Distribution Date, Collateral Group 1-P and Collateral Group 2-P), but subject until its Class Principal Balance has been reduced to zero. The Subordinate Principal Amount for a Distribution Date shall be allocated among the prior distribution Classes of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata sharesrata, based on their outstanding Certificate Balancesthe Class Principal Balances of such Classes. Notwithstanding the foregoing, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date prior to distributions on which such date, if the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level such percentage as of the Closing Date, the pro rata portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata distributed to the most senior Class of related the Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level such percentage as of the Closing Date Date, and all to the Classes of related Subordinate Certificates senior thereto; (5) , pro rata according to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized GroupClasses; (8) eighth, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Interest Only Certificates and the Class A-P Certificates) in the order of priority in which principal is paid to such other Certificate Groups. In additionClasses above, the amount of unreimbursed Realized Losses previously allocated to such Class of Certificates, if any, and then, to the Subordinate Certificates, in the order of priority in which principal is paid to such Classes above, the amount of unreimbursed Realized Losses previously allocated to such Class of Certificates, if any, provided, that any unpaid Current Shortfalls with amounts distributed in respect of losses pursuant to an Undercollateralized Group on this paragraph (I)(8) shall not cause a further reduction in the Class Principal Balance of any Class of Certificates; and (9) ninth, to the Class R Certificate, the Residual Distribution Amount; (II) for any Distribution Date (including any Current Shortfalls for such on or after the Credit Support Depletion Date, the Available Distribution Date) Amount, shall be distributed to the outstanding Senior Certificates in the following amounts and priority: (1) first, pro rata, according to their outstanding Certificate Principal Balances, to the Class A-P Certificates, the Discount Fractional Principal Amount; (2) second, to the Senior Certificates (including the Accrual Certificates, but excluding the Principal Only Certificates), previously unpaid and then current Interest Distribution Amounts, pro rata, according to such amount payable to the extent of amounts available; (3) third, to the Senior Certificates (other than the related Interest Only Certificates and the Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in Senior Principal Amount, pro rata, according to their respective Class Principal Balances (other than the immediately preceding paragraph shall be made in proportion Interest Only Certificates and the Class A-P Certificates); (4) fourth, to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Interest Only Certificates), pro rata, according to their respective Class A-P CertificatesPrincipal Balances, the amount of unreimbursed Realized Losses previously allocated to such Class; and (5) fifth, to the Class R Certificate, the Residual Distribution Amount for such Distribution Date. (b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal or allocations of Realized Losses with respect to Loans 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 such Certificate Group, (and the final distribution with respect to the Class R Certificate upon termination of the Trust Fund) shall be payable in the manner provided above only upon presentation and surrender thereof on or after giving effect to distributions the Distribution Date therefor at the office or agency of the Trustee specified in the notice delivered pursuant to Section 3.01(a4.1(c) or Section 9.1. (c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the applicable Prepayment Period, the Trustee believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates will become distributable on the next Distribution Date, the Trustee shall, no later than the Determination Date 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, to the Underwriter and to each Rating Agency a notice to the effect that: (i) it is expected that funds sufficient to make such final distribution will be available in the Distribution Account on such Distribution Date, exceeds 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 Non-AP Pool Balance office or agency of the related Collateral Group 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 (Deutsche Mortgage Securities Inc Mort Loan Trust Ser 2002 1)

Distributions to Certificateholders. REMIC UT I-2 Distributions. (a) . In accordance with Section 3.01(d3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator Trustee shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate REMIC I-1 Distribution Account, and shall distribute it in the following manner and order of priority:priority to the REMIC I-2 Distribution Account (except that payments on the Class R Certificates will be made to the holder thereof): (1i) to each Class or Component of Senior Certificates (other than of the Principal Only Certificates) related to such Collateral Certificate Group (other than Collateral than, in the case of Group 1II, the Class IIA-P and Collateral Group 2-PCertificates), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 IIA-7 Certificates shall will be distributed in the following order of priority and shall will be added to the Certificate Balance of the Class Principal Balance thereofIIA-7 Certificates: (iA) to make payments of principal to the Class 1A-12 IIA-5 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount; and (iiB) to make payments of principal to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 IIA-7 Certificates, until the Class Principal Balance thereof is reduced to zero; (2ii) to the Senior Certificates (of the related Certificate Group, other than the Interest Only any related Notional Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Loan Group, concurrently concurrently, as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14IA-1, Class 1A-15 IA-2, Class IA-4 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 IA-5 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 I, in the following order of priority: (1) pro rata, to the Class IA-1 and Class IA-2 Certificates, in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution DateI, until the Class Principal Balance of for each such Class is reduced to its Scheduled Amount for such Distribution Date; (2) pro rata, to the Class IA-4 and Class IA-5 Certificates, in an amount up to the remaining Senior Principal Distribution Amount for Group I, until their respective Class Principal Balances have been reduced to zero; and (3) pro rata, to the Class IA-1 and Class IA-2 Certificates, in an amount up to the remaining Senior Principal Distribution Amount for Group I, until their respective Class Principal Balances have been reduced to zero; (eB) pro rata to the Class 5A-1 IIA-1, Class IIA-2, Class IIA-4, Class IIA-5, Class IIA-7 and Class 5A-2 IIA-P Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 II, concurrently, as follows: (1) concurrently, to the Class IIA-1, Class IIA-2, Class IIA-4, Class IIA-5 and Class IIA-7 Certificates in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 II, as follows: (a) 56.4838990426%, to the Class IIA-5 and Class IIA-7 Certificates, in the following order of priority: (I) to the Class IIA-5 Certificates, until their Class Principal Balance is reduced to its Scheduled Amount for such Distribution Date; (II) to the Class IIA-7 Certificates, until the their Class Principal Balance of each such Class is reduced to zero; (fIII) pro rata to the Class 6A-1 and Class 6A-2 IIA-5 Certificates, in reduction of until their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Securities Corp Mort Pass THR Certs Ser 03 2f)

Distributions to Certificateholders. (a) REMIC UT Distributions. (a) . In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class class of REMIC Certificates that are Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Classclass; provided that, (a) Accrued Certificate Interest on the Class 1A-13 1A-4 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 1A-4 Certificates: (i) to the Class 1A-12 1A-3, Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 1A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 3A-14 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 3A-14 Certificates: (i) to the Class 2A-4 3A-12 Certificates, until the Class Principal Balance thereof is reduced to the TAC Scheduled Amount for such Distribution Date; (ii) to the Class 3A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 3A-12 Certificates, without regard to the TAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (iiiv) to the Class 2A-5 3A-14 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the REMIC Certificates that are Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-3, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 1A-6 and Class 1A-16 1A-7 Certificates, in reduction of their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (Ai) to the Class 1A-14, Class 1A-15 1A-6 and Class 1A-16 1A-7 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) 1 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (Iii) sequentially, to the 1A-7 GroupClass 1A-2, Class 1A-3 and Class 1A-4 Certificates, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such classthat order, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (Aiii) to the Class 1A-4 1A-6 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 1A-7 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group2A-2, Class 2A-4, Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) sequentially, to the Class 2A-2 2A-2, Class 2A-4 and Class 2A-6 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Prioritythat order, until the Class Principal Balance of each such Class class is reduced to zero; and (iviii) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and; (c) to the Class 3A-1 3A-2, Class 3A-4, Class 3A-12, Class 3A-13, Class 3A-14, Class 3A-15, Class 3A-16 and Class 3A-17 Certificates, in reduction of its their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, in the following order of priority: (i) to the Class 3A-16 and Class 3A-17 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 3 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 3A-2, Class 3A-4, Class 3A-12, Class 3A-13 and Class 3A-14 Certificates, in the following order of priority: (A) sequentially, to the Class 3A-2 and Class 3A-4 Certificates, in that order, until the aggregate Class Principal Balance of such classes is reduced to the PAC Scheduled Amount for such Distribution Date; (B) to the Class 3A-12 and Class 3A-13 Certificates, in the following order of priority: (I) to the Class 3A-12 Certificates, until the Class Principal Balance thereof is reduced to the TAC Scheduled Amount for such Distribution Date; (II) to the Class 3A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) to the Class 3A-12 Certificates, without regard to the TAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (C) to the Class 3A-14 Certificates, until the Class Principal Balance thereof is reduced to zero; and (D) sequentially, to the Class 3A-2 and Class 3A-4 Certificates, in that order, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such classes is reduced to zero; (iii) to the Class 3A-15 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iv) to the Class 3A-16 and Class 3A-17 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero;; and (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1AA-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 71, Collateral Group 1-P 2, Collateral Group 3, Collateral Group 4 and Collateral Group 2-P)5, but subject to the prior distribution of amounts described under "— Cross-Collateralization" below, to the related classes of Subordinate Certificates, in their order of seniority the sum of (i) Accrued Certificate Interest pro rata on the basis of the amount owing to each such Classclass, and (ii) their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class class or Classes classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes classes of related Subordinate Certificates senior thereto; (5) to each related Class class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 RC Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding.; (b) On each Distribution Date prior to on or after the Credit Support Depletion Date but after Date, to the date extent of the Available Distribution Amount allocable to each Collateral Group on which such Distribution Date, distributions shall be made to the aggregate Senior Certificates related to each such Collateral Group, in respect of interest (pro rata according to Accrued Certificate Interest for such Distribution Date) and then with respect to principal (pro rata according to their outstanding principal balances; provided, however, that the principal otherwise distributable to the Class 1A-7 Certificates will instead be distributed to the Class 1A-6 Certificates, until the Class Principal Balance of the Senior Class 1A-6 Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts ; the principal otherwise distributable as principal on each to the Class of related Subordinate 2A-8 Certificates pursuant will instead be distributed to Section 3.01(a)(4)the Class 2A-7 Certificates, in reverse order of priority, in respect of such Class’s Subordinate until the Class Percentage Principal Balance of the Subordinate Principal Distribution Amount for Class 2A-7 Certificates has been reduced to zero) and the Collateral Group relating principal otherwise distributable to such retired Senior the Class 3A-17 Certificates will instead be distributed to the Class 3A-16 Certificates, shall be distributed as principal until the Class Principal Balance of the Class 3A-16 Certificates has been reduced to zero); and the related class or classes of Senior Certificates remainder (other than any Interest Only Certificates and Fair Market Value Excess remaining after the optional termination of the Trust Estate), if any, which is expected to be zero, of the Available Distribution Amount for each such Collateral Group shall be distributed to the holders of the related Class A-P of Residual Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2006-3f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date and distribute to MBIA and each Certificateholder, as applicable, by wire transfer in immediately available funds for the account of the Standard Terms Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and subject at the address of such Holder appearing in the Certificate Register, from the amount so withdrawn and to the exceptions set forth below extent of such Available Distribution Amount, such Certificateholder's Percentage Interest of the following amounts and to Section 3.02, on in following order and priority: (i) On each Distribution Date, the Securities Administrator shall withdraw distribute the aggregate Available Interest Remittance Amount for such Distribution Date in the following order and priority: (A) first, to MBIA, the MBIA Premium Amount for such Distribution Date; (B) second, to the holders of each Class of Senior Certificates, the Senior Interest Distribution Amount for such Distribution Date and such Class on a pro rata basis; (C) third, to the holders of the Class M-1 Certificates, the Interest Distribution Amount allocable to the Class M-1 Certificates; (D) fourth, to the holders of the Class M-2 Certificates, the Interest Distribution Amount allocable to the Class M-2 Certificates; (E) fifth, to the holders of the Class M-3 Certificates, the Interest Distribution Amount allocable to the Class M-3 Certificates; (ii) On each Collateral Group (Distribution Date, the Securities Administrator shall distribute the Principal Distribution Amounts in the Certificates, other than Collateral Group 7) from the Certificate AccountClass A-IO and Class P Certificates, and shall distribute it in the following manner order and order of priority: (A) The Senior Principal Distribution Amount will be distributed as follows: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)first, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) A-6A Certificates and the Class A-6B Certificates, concurrently on a pro rata basis, an amount equal to the Class 1A-12 CertificatesA-6A Lockout Distribution Amount and the Class A-6B Lockout Distribution Amount, respectively, for that Distribution Date, in each case, until the Class Certificate Principal Balance thereof is has been reduced to zero; and (ii2) to second, any remaining Senior Principal Distribution Amount after the Class 1A-13 Certificatesdistributions described above, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as followspriority: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 A-1 Certificates, until the Class Certificate Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is has been reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 A-2 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Certificate Principal Balance of each such class is thereof has been reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 A-3 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Certificate Principal Balance thereof is has been reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 A-4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Certificate Principal Balance of each such Class is thereof has been reduced to zero; (e) pro rata to the Class 5A-1 A-5 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and (f) to the Class A-6A Certificates and Class 5A-2 A-6B Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Dateconcurrently on a pro rata basis, until the Class Certificate Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt a Securities Inc Mort Loan Trust Ser 2003-4xs)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on On each Distribution Date, the Securities Administrator Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the aggregate Distribution Account the Available Distribution Amount for such Distribution Date and distribute to each Collateral Group Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than Collateral Group 7as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register, from the Certificate Accountamount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder's Percentage Interest of the following amounts and in following order and priority: On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator shall distribute it the Available Distribution Amount for such Distribution Date to the Certificates in the following manner order and order of priority: (1) first, to each Class of interest bearing Senior Certificates (other than Certificates, the Principal Only Certificates) related to Interest Distribution Amount for such Collateral Group (other than Collateral Group 1-P Distribution Date and Collateral Group 2-P), Accrued Certificate Interest thereon, such Class on a pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that,basis; (a2) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added second, to the Class A-PO Certificates from the Available Distribution Amount remaining after payments pursuant to clause (1) above, the Discount Fractional Principal Balance thereof: (i) to the Class 1A-12 Certificates, Amount until the Class Principal Balance thereof is reduced to zero; and (ii) to of the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 A-PO Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is has been reduced to zero; (23) third, to the Senior Certificates (other than the Interest Only Class A-PO Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up remaining after payments pursuant to clauses (1) and (2) above, the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 GroupAmount, in the following order of priority: (Aa) first, to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, R Certificates