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Common use of Distributions to Certificateholders Clause in Contracts

Distributions to Certificateholders. (a) 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 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of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall distribute the 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 and Class A-3 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 such Class; and (c) 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 and Class M-8 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.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar4)

Distributions to Certificateholders. (a) On each Distribution Date, following withdrawals from the Class A-1A Swap Account, 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority: (i) On each Distribution Date, following withdrawals from the Class A-1A Swap Account, the Securities Administrator shall distribute the Interest Remittance Amount Funds 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, to the extent remaining unpaid after distributions of Interest Funds on such Distribution Date: (a) first, concurrently, (x) to the applicable Class A-1A Swap Account Account, up to an amount equal to the sum of any Adjusted Net Securities Administrator Class A-1A Swap Payment owed to the Class A-1A Swap Provider and any Swap Termination Payment (not due to a Class A-1A Swap Provider Trigger Event) owed to the Class A-1A Swap Provider for such Distribution Date remaining undistributed after all prior distributions on such Distribution Date as set forth in the Supplemental Interest Trustfirst paragraph of this Section 4.1(a)(i) and (y) to the Certificate Swap Account, up to an amount equal to the sum of any Net Securities Administrator Certificate Swap Payment owed to the Certificate Swap Providers Provider and any Swap Termination Payment owed to the Swap Providers (not due to a Certificate Swap Provider Trigger Event Event) owed to the Certificate Swap Provider for such Distribution Date; (b) second, concurrently to the Holders of the Class A-1A-1A, Class A-2 X-0X, Xxxxx X-0 and Class A-3 Certificates, up to the related Senior Interest Distribution Amount for such Distribution Date to remaining undistributed after all prior distributions on such Distribution Date as set forth in the extent first paragraph of the Interest Remittance Amount this Section 4.1(a)(i) on a pro rata basis based on the entitlement of each such Class; and (c) third, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, M-6 and Class M-7 and Class M-8 Certificates sequentially, in that order, up to the related Interest Distribution Amount allocable to each such Class to the extent of the Interest Remittance Amount Funds 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 Funds 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, following the distribution of the Interest Funds and withdrawals from the Class A-1A Swap Account, the Securities Administrator shall distribute the Principal Funds for that Distribution Date in the following amounts and order of priority: (a) first, concurrently, (x) to the Class A-1A Swap Account, up to an amount equal to the sum of any Adjusted Net Securities Administrator Class A-1A Swap Payment owed to the Class A-1A Swap Provider and any Swap Termination Payment (not due to a Class A-1A Swap Provider Trigger Event) owed to the Class A-1A Swap Provider for such Distribution Date remaining undistributed after all prior distributions on such Distribution Date as set forth in the first paragraph of this Section 4.1(a)(ii)(A) and (y) to the Certificate Swap Account, up to an amount equal to the sum of any Net Securities Administrator Certificate Swap Payment owed to the Certificate Swap Provider and any Swap Termination Payment (not due to a Certificate Swap Provider Trigger Event) owed to the Certificate Swap Provider for such Distribution Date, to the extent remaining unpaid after distributions of Interest Funds on such Distribution Date; (b) second, concurrently to the Class A-1A, Class X-0X, Xxxxx X-0 and Class A-3 Certificates, pro rata based on their respective Certificate Principal Balances, until their respective Certificate Principal Balances have been reduced to zero; (c) third, sequentially to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, the Principal Funds remaining after the distributions in subsection (a) and (b) above, until the Certificate Principal Balance of each such 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, following the distribution of the Interest Funds and withdrawals from the Class A-1A Swap Account, the Securities Administrator shall distribute the Principal Funds for that Distribution Date in the following amounts and order of priority: (a) first, concurrently, (x) to the Class A-1A Swap Account, up to an amount equal to the sum of any Adjusted Net Securities Administrator Class A-1A Swap Payment owed to the Class A-1A Swap Provider and any Swap Termination Payment (not due to a Class A-1A Swap Provider Trigger Event) owed to the Class A-1A Swap Provider for such Distribution Date remaining undistributed after all prior distributions on such Distribution Date as set forth in the first paragraph of this Section 4.1(a)(ii)(B) and (y) to the Certificate Swap Account, up to an amount equal to the sum of any Net Securities Administrator Certificate Swap Payment owed to the Certificate Swap Provider and any Swap Termination Payment (not due to a Certificate Swap Provider Trigger Event) owed to the Certificate Swap Provider for such Distribution Date, to the extent remaining unpaid after distributions of Interest Funds on such Distribution Date; (b) second, concurrently to the Class A-1A, Class X-0X, Xxxxx X-0 and Class A-3 Certificates, in an amount up to the Senior Principal Distribution Amount, pro rata based on their respective Certificate Principal Balances, until their respective Certificate Principal Balances have been reduced to zero, (c) third, to the Holders of the Class M-1 Certificates, up to 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; (d) fourth, to the Holders of the Class M-2 Certificates, up to 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;

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust Series 2007-Oa5 /DE)