until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is R Certificates has been reduced to zero; (b) second, to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, A-1 Certificates from the Available Distribution Senior Principal Amount for Collateral Group 2 remaining, if any, after the distributions described in clause (3)(a) above, an amount up to the Senior Lockout Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to until the Class Principal Balance of each such classthe Class A-1 Certificates has been reduced to zero; (c) third, to the Group 2 NAS Priority Class A-2 Certificates from the Senior Principal Amount for such Distribution Dateremaining, if any, after the distributions described in clauses (3)(a) and (b) above, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is A-2 Certificates has been reduced to zero; (d) pro rata fourth, to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, A-3 Certificates from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Dateremaining, if any, after the distributions described in clauses (3)(a), (b) and (c) above, until the Class Principal Balance of each such the Class is A-3 Certificates has been reduced to zero; (e) pro rata fifth, to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, A-1 Certificates from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Dateremaining, if any, after the distributions described in clauses (3)(a), (b), (c) and (d) above, until the Class Principal Balance of each such the Class is A-1 Certificates has been reduced to zero; (f4) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balancesfourth, from the Available Distribution Amount for Collateral Group 6 in remaining after payments pursuant to clauses (1), (2) and (3) above, the Discount Fractional Principal Shortfall to the Class A-PO Certificates, but not more than an amount up equal to the Senior Subordinate Principal Distribution Amount for Collateral Group 6 the Loans for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates); (45) fifth, to the extent of Class M, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, in that order, from the remaining Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, their respective Interest Distribution Amounts for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, Distribution Date and their pro rata sharesshare, based on according to their outstanding Certificate Class Principal Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicableAmounts; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its the Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable payable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata distributed to the most senior Senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level such percentage as of the Closing Date Date, and all to the Class or Classes of related Subordinate Certificates senior thereto, pro rata according to the Class Principal Balances of such Classes; (6) sixth, (i) FIRST, to the Senior Certificates (other than the Class A-PO Certificates), from the Available Distribution Amount remaining after distributions pursuant to clauses (1) through (5) above, by Pro Rata Allocation, the amount of any unreimbursed Realized Losses previously allocated to each related Class such Classes of Certificates and (ii) SECOND, to the Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Classes of Certificates; and (67) after all of seventh, to the other Classes of Certificates (other than the Residual Class R Certificates) have been paid in full, the remainder if any, (which is expected to be zero), if any, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal remaining after distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates clauses (other than any Interest Only Certificates and the related Class A-P Certificates1) remaining outstanding pursuant to Section 3.01(a)(2through (6) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%above. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance extent of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) Available Distribution Amount on such Distribution Date, exceeds distributions will be made to the NonSenior Certificates in the following order and priority: (1) first, to each Class of interest bearing Senior Certificates, the Interest Distribution Amount for such Distribution Date and such Class on a pro rata basis; (2) second, to the Class A-AP Pool PO Certificates from the Available Distribution Amount remaining after payments pursuant to clause (1) above, the Discount Fractional Principal Amount until the Class Principal Balance of the related Collateral Group Class A-PO Certificates has been reduced to zero; (3) third, to the Senior Certificates on a pro rata basis (other than the Class A-PO Certificates and the Class A-X Certificates) from the Available Distribution Amount remaining after payments pursuant to clauses (1) and (2) above as a payment of principal until their respective Class Principal Balances have been reduced to zero: (4) fourth, to the Senior Certificates, from the Available Distribution Amount remaining after distributions pursuant to clauses (1) through (3) above, by Pro Rata Allocation, the amount of any unreimbursed Realized Losses previously allocated to such Classes of Certificates; and (5) fifth, to the Class R Certificates, the remainder, if any (which is expected to be zero), of the Available Distribution Amount remaining after distributions pursuant to clauses (1) through (4) above. (b) All reductions in the Certificate Principal Balance of a Certificate effected by distributions of principal or allocations of Realized Losses with respect to Loans 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 with respect to the Class R Certificate upon termination of the Trust Fund) 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 Securities Administrator specified in the notice delivered pursuant to Section 4.1(c) or Section 9.1. (c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on the Loans and Insurance Proceeds and Liquidation Proceeds received and expected to be received during the applicable Prepayment Period, the Securities Administrator believes that the entire remaining unpaid Class Principal Balance of any Class of Certificates shall become distributable on the next Distribution Date, the Securities Administrator shall, no later than the Determination Date 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, to the Underwriter and to each Rating Agency a notice to the effect that: (i) it is expected that funds sufficient to make such final distribution shall be available in the Distribution Account on such Distribution Date, and (ii) if such funds are available, (A) such final distribution shall be payable on such Distribution Date, but only upon presentation and surrender of such Certificate at the office or agency of the Securities Administrator 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 (Deutsche Alt-a Securities Inc)

Distributions to Certificateholders. REMIC UT I-2 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as followsin the following order of priority: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Group 1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 GroupGroup 2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Group 3 Certificates, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Group 4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, in the following order of priority: (i) sequentially, to the Class 4A-1, Class 4A-2, Class 4A-3 and Class 4A-4 Certificates, in that order, until the sum of the Class Principal Balances of such Certificates is reduced to the PAC 1 Scheduled Amount for such Distribution Date; (ii) to the Class 4A-5, Class 4A-6, Class 4A-7, Class 4A-8, Class 4A-9, Class 4A-10, Class 4A-11, Class 4A-12 and Class 1A-13 Certificates, concurrently as follows: (A) 95.6521732998% to the Class 4A-6, Class 4A-7, Class 4A-8, Class 4A-9, Class 4A-10, Class 4A-11, Class 4A-12 and Class 4A-13 Certificates, in the following order of priority: (I) to the Class 4A-6 Certificates, until the Class Principal Balance of such Certificates is reduced to the PAC 2 Scheduled Amount for such Distribution Date; (II) to the Class 4A-7, Class 4A-8, Class 4A-9, Class 4A-10, Class 4A-11, Class 4A-12 and Class 4A-13 Certificates, in the following order of priority: (1) to the Class 4A-7, Class 4A-10, Class 4A-11, Class 4A-12 and Class 4A-13 Certificates, concurrently as follows: (a) 16.1655350792% to the Class 4A-10 and Class 4A-11 Certificates, in the following order of priority: (i) to the Class 4A-10 Certificates, until the Class Principal Balance thereof is reduced to the TAC Scheduled Amount for such Distribution Date; (ii) to the Class 4A-11 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) to the Class 4A-10 Certificates, without regard to the TAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (b) 83.8344649208% to the Class 4A-7, Class 4A-12 and Class 4A-13 Certificates, concurrently as follows: (i) 46.008484381% to the Class 4A-7 Certificates, until the Class Certificate Balance thereof is reduced to zero; and (ii) 53.991515619%, pro rata, to the Class 4A-12 and Class 4A-13 Certificates, until the Class Principal Balance of each such Certificate is reduced to zero; (2) to the Class 4A-8 Certificates, until the Class Principal Balance thereof is reduced to zero; and (3) to the Class 4A-9 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) to the Class 4A-6 Certificates, without regard to the PAC 2 Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (B) 4.3478267002% to the Class 4A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) sequentially, to the Class 4A-1, Class 4A-2, Class 4A-3 and Class 4A-4 Certificates, in that order, without regard to their PAC 1 Scheduled Amount, until the Class Principal Balance of each such Certificate is reduced to zero; (e) pro rata rata, to the Class 5A-1 and Class 5A-2 Group 5 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class Certificate is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Group 6 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero; (g) to the Class 1AA-P Certificates, from the Available Distribution Amount Amounts for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof thereof, until such Class Principal Balance is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-4f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) that Accrued Certificate Interest on the Class 1A-13 2A-4 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereof:of such Class of Certificates (ia) to the Class 1A-12 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount for such Distribution Date; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-1, Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 1A-3 and Class 1A-16 1A-4 Certificates, in reduction of their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group1, in the following order of priority: (Ai) pro rata, to the Class 1A-14, Class 1A-15 1A-3 and Class 1A-16 1A-4 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) I NAS Priority Amount for such Distribution DateAmount, until the Class Principal Balance of each such class thereof is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (IIii) to the Class 1A-10 1A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (Biii) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (Civ) pro rata, to the Class 1A-4 1A-3 and Class 1A-5 1A-4 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class thereof is reduced to zero; (b) to the Class 2A-1 Group2A-1, Class 2A-2, Class 2A-3 and Class 2A-4 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date2, concurrently as follows: (i) 41.9261235721% to the Class 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; (ii) 58.0738764279% to the Class 2A-2 and Class 2A-4 Certificates, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (iiA) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zeroits TAC Scheduled Amount for such Distribution Date; (iiiB) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority2A-4 Certificates, until the Class Principal Balance of each such Class thereof is reduced to zero; and (ivC) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-2 Certificates, pro rata, in proportion without regard to the Class Principal Balance of each its Scheduled Amount for such classDistribution Date, until the Class Principal Balance of each such class thereof is reduced to zero; and; (c) to the Class 3A-1 Certificates, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date3, until the Class Principal Balance balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date4, until the Class Principal Balance of each such Class balance thereof is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date5, until the Class Principal Balance of each such Class thereof is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date6, until the Class Principal Balance of each such Class balance thereof is reduced to zero; (g) to the Class 1A-P 7A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 17 in an amount up to the Senior Principal Distribution Amount for Group 7, until the Class Principal balance thereof is reduced to zero; and (h) to the Class A-P Certificates, from the Available Distribution Amounts for Collateral Group P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balancethereof, until the such Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(3), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2004-15f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 1A-12 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) pro rata, to the Class 1A-12 1A-14, Class 1A-15 and Class 1A-16 Certificates, until the sum of the Class Principal Balance thereof Balances of such Certificates is reduced to zerotheir TAC Scheduled Amount for such Distribution Date; and (ii) to the Class 1A-13 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 2A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) to the Class 2A-4 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zeroits PAC Scheduled Amount for such Distribution Date; and (ii) to the Class 2A-5 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (ii) to the Class 2A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2005-3f)

Distributions to Certificateholders. REMIC UT I-3 Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 2A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) to the Class 1A-12 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount for such Distribution Date; and (ii) to the Class 1A-13 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 3A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof such Class of Certificates: (i) to the Class 2A-4 3A-1 Certificates, until the Class Principal Balance thereof is reduced to zeroits Scheduled Amount for such Distribution Date; and (ii) to the Class 2A-5 3A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, other than any related Interest Only Certificates, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date1, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Groupand Class 2A-3 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date2, in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 2A-1 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class thereof is reduced to zeroits Scheduled Amount for such Distribution Date; (ii) to the Class 2A-2 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) to the Class 2A-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (iii) to the Class 2A-3 Group, in accordance with the 2A-3 Group Priority, until the Class Principal Balance of each such Class is reduced to zero; and (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 and Class 3A-3 Certificates, in reduction of its their respective Class Principal BalanceBalances, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 3, in the following order of priority: (i) to the Class 3A-1 Certificates, until the Class Principal Balance thereof is reduced to its Scheduled Amount for such Distribution Date; (ii) to the Class 3A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; and (iii) to the Class 3A-1 Certificates, without regard to its Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date4, until the Class Principal Balance balance of each such Class is reduced to zero;: (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1AA-P Certificates, from the Available Distribution Amount Amounts for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their the Class Principal BalanceBalance thereof, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such the Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall will not reduce the Class Principal Balance of such the Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) to the Residual Certificates, after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstandingGroups. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2AA-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(43.01(a)(3), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan contributing to any Collateral Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall will be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall will be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall will be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall will be made from any Available Distribution Amount for each the Collateralized Groups not related Collateral Group that does not constitute to an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall will be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date. (c) REMIC I-1

Appears in 1 contract

Samples: Trust Agreement (Gs Mortgage Securities Corp)

Distributions to Certificateholders. (a) REMIC UT Distributions. (a) . In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, and shall distribute it in the following manner and order of priority: (1i) to each Class of REMIC Certificates that are Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P)Group, Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) , Accrued Certificate Interest on the Class 1A-13 2A-3 Certificates shall will be distributed in the following order of priority and shall will be added to the Class Principal Balance thereofof the Class 2A-3 Certificates: (iA) to the Class 1A-12 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; andthe PAC Scheduled Amount for such date; (iiB) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (2C) to the Class 2A-1 Certificates, until the Class Principal Balance thereof is reduced to zero; (ii) to the REMIC Certificates that are Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (aA) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 1A-1 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, in the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates2A-1, until the Class Principal Balance thereof is reduced to zero; and (C) to the 2A-3, Class 1A-4 2A-4 and Class 1A-5 2A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, in the following order of priority: (i1) to the Class 2A-6, Class 2A-7 2A-4 and Class 2A-8 2A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such classClass, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class Class is reduced to zero; (ii2) to the Class 2A-2 2A-1 and Class 2A-3 Certificates, in the following order of priority: (a) to the Class 2A-1 Certificates, until the Class Principal Balance thereof is reduced to the PAC Scheduled Amount for such Distribution Date; (b) to the Class 2A-3 Certificates, until the Class Principal Balance thereof is reduced to zero; (iiic) to the Class 2A-3 Group2A-1 Certificates, without regard to the PAC Scheduled Amount for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; and (3) to the Class 2A-4 and Class 2A-5 Certificates, pro rata, in accordance with proportion to the 2A-3 Group PriorityClass Principal Balance of each such Class, until the Class Principal Balance of each such Class is reduced to zero; and; (ivC) to the Class 2A-6, Class 2A-7 3A-2 and Class 2A-8 3A-4 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its their Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until the Class Principal Balance thereof is