Distributions to Certificateholders. (a) 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall distribute the 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 TrustAccount, an amount equal to the sum of any Net Swap Payment owed to the Swap Providers Provider and any Swap Termination Payment owed to the Swap Providers 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 A-2, Class A-3, Class A-4. Class A-5, Class A-6, Class A-7 and Class A-3 A-8 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 such Class; and (c) 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 M-7, Class M-8, Class M-9 and Class M-8 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 the Principal Distribution Amount for that Distribution Date in the following amounts and order of priority: (a) first, to the Swap Account, an amount equal to the sum of 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 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 aggregate Certificate Principal Balance of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates, with respect to subsection (ii) below, based on the aggregate Certificate Principal Balance of the Class A-6 and Class A-7 Certificates and with respect to subsection (iii) below, based on the Certificate Principal Balance of the Class A-8 Certificates), as follows: (i) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5, sequentially, as follows: (A) first, concurrently, to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, 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; (B) second, to the Holders of the Class A-4 Certificates, until its Certificate Principal Balance has been reduced to zero; and (C) third, to the Holders of the Class A-5 Certificates, until its Certificate Principal Balance has been reduced to zero; (ii) concurrently, to the Holders of the Holders of the Class A-6 and Class A-7 Certificates, 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; and (iii) to the Holders of the Class A-8 Certificates, until its Certificate Principal Balance has been reduced to zero; and (c) third, sequentially 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, in that order, the Principal Distribution Amount remaining after the distributions in subsection (b) above, until the Certificate Principal Balance of each such Class has been reduced to zero.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar6)

Distributions to Certificateholders. (a) 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 Group I Available Distribution Amount and Group II Available Distribution Amount for such Distribution Date and distribute to each Certificateholder related Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder, 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, Certificateholder and at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such the Group I Available Distribution Amount and Group II Available Distribution Amount, as applicable, 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, the Securities Administrator will distribute the Group I Available Distribution Amount and Group II Available Distribution Amount in the following order and priority: (i) On each Distribution Date, the Securities Administrator Group I Available Distribution Amount shall distribute be distributed as follows: (1) first, concurrently to the Group I Senior Certificates, the related Interest Remittance Distribution Amount on a pro rata basis based on the related Interest Distribution Amount with respect to each such Class; provided, however, on any Distribution Date on which the Pass-Through Rate applicable to the Class I-A-1 Certificates or Class I-A-2 Certificates is limited to the related Net WAC Pass-Through Rate, any interest distributable to the Class I-A-IO Certificates will instead be distributed to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, up to an amount equal to the Net WAC Rate Carryover Amount allocable to the Class I-A-1 Certificates or Class I-A-2 Certificates for such Distribution Date in and remaining unpaid after application of any amounts received under the following order of priorityCap Contract; (2) second, in each case to the extent Class R Certificates, the related Senior Principal Distribution Amount until the Certificate Principal Balance of the Interest Remittance Class R Certificates has been reduced to zero; and (3) third, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such Class prior to such Distribution Date, from the related Senior Principal Distribution Amount remaining after payments pursuant to clause (i)(2) above, the related Senior Principal Distribution Amount 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 shall be distributed as follows: (1) first, concurrently to the Group II Senior Certificates, the related Interest Distribution Amount on a pro rata basis based on the related Interest Distribution Amount with respect to each such Class; and (2) second, sequentially to the Class II-A-1, Class II-A-2 and Class II-A-3, Certificates, 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) and (ii) above, (i) first, the Senior Interest Shortfall Amount for each Class of Senior Certificates for such Distribution Date: (a) first, if any, pro rata according to the applicable Swap Account in the Supplemental Interest Trustamount 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 Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO Certificates), pro rata among the Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO Certificates) based on the related Collateral Deficiency Amount and within each group of Certificates, on a pro rata basis based on the Certificate Principal Balance of each such Class, as a payment of principal and (iii) third, if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO Certificates) that have been paid in full, will be paid as principal to the related Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO 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 Group I Available Distribution Amount and Group II Available Distribution Amount remaining after payments pursuant to clauses (i) through (iii) above, to the Class M, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, sequentially, in that order, an amount equal to their respective Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Subordinate Principal Distribution 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, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of 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. (v) From the remaining Group I Available Distribution Amount, to the Reserve Fund (from amounts otherwise payable to the Class I-A-IO Certificates) and then from the Reserve Fund (including any payments received under the Cap Contract) to the Class I-A-1 Certificates and Class I-A-2 Certificates in respect of any Net Swap Payment owed to WAC Rate Carryover Amounts due the Swap Providers Class I-A-1 Certificates and any Swap Termination Payment owed to the Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date;Class I-A-2 Certificates as follows: (b1) secondfirst, concurrently to the Holders holders of the Class A-1, Class A-2 I-A-1 Certificates and Class A-3 I-A-2 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 such Class, any amounts received by the Securities Administrator on account of the Cap Contract for such Distribution Date; and (c2) thirdsecond, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis based on the entitlement of each such Class, any Net WAC Rate Carryover Amount remaining unpaid after distributions pursuant to clause (1) above. (vi) To the Group I Senior Certificates and Group II Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO Certificates), from the related Available Distribution Amount remaining after distributions pursuant to clauses (i) through (v) 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 losses previously allocated to such Classes of Certificates. (vii) To the Class R Certificates, the remainder (which is expected to be zero), if any of the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after distributions pursuant to clauses (i) through (vi) above. (b) On each Distribution Date on or after the Credit Support Depletion Date, to the Holders extent of the Class M-1Group I Available Distribution Amount and Group II Available Distribution Amount on such Distribution Date, Class M-2distributions will be made to the Senior Certificates in the following order of priority: (1) first, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8 (a) to the Group I Senior Certificates sequentially, in that orderfrom the Group I Available Distribution Amount, the related Interest Distribution Amount on a pro rata basis based on the amount payable to each such Class; provided, however, on any Distribution Date on which the Pass-Through Rate applicable to the Class I-A-1 Certificates or Class I-A-2 Certificates is limited to the related Net WAC Pass-Through Rate, any interest distributable to the Class I-A-IO Certificates will instead be distributed to the Class I-A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, up to an amount equal to the Net WAC Rate Carryover Amount allocable to the Class I-A-1 Certificates or Class I-A-2 Certificates for such Distribution Date and remaining unpaid after application of any amounts received under the Cap Contract, and (b) to the Group II Senior Certificates from the Group II Available Distribution Amount, the related Interest Distribution Amount on a pro rata basis based on the amount payable to each such Class, in each case to the extent of amounts available; (2) second, (a) to the Group I Senior Certificates (other than the Class I-A-IO Certificates) concurrently on a pro rata basis based on the Certificate Principal Balance of each such Class, the Group I Available Distribution Amount remaining after payments pursuant to clause (1)(a) above and (b) to the Group II Senior Certificates (other than the Class II-A-IO Certificates) concurrently on a pro rata basis based on the amount payable to each such Class, the Group II Available Distribution Amount remaining after payments pursuant to clause (1)(b) above, in each case until the Certificate Principal Balance of each such Class has been reduced to zero; (3) third, from the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after payments pursuant to clauses (1) and (2) above, to each Class of Certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, on pro rata basis based on such Senior Interest Shortfall Amount; (4) fourth, from the Group I Available Distribution Amount remaining after payments pursuant to clauses (1) through (3) above, to the Reserve Fund and then from the Reserve Fund, concurrently to the Class I-A-1 Certificates and Class I-A-2 Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class, the related Net WAC Rate Carryover Amount payable to each such Class to the extent of the Interest Remittance Amount for such Distribution Date (after taking into account all payments received by the Securities Administrator from the Cap Contract); (5) fifth, (a) from the Group I Available Distribution Amount remaining after distribution payments pursuant to clauses (1) through (4) above, concurrently to the Group I Senior Certificates (other than the Class I-A-IO Certificates) on a pro rata basis based on the outstanding Certificate Principal Balance of such Class, the Senior Interest amount of any unreimbursed losses previously allocated to each such Class and (b) from the Group II Available Distribution Amount remaining after payments pursuant to clauses (1) through (3) above, concurrently to the Group II Senior Certificates (other than the Class II-A-IO Certificates) on a pro rata based on the outstanding Certificate Principal Balance of each such Class, the amount of any unreimbursed losses previously allocated to each such Class; and (6) sixth, to the Class A 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 distributions pursuant to clauses (1) through (5) above On each Distribution Date, all amounts representing Prepayment Charges in respect of the Loans (other than with respect to the Loans serviced by IndyMac Bank) received by a Servicer during the related Prepayment Period and remitted to the Securities Administrator will be withdrawn from the Distribution Account and distributed to the Class I-A-IO Certificates and shall not be available for distribution to the holders of any other Class of Certificates. IndyMac Bank will be entitled to retain any Prepayment Charges collected in respect of the Interest Distribution Amount to any Class of Class M Certificates with a higher payment priorityLoans serviced by IndyMac Bank.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-Ar1)