reduced to zero; (dD) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal BalancesBalance, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class thereof is reduced to zero;; and (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (gE) to the Class 1AA-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3iii) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4iv) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 71, Collateral Group 1-P 2, Collateral Group 3 and Collateral Group 2-P)4, but subject to the prior distribution of amounts described under Section 3.01(c) below, to the related classes of Subordinate Certificates, in their order of seniority the sum of (i) Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and (ii) their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall class will be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5v) to each related Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6vi) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder remainder, if any, which is expected to be zero, of the Available Distribution Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 RC Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to on or after the Credit Support Depletion Date but after Date, to the date extent of the Available Distribution Amount allocable to each Collateral Group on which the aggregate Certificate Principal Balance of such Distribution Date, distributions shall be made to the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced related to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of prioritysuch Collateral Group, in respect of interest (pro rata according to Accrued Certificate Interest for such Class’s Subordinate Class Percentage of Distribution Date) and then with respect to principal (pro rata according to their outstanding principal balances); and the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates remainder (other than any Interest Only Certificates and Fair Market Value Excess remaining after the related Class A-P Certificates) remaining outstanding pursuant optional termination of the Trust Estate), if any, which is expected to Section 3.01(a)(2) until be zero, of the Available Distribution Amount for each such Collateral Group shall be distributed to the holders of the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%R Certificates. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. . (c) On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(23.01(a)(ii), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the REMIC Certificates that are Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution Date.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2006-6f)

Distributions to Certificateholders. REMIC UT Distributions. (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02below, on each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount (less any amounts withdrawn pursuant to Section 3.01(a)(iii) of the Standard Terms) for each Collateral Loan Group (other than Collateral 1, Loan Group 7) from the Certificate Account, 2 and Loan Group 3 and shall distribute it in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 1A-12 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 1A-13 Certificates, until the Class Principal Balance thereof is reduced to zero; and (b) Accrued Certificate Interest on the Class 2A-5 Certificates shall be distributed in the following order of priority and shall be added to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Loan Group 1 in an amount up to the Senior Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% to the 1A-1 Group, shall be distributed in the following order of priority: (A1) first, pro rata (based on their respective Accrued Certificate Interest), to the Class 1A-141A1, Class 1A-15 1A2 and Class 1A-16 1AX Certificates, pro rataAccrued Certificate Interest thereon provided, in proportion however, that Accrued Certificate Interest otherwise distributable to the Class 1AX Certificates on any Distribution Date will instead be deposited into the Class 1AX Certificate Account to the extent of the Required Reserve Fund Deposit for that Distribution Date; (2) second, pro rata (based on their respective Class Principal Balance Balances) to pay principal of each such classthe Class 1A1 and Class 1A2 Certificates, to the Group 1(B) NAS Priority extent of the Senior Principal Distribution Amount for such Distribution DateLoan Group 1, until the Class Principal Balance of each such class is Class has been reduced to zero;; and (B3) to third, from the 1A-6 Group, in the following order of priority: Class 1AX Certificate Account pro rata (I) sequentiallybased on their respective Net WAC Shortfalls), to the 1A-7 GroupClass 1A1 and Class 1A2 Certificates, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount any Net WAC Shortfalls for such Distribution Date; (IIii) the Available Distribution Amount for Loan Group 2 shall be distributed as follows: (1) first, pro rata (based on their respective Accrued Certificate Interest), to the Class 1A-10 2A1, Class 2A2, Class 2A3, Class 2AX1, Class 2AX2, Class 2AX3 and Class R Certificates, Accrued Certificate Interest thereon; (2) second, to the Class R Certificates, as principal, the Senior Principal Distribution Amount for Loan Group 2, until the Class Principal Balance thereof is has been reduced to zero; and (III3) sequentiallythird, pro rata (based on their respective Class Principal Balances) to pay principal to the Class 2A1, Class 2A and Class 2A3 Certificates, to the 1A-7 Group, without regard to extent of the PAC Scheduled Senior Principal Distribution Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Loan Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class2, until the Class Principal Balance of each such class is Class has been reduced to zero; and (iiiii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priorityAvailable Distribution Amount for Loan Group 3 shall be distributed as follows: (A1) first, pro rata (based on their respective Accrued Certificate Interest) to the Class 1A-4 3A1, Class 3A2, Class 3A3, Class 3A4, Class 3A5 and Class 1A-5 3A6 Certificates, pro rataAccrued Certificate Interest thereon; and (2) second, in proportion sequentially to pay principal to the Class 3A1, Class 3A2, Class 3A3, Class 3A4, Class 3A5 and Class 3A6 Certificates to the extent of the remaining Senior Principal Balance of each such class, the Group 1(A) NAS Priority Distribution Amount for such Distribution DateLoan Group 3, until the Class Principal Balance of each such class Class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero;. (b) Subject to the Class 2A-1 Groupexceptions described below, in reduction of their respective unless the Class Principal BalancesBalances of the Group 1 Subordinate Certificates has been previously reduced to zero, from the portion of the Available Distribution Amount for Collateral from Loan Group 2 1 remaining after making the distributions described above in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Date, paragraph (a) will be distributed in the following order of priority: (i) to the Class 2A-6, Class 2A-7 and Class 2A-8 1B1 Certificates, pro rata, in proportion to the Class Principal Balance of each Accrued Certificate Interest on such class, the Group 2 NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zeroClass; (ii) to the Class 2A-2 1B1 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the Subordinate Principal Distribution Amount for Loan Group 1 until the Class Principal Balance thereof is has been reduced to zero; (iii) to the Class 2A-3 Group1B2 Certificates, in accordance with Accrued Certificate Interest on such Class; (iv) to the 2A-3 Class 1B2 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the Subordinate Principal Distribution Amount for Loan Group Priority, 1 until the Class Principal Balance thereof has been reduced to zero; (v) to the Class 1B3 Certificates, Accrued Certificate Interest on such Class; (vi) to the Class 1B3 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of each the Subordinate Principal Distribution Amount for Loan Group 1 until the Class Principal Balance thereof has been reduced to zero; (vii) to the Class 1B4 Certificates, Accrued Certificate Interest on such Class; (viii) to the Class is 1B4 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the Subordinate Principal Distribution Amount for Loan Group 1 until the Class Principal Balance thereof has been reduced to zero; (ix) to the Class 1B5 Certificates, Accrued Certificate Interest on such Class; (x) to the Class 1B5 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the Subordinate Principal Distribution Amount for Loan Group 1 until the Class Principal Balance thereof has been reduced to zero; (xi) to the Class 1B6 Certificates, Accrued Certificate Interest on such Class; (xii) to the Class 1B6 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the Subordinate Principal Distribution Amount for Loan Group 1 until the Class Principal Balance thereof has been reduced to zero; and (xiii) to each Class of Certificates in order of seniority (and among classes of Group 1 Senior Certificates, pro rata, based on the amount of unreimbursed Realized Losses allocated to such Classes), up to the amount of unreimbursed Realized Losses allocated to that Class, if any (unless the allocation of Realized Losses has reduced any Class of Certificates to zero on a previous Distribution Date, in which case no amounts will be reimbursed to that Class); provided, however, that any amounts distributed pursuant to this paragraph (b)(xiii) will not cause a further reduction in the Class Principal Balance of any Class of Certificates. (c) Subject to the exceptions described below, unless the Class Principal Balances of the Group 2 and Group 3 Subordinate Certificates has been previously reduced to zero, the portion of the Available Distribution Amount from Loan Group 2 and Loan Group 3 in the aggregate remaining after making the distributions described above in paragraph (a) will be distributed in the following order of priority: (i) to the Class 2B1 Certificates, Accrued Certificate Interest on such Class; (ii) to the Class 2B1 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; (iii) to the Class 2B2 Certificates, Accrued Certificate Interest on such Class; (iv) to the Class 2A-6, Class 2A-7 and Class 2A-8 2B2 Certificates, as principal, their pro rata, in proportion to rata share (based on the Class Principal Balance thereof) of each such class, the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; (v) to the Class 2B3 Certificates, Accrued Certificate Interest on such Class; (vi) to the Class 2B3 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of each the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; (vii) to the Class 2B4 Certificates, Accrued Certificate Interest on such class is Class; (viii) to the Class 2B4 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; (ix) to the Class 2B5 Certificates, Accrued Certificate Interest on such Class; (x) to the Class 2B5 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; (xi) to the Class 2B6 Certificates, Accrued Certificate Interest on such Class; (xii) to the Class 2B6 Certificates, as principal, their pro rata share (based on the Class Principal Balance thereof) of the aggregate Subordinate Principal Distribution Amount for Loan Group 2 and Loan Group 3 until the Class Principal Balance thereof has been reduced to zero; and (cxiii) to each Class of Certificates in order of seniority (and among classes of Senior Certificates related to Loan Group 2 and Loan Group 3, pro rata, based on the Class 3A-1 Certificatesamount of unreimbursed Realized Losses allocated to such Classes), in reduction of its Class Principal Balance, from the Available Distribution Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such amount of unreimbursed Realized Losses allocated to that Class, if any (unless the allocation of Realized Losses has reduced any Class of Certificates to zero on a previous Distribution Date, until the Class Principal Balance thereof is reduced in which case no amounts will be reimbursed to zero; (d) pro rata to the Class 4A-1 and Class 4A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (e) pro rata to the Class 5A-1 and Class 5A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 5 in an amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 Certificates, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution Date, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-PClass), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any amounts distributed pursuant to this paragraph (c)(xiii) will not cause a further reduction in the Class Principal Balance of any Class of Certificates. (d) On any Distribution Date for which a Net WAC Shortfall exists with respect to the Class 1A1 or Class 1A2 Certificates, the Securities Administrator will withdraw from the Class 1AX Certificate Account, the amount for distribution to such Class equal to the lesser of (1) the amount of such Net WAC Shortfall and (2) the amounts available therefor on deposit in the Class 1AX Certificate Account as provided in subsection (a)(i)(3) above. (e) At such time as all other Classes of Certificates have been paid in full and all Realized Losses previously allocated have been reimbursed in full (unless the allocation of Realized Losses has reduced any Class of Certificates to zero on a previous Distribution Date, in which case no amounts will be reimbursed to that Class), all remaining amounts to the Residual Certificates with respect to the Class R-I Interest. (f) If, immediately after any Distribution Date, the amount on deposit in the Class 1AX Certificate Account of the Reserve Fund exceeds the initial deposit therein, the Securities Administrator will distribute such excess to the Class 1AX Certificateholders that deposited such amounts in the Class 1AX Certificate Account. (g) Notwithstanding subsections (b), (c), (d), (e) and (f) above, if the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such any Distribution Date is less than the Subordination Level as of on the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related for such Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in fullsuch Class, the remainder if any“Affected Subordinate Certificates”), which is expected to be zero, the aggregate portion of the Available Principal Prepayment Amount otherwise payable on such Distribution Amount for Date to Classes of Subordinate Certificates will be allocated as follows: (i) all Collateral Groups related pro rata (based on their respective Class Principal Balances) to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant whose Subordination Level equals or exceeds its initial Subordination Level and the class of Affected Subordinate Certificates having the lowest numerical designation, or (ii) if no class of Subordinate Certificates has a Subordination Level equal to Section 3.01(a)(4)or in excess of its initial Subordination Level, to the Class of Affected Subordinate Certificates having the lowest numerical designation up to an amount sufficient to restore its Subordination Level to its initial Subordination Level, and then to the Class of Affected Subordinate Certificates having the next lowest numerical designation, in reverse order the same manner. (h) All distributions or allocations made with respect to each Class of priority, in respect Certificates on each Distribution Date shall be allocated pro rata among the outstanding Certificates of such Class’s Subordinate Class Percentage based on the outstanding principal balance or Notional Amount, as applicable of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificates, Certificate. Payment shall be distributed as principal made either (1) by check mailed to the related class or classes address of Senior Certificates (other than any Interest Only Certificates and each Certificateholder as it appears in the related Class A-P Certificates) remaining outstanding pursuant Certificate Register on the Record Date immediately prior to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date or (a2) with respect to the related Aggregate Subordinate Percentage for Regular Certificates, by wire transfer of immediately available funds to the account of a Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have so notified the Securities Administrator in writing by the Record Date immediately prior to such Distribution Date and such Holder is less than 200% the registered owner of Regular Certificates with an initial principal amount of at least $1,000,000. The Securities Administrator may charge the Holder a fee for any payment made by wire transfer. Final distribution on the Certificates will be made only upon surrender of the related Aggregate Subordinate Percentage as Certificates at the offices of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans Certificate Registrar set forth in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances notice of such Certificates of each such final distribution. (i) Any amounts remaining in the Certificate Group. On Account on any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, after all amounts allocations and distributions required to be made by this Trust Agreement have been made shall be paid to the Holders of the Class R Certificates with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed to the Senior Certificates (other than the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group for such Distribution DateREMIC.

Appears in 1 contract

Samples: Trust Agreement (GSR Mortgage Loan Trust 2004-12)

Distributions to Certificateholders. REMIC UT Distributions.On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the related Distribution Account the Available Distribution Amount for each Loan Group for such Distribution Date and distribute to each related Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder or by any other means of payment acceptable to each Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 9.1 respecting the final distribution) as specified by each such Certificateholder and at the address of such Holder appearing in the Certificate Register, from the amount so withdrawn and to the extent of the related Available Distribution Amount, as applicable, such Certificateholder’s Percentage Interest of the following amounts and in following order and priority: (a) In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on On each Distribution Date, the Securities Administrator shall withdraw the aggregate Available Distribution Amount for each Collateral Group (other than Collateral Group 7) from the Certificate Account, Distribution Account related to the Group I Loans to the extent on deposit therein an amount equal to the Interest Remittance Amount and shall distribute it make the following disbursements and transfers in the following manner and order of priority: (1) to each Class of Senior Certificates (other than the Principal Only Certificates) related to such Collateral Group (other than Collateral Group 1-P and Collateral Group 2-P), Accrued Certificate Interest thereon, pro rata in proportion to the amount of Accrued Certificate Interest owing to each such Class; provided that, (a) Accrued Certificate Interest on the Class 1A-13 Certificates shall be distributed in the following order of priority and shall be added described below, in each case to the Class Principal Balance thereofextent of the Interest Remittance Amount remaining for such Distribution Date: (i) first, to the Class 1A-12 Supplemental Interest Trust, an amount equal to the sum of any Group I Net Swap Payment owed to the Group I Swap Provider and any Group I Swap Termination Payment owed to the Group I Swap Provider not due to a Group I Swap Provider Trigger Event; (ii) second, concurrently, to the holders of the Group I Senior Certificates, until the Class Principal Balance thereof is reduced to zerorelated Senior Interest Distribution Amount on a pro rata basis based on the entitlement of each such Class; and (iiiii) third, sequentially, to the holders of the Class 1A-13 I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5, Class