Distributions to Certificateholders. (a) On each Distribution Date, The Servicer shall make or shall cause the Securities Administrator, Trustee to make the following distributions to the extent on deposit therein and based solely upon Paying Agent (for distribution to the Remittance Report for such Distribution Date, shall withdraw Series 2000-1 Certificateholders in accordance with Section 5.1) at the following times from the Distribution Collection Account and 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priorityPrincipal Funding Account: (i) On on each Distribution Date, including the Securities Administrator shall distribute Class A Expected Final Payment Date, the Interest Remittance Amount for such Distribution Date amounts on deposit in the following order of priority, Collection Account described in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date:Section 4.9 (a) first, (other than any investment earnings thereon) shall be distributed for payment to the applicable Swap Account Class A Certificateholders; (ii) on each Distribution Date, including the Class B Expected Final Payment Date, the amounts on deposit in the Supplemental Interest TrustCollection Account described in Section 4.9(b) (other than any investment earnings thereon) shall be distributed for payment to the Class B Certificateholders; (iii) on the Class A Expected Final Payment Date, an all amounts on deposit in the Principal Funding Account, up to a maximum amount on such date equal to the sum of any Net Swap Payment owed Class A Invested Amount on such date, shall be distributed for payment to the Swap Providers and any Swap Termination Class A Certificateholders; (iv) on the Class B Expected Final Payment owed Date, all amounts on deposit in the Principal Funding Account, up to a maximum amount on such date equal to the Swap Providers Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; (v) if the Class A Invested Amount is not due paid in full on the Class A Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class A Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a Swap Provider Trigger maximum amount on such date equal to the Class A Invested Amount on such date, shall be distributed for payment to the Class A Certificateholders; (vi) if the Class B Invested Amount is not paid in full on the Class B Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class B Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on such date equal to the Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; and (vii) on each Distribution Date on and after the Offered Certificates have been paid in full, all amounts on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on any such Distribution Date;date equal to the Class C Invested Amount on such date, shall be distributed for payment to the Class C Certificateholders. (b) second, concurrently The distributions to be made pursuant to this Section 4.10 and Section 4.9 are subject to the Holders provisions of Sections 9.2, 10.1, 12.1 and 12.2 of the Class A-1, Class A-2 Agreement and Class A-3 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent Section 4 of the Interest Remittance Amount on a pro rata basis based on the entitlement of each such Class; and (c) 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 and Class M-8 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 prioritythis Supplement.

Appears in 1 contract

Samples: Master Pooling and Servicing Agreement (Yamaha Motor Master Trust)

Distributions to Certificateholders. (a) 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall distribute the Interest Remittance Amount Funds 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, to the extent remaining unpaid after distributions of Interest Funds on such Distribution Date: (a) first, to the applicable Swap Account in the Supplemental Interest TrustAccount, an amount equal to the sum of any Adjusted Net Securities Administrator Swap Payment owed to the Swap Providers Provider and any Swap Termination Payment owed to the Swap Providers (not due to a Swap Provider Trigger Event Event) owed to the Swap Provider for such Distribution Date; (b) second, concurrently to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent of the Interest Remittance Amount Funds on a pro rata basis based on the entitlement of each such Class; and (c) 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 M-7, Class M-8 and Class M-8 M-9 Certificates sequentially, in that order, the related Interest Distribution Amount allocable to each such Class to the extent of the Interest Remittance Amount Funds 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 Funds 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 the Principal Funds for that Distribution Date in the following amounts and order of priority: (a) first, to the Swap Account, an amount equal to the sum of any Adjusted Net Securities Administrator Swap Payment owed to the Swap Provider and any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed to the Swap Provider for such Distribution Date; (b) second, concurrently to the Class A-1, Class A-2 and Class A-3 Certificates, pro rata based on their respective Certificate Principal Balances, until their respective Certificate Principal Balances have been reduced to zero; (c) third, sequentially 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 and Class M-9 Certificates, in that order, the Principal Funds remaining after the distributions in subsection (a) above, until the Certificate Principal Balance of each such 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 Funds for that Distribution Date in the following amounts and order of priority: (a) first, to the Swap Account, an amount equal to the sum of any Adjusted Net Securities Administrator Swap Payment owed to the Swap Provider and any Swap Termination Payment (not due to a Swap Provider Trigger Event) owed to the Swap Provider to the extent not paid from the Interest Remittance Amount on such Distribution Date; (b) second, concurrently to the Class A-1, Class A-2 and Class A-3 Certificates, in an amount up to the Senior Principal Distribution, pro rata based on their respective Certificate Principal Balances, until their respective Certificate Principal Balances have been reduced to zero, (c) third, 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; (d) fourth, 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;

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2)

Distributions to Certificateholders. (a) On each Distribution Date, The Servicer shall make or shall cause the Securities Administrator, Trustee to make the following distributions to the extent on deposit therein and based solely upon Paying Agent (for distribution to the Remittance Report for such Distribution Date, shall withdraw Series 1999-1 Certificateholders in accordance with Section 5.1) at the following times from the Distribution Collection Account and 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priorityPrincipal Funding Account: (i) On on each Distribution Date, including the Securities Administrator shall distribute Class A Expected Final Payment Date, the Interest Remittance Amount for such Distribution Date amounts on deposit in the following order of priority, Collection Account described in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date:Section 4.9 (a) first, (other than any investment earnings thereon) shall be distributed for payment to the applicable Swap Account Class A Certificateholders; (ii) on each Distribution Date, including the Class B Expected Final Payment Date, the amounts on deposit in the Supplemental Interest TrustCollection Account described in Section 4.9(b) (other than any investment earnings thereon) shall be distributed for payment to the Class B Certificateholders; (iii) on the Class A Expected Final Payment Date, an all amounts on deposit in the Principal Funding Account, up to a maximum amount on such date equal to the sum of any Net Swap Payment owed Class A Invested Amount on such date, shall be distributed for payment to the Swap Providers and any Swap Termination Class A Certificateholders; (iv) on the Class B Expected Final Payment owed Date, all amounts on deposit in the Principal Funding Account, up to a maximum amount on such date equal to the Swap Providers Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; (v) if the Class A Invested Amount is not due paid in full on the Class A Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class A Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a Swap Provider Trigger maximum amount on such date equal to the Class A Invested Amount on such date, shall be distributed for payment to the Class A Certificateholders; (vi) if the Class B Invested Amount is not paid in full on the Class B Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class B Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on such date equal to the Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; and (vii) on each Distribution Date on and after the Offered Certificates have been paid in full, all amounts on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on any such Distribution Date;date equal to the Class C Invested Amount on such date, shall be distributed for payment to the Class C Certificateholders. (b) second, concurrently The distributions to be made pursuant to this Section 4.10 and Section 4.9 are subject to the Holders provisions of Sections 9.2, 10.1, 12.1 and 12.2 of the Class A-1, Class A-2 Agreement and Class A-3 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent Section 4 of the Interest Remittance Amount on a pro rata basis based on the entitlement of each such Class; and (c) 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 and Class M-8 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 prioritythis Supplement.