I-M-6, Class I-M-7 and Class I-M-8 Certificates, until in that order, the Class Principal Balance thereof is reduced related Interest Distribution Amount allocable to zero; andeach such Class. (b) Accrued Certificate Interest on On each Distribution Date, the Class 2A-5 Certificates Securities Administrator shall be distributed in withdraw from the following order of priority and shall be added Distribution Account related to the Class Principal Balance thereof: (i) to the Class 2A-4 Certificates, until the Class Principal Balance thereof is reduced to zero; and (ii) to the Class 2A-5 Certificates, until the Class Principal Balance thereof is reduced to zero; (2) to the Senior Certificates (other than the Interest Only Certificates) related to such Collateral Group, Group I Loans to the extent of the remaining Available Distribution Amount for the related Collateral Group, concurrently as follows: (a) on deposit therein an amount equal to the Class 1A-2, Class 1A-4, Class 1A-5, Class 1A-8, Class 1A-9, Class 1A-10, Class 1A-12, Class 1A-13, Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, in reduction of their Class Principal Balance, from the Available Distribution Amount for Collateral Group 1 in an amount up to the Senior I Principal Distribution Amount for Collateral Group 1 for such Distribution Date, concurrently as follows: (i) 87.9708606127483% and distribute to the 1A-1 Group, in Group I Certificateholders the following order of priority: (A) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(B) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the 1A-6 Group, in the following order of priority: (I) sequentially, to the 1A-7 Group, in accordance with the 1A-7 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to the PAC Scheduled Amount for such Distribution Date; (II) to the Class 1A-10 Certificates, until the Class Principal Balance thereof is reduced to zero; and (III) sequentially, to the 1A-7 Group, without regard to the PAC Scheduled Amount for such Distribution Date, until the aggregate Class Principal Balance of such Classes is reduced to zero; and (C) to the 1A-11 Group, in accordance with the 1A-11 Group Priority, until the aggregate Class Principal Balance of such Classes is reduced to zero; (D) to the Class 1A-14, Class 1A-15 and Class 1A-16 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (ii) 12.0291393872517%, to the Class 1A-2, Class 1A-4 and Class 1A-5 Certificates, in the following order of priority: (A) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, the Group 1(A) NAS Priority Amount for such Distribution Date, until the Class Principal Balance of each such class is reduced to zero; (B) to the Class 1A-2 Certificates, until the Class Principal Balance thereof is reduced to zero; and (C) to the Class 1A-4 and Class 1A-5 Certificates, pro rata, in proportion to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; (b) to the Class 2A-1 Group, in reduction of their respective Class Principal Balances, from the Available Distribution Amount for Collateral Group 2 in an amount up to the Senior Principal Distribution Amount for Collateral Group 2 for such Distribution Dateamounts, in the following order of priority: (i) first, to the Supplemental Interest Trust, an amount equal to the sum of any Group I Net Swap Payment owed to the Group I Swap Provider and any Group I Swap Termination Payment owed to the Group I Swap Provider not due to a Group I Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; (ii) second, concurrently (i) to the Class 2A-6, Class 2A-7 I-A-4 Certificates and Class 2A-8 Certificates, pro rata, in proportion (ii) to the Class I-A-1, Class I-A-2 and Class I-A-3 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such classClass until the Certificate Principal Balance of each such Class has been reduced to zero, the Group 2 NAS Priority I Senior Principal Distribution Amount for such Distribution Date; provided, however, that distributions to the Class I-A-1, Class I-A-2, and Class I-A-3 Certificates pursuant to clause (ii) shall be made on a sequential basis, in that order, until the Class Certificate Principal Balance of each such class is Class has been reduced to zero; (c) The Group I Principal Distribution Amount remaining after distributions pursuant to Sections 4.1(b)(i) and (ii) above shall be distributed in the following order of priority: (i) first, to the Holders of the Class I-M-1 Certificates, the lesser of (x) the remaining Group I Principal Distribution Amount and (y) the Class I-M-1 Principal Distribution Amount, until the Certificate Principal Balance of the Class I-M-1 Certificates has been reduced to zero; (ii) second, to the Holders of the Class 2A-2 I-M-2 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, and (y) the Class I-M-2 Principal Distribution Amount, until the Class Certificate Principal Balance thereof is of the Class I-M-2 Certificates has been reduced to zero; (iii) third, to the Holders of the Class 2A-3 GroupI-M-3 Certificates, in accordance with the 2A-3 lesser of (x) the excess of (i) the remaining Group PriorityI Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above and to the Holders of the Class I-M-2 Certificates under clause second above, and (y) the Class I-M-3 Principal Distribution Amount, until the Class Certificate Principal Balance of each such the Class is I-M-3 Certificates has been reduced to zero; (iv) fourth, to the Holders of the Class I-M-4 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, to the Holders of the Class I-M-2 Certificates under clause second above and to the Holders of the Class I-M-3 Certificates under clause third above, and (y) the Class I-M-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class I-M-4 Certificates has been reduced to zero; (v) fifth, to the Holders of the Class I-M-5 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, to the Holders of the Class I-M-2 Certificates under clause second above, to the Holders of the Class I-M-3 Certificates under clause third above and to the Holders of the Class I-M-4 Certificates under clause fourth above, and (y) the Class I-M-5 Principal Distribution Amount, until the Certificate Principal Balance of the Class I-M-5 Certificates has been reduced to zero; (vi) sixth, to the Holders of the Class I-M-6 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, to the Holders of the Class I-M-2 Certificates under clause second above, to the Holders of the Class I-M-3 Certificates under clause third above, to the Holders of the Class I-M-4 Certificates under clause fourth above and to the Holders of the Class I-M-5 Certificates under clause fifth above, and (y) the Class I-M-6 Principal Distribution Amount, until the Certificate Principal Balance of the Class I-M-6 Certificates has been reduced to zero; (vii) seventh, to the Holders of the Class I-M-7 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, to the Holders of the Class I-M-2 Certificates under clause second above, to the Holders of the Class I-M-3 Certificates under clause third above, to the Holders of the Class I-M-4 Certificates under clause fourth above, to the Holders of the Class I-M-5 Certificates under clause fifth above and to the Holders of the Class I-M-6 Certificates under clause sixth above, and (y) the Class I-M-7 Principal Distribution Amount, until the Certificate Principal Balance of the Class I-M-7 Certificates has been reduced to zero; and (ivviii) eighth, to the Holders of the Class I-M-8 Certificates, the lesser of (x) the excess of (i) the remaining Group I Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class I-M-1 Certificates under clause first above, to the Holders of the Class I-M-2 Certificates under clause second above, to the Holders of the Class I-M-3 Certificates under clause third above, to the Holders of the Class I-M-4 Certificates under clause fourth above, to the Holders of the Class I-M-5 Certificates under clause fifth above, to the Holders of the Class I-M-6 Certificates under clause sixth above and to the Holders of the Class I-M-7 Certificates under clause seventh above, and (y) the Class I-M-8 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-8 Certificates has been reduced to zero. (d) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows: (i) to the Class 2A-6, Class 2A-7 holders of the Group I Senior Certificates and Class 2A-8 Mezzanine Certificates, pro rata, in proportion an amount equal to the Class Principal Balance of each such class, until the Class Principal Balance of each such class is reduced to zero; and (c) to the Class 3A-1 Certificates, in reduction of its Class Principal Balance, from the Available Distribution Overcollateralization Increase Amount for Collateral Group 3 in an amount up to the Senior Principal Distribution Amount for Collateral Group 3 for such Distribution Date, until payable to such holders in accordance with the Class Principal Balance thereof is reduced to zeropriorities set forth in Section 4.1(b) above; (dii) pro rata sequentially, to the holders of the Class 4A-1 I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5, Class I-M-6, Class I-M-7 and Class 4A-2 I-M-8 Certificates, in reduction of their respective Class Principal Balancesthat order, from the Available Distribution related Interest Carry Forward Amount for Collateral Group 4 in an amount up to the Senior Principal Distribution Amount for Collateral Group 4 each such Class for such Distribution Date; (iii) to the Group I Reserve Fund, until an amount equal to the sum of the related Net WAC Rate Carryover Amounts, if any for the Group I Senior Certificates and Mezzanine Certificates for such Distribution Date; (iv) to the holders of the Group I Senior Certificates, the Allocated Realized Loss Amount for each such Class, on a pro rata basis, based on the amount due with respect to each such Class; (v) sequentially, to the holders of the Class Principal Balance I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5, Class I-M-6, Class I-M-7 and Class I-M-8 Certificates, in that order, the Allocated Realized Loss Amount allocable to each Class; (vi) to the Supplemental Interest Trust, an amount equal to any Group I Swap Termination Payment owed to the Group I Swap Provider due to a Group I Swap Provider Trigger Event pursuant to the Group I Swap Agreement; and (vii) to the holders of each the Class I-CE Certificates the related Interest Distribution Amount and any Overcollateralization Reduction Amount for such Distribution Date. The Class I-CE Certificates are intended to receive all principal and interest received by the Trust on the Group I Loans that is reduced not otherwise distributable to zero;any other Class of Regular Certificates or REMIC Regular Interests. If the Securities Administrator determines that the Residual Certificates are entitled to any distributions on any Distribution Date other than the final Distribution Date, the Securities Administrator, prior to any such distribution to any Residual Certificate, shall notify the Depositor of such impending distribution. Upon such notification, the Depositor will prepare and request that the other parties hereto enter into an amendment to the Pooling and Servicing Agreement pursuant to Section 11.1, to revise such mistake in the distribution provisions. (e) pro rata to On each Distribution Date, after making the Class 5A-1 and Class 5A-2 Certificates, in reduction distributions of their respective Class Principal Balances, from the Group I Available Distribution Amount for Collateral as set forth above, the Securities Administrator will first, withdraw from the Group 5 I Reserve Fund all income from the investment of funds in an the Reserve Fund and distribute such amount up to the Senior Principal Distribution Amount for Collateral Group 5 for such Distribution Date, until Holders of the Class Principal Balance of each such Class is reduced to zero; (f) pro rata to the Class 6A-1 and Class 6A-2 I-CE Certificates, in reduction of their respective Class Principal Balancesand second, withdraw from the Available Distribution Amount for Collateral Group 6 in an amount up to the Senior Principal Distribution Amount for Collateral Group 6 for such Distribution DateI Reserve Fund, until the Class Principal Balance of each such Class is reduced to zero (g) to the Class 1A-P Certificates, from the Available Distribution Amount for Collateral Group 1-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (h) to the Class 2A-P Certificates, from the Available Distribution Amount for Collateral Group 2-P, the A-P Principal Distribution Amount for such Collateral Group, in reduction of their Class Principal Balance, until the Class Principal Balance thereof is reduced to zero; (3) from amounts otherwise payable to the Subordinate Certificates, to the related class of Class A-P Certificates, the principal portion of Current Realized Losses and the Deferred Principal Amount for such Class A-P Certificates and such Distribution Date; provided, however, that, if necessary, the aggregate of all such amounts distributed on such Distribution Date shall not exceed the related aggregate Subordinate Principal Distribution Amount (without regard to the proviso of such definition) for the related Subordinate Certificates and, provided further, that such amounts shall not reduce the Class Principal Balance of such Class A-P Certificates; (4) to the extent of the amounts remaining Available Distribution Amount for all related Collateral Groups (other than Collateral Group 7, Collateral Group 1-P and Collateral Group 2-P), but subject to the prior distribution of amounts to the related Subordinate Certificates, in their order of seniority the sum of Accrued Certificate Interest pro rata on the basis of the amount owing to each such Class, and their pro rata shares, based on their outstanding Certificate Balances, of the related Subordinate Principal Distribution Amount for each such Collateral Group, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the related Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of the related Subordinate Certificates junior to such Class shall be allocated pro rata to the most senior Class of related Subordinate Certificates for which the Subordination Level on such Distribution Date is less than the Subordination Level as of the Closing Date and all Classes of related Subordinate Certificates senior thereto; (5) to each related Class of Certificates, in the order of their senioritydeposit therein, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (6) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder if any, which is expected to be zero, of the Available Distribution Net WAC Rate Carryover Amount for (i) all Collateral Groups related to Loan Group 1 to the Class 1-R1 Certificates to the extent such remainder is applicable to REMIC LT1 and otherwise to the Class UT-R Certificates, (ii) all Collateral Groups related to Loan Group 2 to the Class 2-R1 Certificates to the extent such remainder is applicable to REMIC LT2 and otherwise to the Class UT-R Certificates, and (iii) Collateral Group 7 to the Class 3-R1 Certificates to the extent such remainder is applicable to REMIC LT3 and otherwise to the Class UT-R Certificates. In the event that Exchange Certificates comprising a Combination Group are exchanged for their related Exchangeable Certificates, such Exchangeable Certificates shall be entitled to a portion of the principal distributions on the related Combination Group equal to the percentage of the class of Exchangeable Certificates that is outstanding. (b) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class 7A-1, Class 7A-2, Class 1A-P and Class 2A-P Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal on each Class of related Subordinate Certificates pursuant to Section 3.01(a)(4), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Senior Certificates, shall be distributed as principal to the related class or classes of Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) remaining outstanding pursuant to Section 3.01(a)(2) until the Class Principal Balances thereof have been reduced to zero, provided that on such Distribution Date (a) the related Aggregate Subordinate Percentage for such Distribution Date is less than 200% and distribute such amount and distribute such amounts to the Group I Senior Certificates and Mezzanine Certificates in the following manner and order of priority: first, concurrently to the Group I Senior Certificates, on a pro rata basis, the related Aggregate Subordinate Percentage as of the Cut-Off Date or (b) the average outstanding principal balance of the Mortgage Loans in the related Loan Group that are delinquent 60 days or more for the last six months (including Mortgage Loans in foreclosure or bankruptcy and property held by the Trust) as a percentage of the related Group Subordinate Net WAC Rate Carryover Amount is greater than or equal to 50%. On each Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related class of Class A-P Certificates) of two or more related Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 3.01(b) shall be allocated, as to each applicable related Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Certificate Group. On each Distribution Date on which the Senior Certificates (other than the related Class A-P Certificates) of two or more related Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 3.01(b) shall be distributed in proportion to the aggregate Certificate Principal Balances of such Certificates of each such Certificate Group. On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts with respect to the related Mortgage Loans otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the related Credit Support Depletion Date, such other amounts described in the immediately following sentence), shall be distributed as principal to the Senior Certificates (other than any Interest Only Certificates and the related Class A-P Certificates) of such Undercollateralized Group pursuant to Section 3.01(a)(2), until the aggregate Certificate Principal Balance of such Senior Certificates equals the Non-AP Pool Balance of the related Collateral Group (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions shall be made from any Available Distribution Amount for each related Collateral Group that does not constitute an Undercollateralized Group remaining after all required amounts have been distributed to the Senior Certificates (other than the related Class A-P Certificates) of such other Certificate Groups. In addition, the amount of any unpaid Current Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Current Shortfalls for such Distribution Date) shall be distributed Date for each such Class; second, to the Senior Certificates (other than Class I-M-1 Certificates, the related Class A-P Certificates) of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the related Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence). If on any Distribution Date two or more related Certificate Groups are Undercollateralized Groups, the distribution described in the immediately preceding paragraph shall be made in proportion to the amount by which the aggregate Certificate Principal Balance of the Senior Certificates (other than the related Class A-P Certificates) of each such Certificate Group, after giving effect to distributions pursuant to Section 3.01(a) on such Distribution Date, exceeds the Non-AP Pool Balance of the related Collateral Group Net WAC Rate Carryover Amount for such Distribution DateDate for such Class; third, to the Class I-M-2 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; fourth, to the Class I-M-3 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; fifth, to the Class I-M-4 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; sixth, to the Class I-M-5 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; seventh, to the Class I-M-6 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; eighth, to the Class I-M-7 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class; and ninth, to the Class I-M-8 Certificates, the related Net WAC Rate Carryover Amount for such Distribution Date for such Class.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1)