Appears in 1 contract

Samples: Master Pooling and Servicing Agreement (Yamaha Motor Receivables Corp)

Distributions to Certificateholders. (a) 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 Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder, 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, Certificateholder and at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such 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, the Securities Administrator will distribute the Available Distribution Amount in the following order and priority: (i) On each Distribution Date, the Securities Administrator Available Distribution Amount shall distribute be distributed as follows: (1) first, concurrently to the Senior Certificates, the related Interest Remittance Distribution Amount for on a pro rata basis, based on the related Interest Distribution Amount with respect to each such Class; provided, however, on any Distribution Date in on which the following order Pass-Through Rate on any Class of prioritySenior Certificates (other than the Class A-X1A, in each case Class A-X1B, Class A-X2 and Class R Certificates) is limited to the extent Net WAC Pass-Through Rate, any interest distributable to the Class A-X2 Certificates pursuant to this clause will instead be distributed to any such Class or Classes of Senior Certificates on a pro rata basis based on the Interest Remittance related Net WAC Rate Carryover Amount, up to an amount equal to the related Net WAC Rate Carryover Amount remaining allocable to each such class for such Distribution Date:; provided further, (A) in the event such amounts are insufficient to cover the Net WAC Rate Carryover Amounts on the Class A-1 Certificates or Class A-2 Certificates, interest otherwise distributable to the Class A-X1A Certificates and Class A-X1B Certificates, in that order and, with respect to the Class A-X1B Certificates, after taking into account payments made pursuant to clause (B) below, will be used to cover such amounts prior to the distribution of interest to the Class A-X1A Certificates and Class A-X1B Certificates, in accordance with this clause (i)(1), and (B) in the event such amounts are insufficient to cover the Net WAC Rate Carryover Amounts on the Class A-3, Class A-4, Class A-5, Class A-6 or Class A-7 Certificates, interest otherwise distributable to the Class A-X1B Certificates and Class A-X1A Certificates, in that order and, with respect to the Class A-X1A Certificates, after taking into account payments made pursuant to clause (A) above, will be used to cover such amounts prior to the distribution of interest to the Class A-X1B Certificates and Class A-X1A Certificates, in accordance with this clause (i)(1); (a2) second, to the Class R Certificates, the Senior Principal Distribution Amount until the Certificate Principal Balance of the Class R Certificates has been reduced to zero; and (3) third, concurrently to the Class A-6 Certificates and Class A-7 Certificates on a pro rata basis, each up to an amount equal to the Class A-6/Class A-7 Priority Amount, until the Certificate Principal Balance of each such Class has been reduced to zero; (4) fourth, sequentially, to the Class A-0, Xxxxx X-0, Class A-3, Class A-4 and Class A-5 Certificates, in that order, the Senior Principal Distribution Amount remaining after distributions pursuant to clauses (2) and (3) above, until the Certificate Principal Balance of each such Class has been reduced to zero; and (5) fifth, concurrently to the Class A-6 Certificates and Class A-7 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such Class of Certificates, the Senior Principal Distribution Amount remaining after distributions pursuant to clauses (2) through (4) above without regard to the Class A-6/Class A-7 Priority Amount, until the Certificate Principal Balance of each such Class of Certificates has been reduced to zero. (ii) From the Available Distribution Amount remaining after payments pursuant to clause (i) above, (i) first, the Senior Interest Shortfall Amount for each Class of Senior Certificates for such Distribution Date, if any, pro rata according to the applicable Swap Account in the Supplemental Interest Trustamount of interest to which each such Class would otherwise be entitled, (ii) second, an amount equal to the sum Collateral Deficiency Amount, if any, to the Senior Certificates (other than the Class A-X1A, Class A-X1B and Class A-X2 Certificates), pro rata among the Senior Certificates (other than the Class A-X1A, Class A-X1B and Class A-X2 Certificates) based on the Certificate Principal Balance of each such Class, as a payment of principal. (iii) From the remaining Available Distribution Amount, remaining after payments pursuant to clauses (i) and (ii) above, to the Class M, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, sequentially, in that order, an amount equal to their respective Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Subordinate Principal Distribution 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, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of 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. (iv) From the remaining Available Distribution Amount, to the Reserve Fund, and then from the Reserve Fund, to the Certificates in respect of any Net Swap Payment owed to the Swap Providers and any Swap Termination Payment owed to the Swap Providers not WAC Rate Carryover Amounts due to a Swap Provider Trigger Event for such Distribution Date;Certificates as follows: (b1) secondfirst, concurrently to the Holders of the Senior Certificates, (other than the Class A-1A-X1A, Class A-2 A-X1B, Class A-X2 and Class A-3 R 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 such Class; and (c2) thirdsecond, sequentially to the Holders of the Class M-1M, Class M-2B-1, Class M-3B-2, Class M-4B-3, Class M-5, Class M-6, Class M-7 B-4 and Class M-8 Certificates sequentiallyB-5 Certificates, in that order. (v) To the Senior Certificates (other than the Class A-X1A, Class A-X1B and Class A-X2 Certificates) from the Available Distribution Amount remaining after distributions pursuant to clauses (i) through (iv) above, by Pro Rata Allocation, the related 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 losses previously allocated to such Classes of Certificates. (vi) To the Class R Certificates, the remainder (which is expected to be zero), if any of the Available Distribution Amount remaining after distributions pursuant to clauses (i) through (v) above. (b) On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the Available Distribution Amount on such Distribution Date, distributions will be made to the Senior Certificates in the following order of priority: (1) first, to the Senior Certificates the Interest Distribution Amount pro rata based on the amount payable to each such Class; provided, however, on any Distribution Date on which the Pass-Through Rate on any Class of Senior Certificates (other than the Class A-X1A, Class A-X1B, Class A-X2 and Class R Certificates) is limited to the Net WAC Pass-Through Rate, any interest distributable to the Class A-X2 Certificates pursuant to this clause will instead be distributed to any such Class or Classes of Senior Certificates on a pro rata basis based on the related Net WAC Rate Carryover Amount, up to an amount equal to the related Net WAC Rate Carryover Amount allocable to each such Class for such Distribution Date; provided further, (i) in the event such amounts are insufficient to cover the Net WAC Rate Carryover Amounts on the Class A-1 Certificates or Class A-2 Certificates, interest otherwise distributable to the extent Class A-X1A Certificates and Class A-X1B Certificates, in that order and, with respect to the Class A-X1B Certificates, after taking into account payments made pursuant made pursuant to clause (ii) below, will be used to cover such amounts prior to the distribution of interest to the Class A-X1A Certificates and Class A-X1B Certificates, in accordance with this clause (1), and (ii) in the event such amounts are insufficient to cover the Net WAC Rate Carryover Amounts on the Class A-3, Class A-4, Class A-5, Class A-6 or Class A-7 Certificates, interest otherwise distributable to the Class A-X1B Certificates and Class A-X1A Certificates, in that order and, with respect to the Class A-X1A Certificates, after taking into account payments made pursuant to clause (i) above, will be used to cover such amounts prior to the distribution of interest to the Class A-X1B Certificates and Class A-X1A Certificates, in accordance with this clause (1); (2) second, to the Senior Certificates (other than the Class A-X1A, Class A-X1B and Class A-X2 Certificates) concurrently on a pro rata basis based on the Certificate Principal Balance of each such Class, the Available Distribution Amount remaining after payments pursuant to clause (1) above; (3) third, from the Available Distribution Amount remaining after payments pursuant to clauses (1) and (2) above, to each Class of Certificates for which a Senior Interest Remittance Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date Date, pro rata, based on such Senior Interest Shortfall Amount; (4) fourth, from the Available Distribution Amount remaining after distribution of payments pursuant to clauses (1) through (3) above, to the Reserve Fund and then from the Reserve Fund, concurrently to the Senior Interest Certificates (other than the Class A-X1A, Class A-X1B, Class A-X2 and Class R Certificates) on a pro rata basis based on the Certificate Principal Balance of each such Class, the related Net WAC Rate Carryover Amount payable to each such Class for such Distribution Date; (5) fifth, from the Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, concurrently to the Senior Certificates (other than the Class A-X1A, Class A-X1B and Class A-X2 Certificates) on a pro rata basis based on the outstanding Certificate Principal Balance of such Class, the amount of any unreimbursed losses previously allocated to each such Class; and (6) sixth, to the Class A 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 (5) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed to the Class P Certificates and shall not be available for distribution to the holders of any other Class of Certificates. The payment of such Prepayment Charges shall not reduce the Certificate Principal Balance of the Interest Class P Certificates. On the Distribution Amount Date in September 2010, the Securities Administrator shall make a payment of principal to any the Class P Certificates in reduction of the Certificate Principal Balance thereof from amounts on deposit in a sub-account of the Distribution Account established and maintained by the Securities Administrator, on behalf of the Trustee, for the exclusive benefit of the Class M Certificates with a higher payment priorityP Certificateholders.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-4)

Distributions to Certificateholders. (a) On each Distribution Date, The Servicer shall make or shall cause the Securities Administrator, Trustee to make the following distributions to the extent on deposit therein and based solely upon Paying Agent (for distribution to the Remittance Report for such Distribution Date, shall withdraw Series 2000-1 Certificateholders in accordance with Section 5.1) at the following times from the Distribution Collection Account and 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 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, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priorityPrincipal Funding Account: (i) On on each Distribution Date, including the Securities Administrator shall distribute Class A Expected Final Payment Date, the Interest Remittance Amount for such Distribution Date amounts on deposit in the following order of priority, Collection Account described in each case Section 4.9(a) (other than any investment earnings thereon) shall be distributed for payment to the extent of the Interest Remittance Amount remaining for such Class A Certificateholders; (ii) on each Distribution Date:, including the Class B Expected Final Payment Date, the amounts on deposit in the Collection Account described in Section 4.9(b) (other than any investment earnings thereon) shall be distributed for payment to the Class B Certificateholders; (aiii) firston the Class A Expected Final Payment Date, to the applicable Swap Account all amounts on deposit in the Supplemental Interest TrustPrincipal Funding Account, an up to a maximum amount on such date equal to the sum of any Net Swap Payment owed Class A Invested Amount on such date, shall be distributed for payment to the Swap Providers and any Swap Termination Class A Certificateholders; (iv) on the Class B Expected Final Payment owed Date, all amounts on deposit in the Principal Funding Account, up to a maximum amount on such date equal to the Swap Providers Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; (v) if the Class A Invested Amount is not due paid in full on the Class A Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class A Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a Swap Provider Trigger maximum amount on such date equal to the Class A Invested Amount on such date, shall be distributed for payment to the Class A Certificateholders; (vi) if the Class B Invested Amount is not paid in full on the Class B Expected Final Payment Date or if an Early Amortization Event has otherwise occurred, on each Distribution Date thereafter until the Class B Certificateholders have been paid in full, the amount on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on such date equal to the Class B Invested Amount on such date, shall be distributed for payment to the Class B Certificateholders; and (vii) on each Distribution Date on and after the Offered Certificates have been paid in full, all amounts on deposit in the Collection Account constituting Available Principal Funds, up to a maximum amount on any such Distribution Date;date equal to the Class C Invested Amount on such date, shall be distributed for payment to the Class C Certificateholders. (b) second, concurrently The distributions to be made pursuant to this Section 4.10 and Section 4.9 are subject to the Holders provisions of Sections 9.2, 10.1, 12.1 and 12.2 of the Class A-1, Class A-2 Agreement and Class A-3 Certificates, the related Senior Interest Distribution Amount for such Distribution Date to the extent Section 4 of the Interest Remittance Amount on a pro rata basis based on the entitlement of each such Class; and (c) 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 and Class M-8 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 prioritythis Supplement.

Appears in 1 contract

Samples: Master Pooling and Servicing Agreement (Yamaha Motor Receivables Corp)

Distributions to Certificateholders. (a) 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 Group I Available Distribution Amount and Group II Available Distribution Amount for such Distribution Date and distribute to each Certificateholder related Certificateholder, by wire transfer in immediately available funds for the account of the Certificateholder, 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, Certificateholder and at the address of such Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such the Group I Available Distribution Amount and Group II Available Distribution Amount, as applicable, such Certificateholder’s '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, the Securities Administrator will distribute the Group I Available Distribution Amount and the Group II Available Distribution Amount in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall distribute Group I Available Distribution Amount will be distributed as follows: (1) FIRST, concurrently to the Group I Senior Certificates, the related Interest Remittance 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 I-A-7 Certificates from the Group I Available Distribution Amount remaining after payments pursuant to clause (i)(1) above, an amount up to the Class I-A-7 Lockout Principal Amount until the Certificate Principal Balance of the Class I-A-7 Certificates has been reduced to zero; (3) THIRD, concurrently to the Class I-A-1, Class I-A-3 and Class I-A-5 Certificates on a pro rata basis based on the Certificate Principal Balance of each such Class, from the Group I Available Distribution Amount remaining after payments pursuant to clauses (i)(1) and (i)(2) above, the related Senior Principal Distribution Amount until the Certificate Principal Balance of each such Class has been reduced to zero; and (4) FOURTH, to the Class I-A-7 Certificates from the Group I Available Distribution Amount remaining after payments pursuant to clauses (i)(1), (i)(2) and (i)(3) above, the related Senior Principal Distribution Amount until the Certificate Principal Balance of the Class I-A-7 Certificates 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 Group II Senior 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 R Certificates 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 the Class R Certificates has been reduced to zero; (3) THIRD, to the Class II-A-3 Certificates, from the Group II Available Distribution Amount remaining after payments pursuant to clauses (ii)(1) and (ii)(2) above, an amount up to the Class II-A-3 Lockout Principal Amount until the Certificate Principal Balance of the Class II-A-3 Certificates has been reduced to zero; (4) FOURTH, to the Class II-A-1 Certificates from the Group II Available Distribution Amount remaining after payments pursuant to clauses (ii)(1), (ii)(2) and (ii)(3) above, the related Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-A-1 Certificates has been reduced to zero; and (5) FIFTH, to the Class II-A-3 Certificates from the Group II Available Distribution Amount remaining after payments pursuant to clauses (ii)(1), (ii)(2), (ii)(3) and (ii)(4) above, the related Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-A-3 Certificates 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) and (ii) above, (i) first, the Senior Interest Shortfall Amount for such Distribution Date in the following order each Class of priority, in each case to the extent of the Interest Remittance Amount remaining Group I Senior Certificates and Group II Senior Certificates for such Distribution Date: (a) first, if any, pro rata according to the applicable Swap Account in the Supplemental Interest Trustamount 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 Class I-A-2, Class I-A-4 and Class I-A-6 Certificates) and Group II Senior Certificates (other than the Class II-A-2 Certificates), pro rata between the Group I Senior Certificates (other than the Class I-A-2, Class I-A-4 and Class I-A-6 Certificates) and the Group II Senior Certificates (other than the Class II-A-2 Certificates) based on the related Collateral Deficiency Amount and within each group of Certificates, on a pro rata basis based on the Certificate Principal Balance of each such Class, 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 I Senior Certificates (other than the Class I-A-2, Class I-A-4 and Class I-A-6 Certificates) or Group II Senior Certificates (other than the Class II-A-2 Certificates) that have been paid in full, will be paid as principal to the Group I Senior 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 any Net Swap Payment owed the remaining Group I Available Distribution Amount and Group II Available Distribution Amount, after payments pursuant to clauses (i) through (iii) above, 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-1M, Class A-2 B-1 and Class A-3 B-2 Certificates, the related Senior sequentially, in that order, an amount equal to their respective Interest Distribution Amount Amounts for such Distribution Date and 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, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the extent Class or Classes of the Interest Remittance Amount 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. (v) From the remaining Group I Available Distribution Amount, to the Class I-A-1 Reserve Fund, Class I-A-3 Reserve Fund and Class I-A-5 Reserve Fund (from amounts otherwise payable to the Class B-3, Class B-4 and Class B-5 Certificates) and then from the Class I-A-1 Reserve Fund, Class I-A-3 Reserve Fund and Class I-A-5 Reserve Fund (including any payments received under the related Cap Contract), to the Class I-A-1, Class I-A-3 and Class I-A-5 Certificates in respect of any Net WAC Rate Carryover Amounts due each such Class on a pro rata basis based on the entitlement of each such ClassClass as follows: (1) from the Class I-A-1 Reserve Fund, as follows: (A) FIRST, to the holders of the Class I-A-1 Certificates, any amounts received by the Securities Administrator on account of the related Cap Contract for such Distribution Date; and (B) SECOND, to the Class I-A-1 Certificates, any Net WAC Rate Carryover Amounts remaining unpaid after distributions pursuant to clause (1)(A). (2) from the Class I-A-3 Reserve Fund, as follows: (A) FIRST, to the holders of the Class I-A-3 Certificates, any amounts received by the Securities Administrator on account of the related Cap Contract for such Distribution Date; and (B) SECOND, to the Class I-A-3 Certificates, any Net WAC Rate Carryover Amounts remaining unpaid after distributions pursuant to clause (2)(A). (3) from the Class I-A-5 Reserve Fund, as follows: (A) FIRST, to the holders of the Class I-A-5 Certificates, any amounts received by the Securities Administrator on account of the related Cap Contract for such Distribution Date; and (B) SECOND, to the Class I-A-5 Certificates, any Net WAC Rate Carryover Amounts remaining unpaid after distributions pursuant to clause (3)(A). From the remaining Group II Available Distribution Amount, to the Class II-A-1 Reserve Fund (from amounts otherwise payable to the Class B-3, Class B-4 and Class B-5 Certificates) and then from the Class II-A-1 Reserve Fund (including any payments received under the related Cap Contract), to the Class II-A-1 Certificates in respect of any Net WAC Rate Carryover Amounts due to the Class II-A-1 Certificates as follows: (1) FIRST, to the holders of the Class II-A-1 Certificates, any amounts received by the Securities Administrator on account of the related Cap Contract for such Distribution Date; and (c2) thirdSECOND, to the Holders Class II-A-1 Certificates, any Net WAC Rate Carryover Amounts remaining unpaid after distributions pursuant to the foregoing clause. (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 M-1B-3, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 B-4 and Class M-8 Certificates 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, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of 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. (vii) To the Group I Senior Certificates (other than the Class I-A-2, Class I-A-4 and Class I-A-6 Certificates) and Group II Senior Certificates (other than the Class II-A-2 Certificates), from the Group I Available Distribution Amount and Group II Available Distribution Amount, respectively, remaining after distributions pursuant to 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 losses previously allocated to such Classes of Certificates. (viii) To the Class R Certificates, the remainder (which is expected to be zero), if any of the Group I Available Distribution Amount and Group II Available Distribution Amount remaining after distributions pursuant to clauses (i) through (vii) above. On each Distribution Date, the amount of any Prepayment Charges received in connection with the Loans during the related Prepayment Period will be paid to the Class II-A-2 Certificates. (b) On each Distribution Date on or after the Credit Support Depletion Date, to the 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 allocable 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 I-A-2, Class I-A-4 and Class I-A-6 Certificates) on a pro rata basis based on the Certificate Principal Balance of 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 (other than the Class II-A-2 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, 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 Certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount; (iv) FOURTH, (a) from the remaining Group I Available Distribution Amount, on a pro rata basis based on the entitlement of the Class I-A-1, Class I-A-3 and Class I-A-5 Certificates, as follows: (i) to the Class I-A-1 Reserve Fund and then from the Class I-A-1 Reserve Fund, to the Class I-A-1 Certificates, the Net WAC Rate Carryover Amount payable to such Class for such Distribution Date (after taking into account all payments received by the Securities Administrator from the related Cap Contract), (ii) to the Class I-A-3 Reserve Fund and then from the Class I-A-3 Reserve Fund, to the Class I-A-3 Certificates, the Net WAC Rate Carryover Amount payable to such Class for such Distribution Date (after taking into account all payments received by the Securities Administrator from the related Cap Contract), (iii) to the Class I-A-5 Reserve Fund and then from the Class I-A-5 Reserve Fund, to the Class I-A-5 Certificates, the Net WAC Rate Carryover Amount payable to such Class for such Distribution Date (after taking into account all payments received by the Securities Administrator from the related Cap Contract); and (b) from the remaining Group II Available Distribution Amount, to the Class II-A-1 Reserve Fund and then from the Class II-A-1 Reserve Fund, to the Class II-A-1 Certificates, the Net WAC Rate Carryover Amount payable to such Class for such Distribution Date (after taking into account all payments received by the Securities Administrator from the related Cap Contract); (v) FIFTH, (a) from the Group I Available Distribution Amount remaining after payments pursuant to clauses (i) through (iv) above, to the Group I Senior Certificates (other than the Class I-A-2, Class I-A-4 and Class I-A-6 Certificates) on a pro rata basis based on the outstanding Certificate Principal Balance of such Class, the amount of any unreimbursed losses previously allocated to each such Class and (b) from the Group II Available Distribution Amount remaining after payments pursuant to clauses (i) through (iv) above, to the extent Group II Senior Certificates (other than the Class II-A-2 Certificates), on a pro rata basis based on the outstanding Certificate Principal Balance of such Class, the Interest Remittance Amount for amount of any unreimbursed losses previously allocated to each such Distribution Date remaining after distribution of the Senior Interest Distribution Amount Class; and (vi) SIXTH, to the Class A Certificates and distribution R Certificates, the remainder, if any (which is expected to be zero), of the Interest Group I Available Distribution Amount and Group II Available Distribution Amount remaining after distributions pursuant to clauses (i) through (v) above. On each Distribution Date, the amount of any Prepayment Charges received in connection with the Loans during the related Prepayment Period will be paid to the Class of Class M Certificates with a higher payment priorityII-A-2 Certificates.

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Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-2)