Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement. (b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority: (i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date; (ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (iii) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and (x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above. (c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority: (i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority: (A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and (H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and (ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority: (A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and (B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d). (d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority: (i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority: (A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; (B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and (H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; (ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority: (A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and (B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero; (iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date; (iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d); (v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date; (vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date; (vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance; (viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d); (ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b); (x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and (xi) to the Residual Certificate, any remaining amount. (e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d). (f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates. (g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows: (i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b); (ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority: (A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date; (B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof; (C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; (I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and (J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); (iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority: (A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero; (B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero; (C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; (D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero; (E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero; (F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero; (G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and (H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Flow of Funds. (a) On The Trustee shall on each Distribution Remittance Date, the Trustee shall retain in deposit to the Certificate Distribution Account, and shall distributewithout duplication, (i) upon receipt, any Insured Payments, (ii) the Total Distribution Amount (net proceeds of any liquidation of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% assets of the monthly premium)Trust and (iii) to Holders of the Certificates, in Monthly Remittance Amount remitted by the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this AgreementMaster Servicer or any Sub-Servicer.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above[Reserved].
(c) On each Distribution Payment Date, the Trustee shall distribute withdraw from the Principal Distribution Amount Certificate Account and remit to the Master Servicer or its designee all net investment earnings then on deposit in the Certificate Account, and shall make the following allocations, disbursements and transfers of the remaining amount then on deposit in the Certificate Account in the following order of priority, and each such allocation, transfer and disbursement shall be treated as having occurred only after all preceding allocations, transfers and disbursements have occurred:
(i) for each Distribution Date occurring first, from amounts then on deposit in the Certificate Account, to the Trustee, an amount equal to the Trustee's Fees then due to it;
(aii) before second, from amounts then on deposit in the Stepdown Date or (b) on or after Certificate Account, to the Stepdown Date and for which a Trigger Event is in effect, until Certificate Insurer the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Premium Amount for such Payment Date;
(iii) third, from amounts then on deposit in the Certificate Account to the Master Servicer, an amount equal to any Servicing Fees then due to it, to the extent not previously received by the Master Servicer pursuant to Sections 8.08(c)(i) or 8.09(a) hereof;
(iv) fourth, from amounts then on deposit in the Certificate Account, to the Owners of the Class A Certificates, pro rata, their respective Class A Current Interest for such Payment Date;
(v) fifth, from amounts then on deposit in the Certificate Account, to the Owners of the Class A Certificates, pro rata, their respective Class A Interest Carry Forward Amount;
(vi) sixth, from amounts then on deposit in the Certificate Account, to the Owners of the Class A Certificates, as a distribution of principal, the Base Principal Distribution Amount for such Payment Date; such amount to be paid out as a portion of the Principal Distribution Amount pursuant to Section 7.05(d);
(vii) seventh, from amounts then on deposit in the Certificate Account, to the Owners of the Class A Certificates, as a distribution of principal, the 61 68 Overcollateralization Deficit for such Payment Date; such amount to be paid out as a portion of the Principal Distribution Amount pursuant to Section 7.05(d);
(viii) eighth, from amounts then on deposit in the Certificate Account, to the Certificate Insurer, the Reimbursement Amount, if any, then due to it;
(ix) ninth, from amounts then on deposit in the Certificate Account, to the Owners of the Class A Certificates, as a distribution of principal, up to an amount equal to the Overcollateralization Increase Amount; such amount to be paid out as a portion of the Principal Distribution Amount pursuant to Section 7.05(d);
(x) tenth, from amounts then on deposit in the Certificate Account, to the Master Servicer, to the extent of any unreimbursed Delinquency Advances, unreimbursed Servicing Advances, including Nonrecoverable Delinquency Advances and Nonrecoverable Servicing Advances and accrued and unpaid Servicing Fees as of such Payment Date;
(xi) eleventh, from amounts then on deposit in the Certificate Account, to the Trustee, to the extent of any unreimbursed expenses owed to it;
(xii) twelfth, on each Payment Date, the Trustee shall transfer from amounts then on deposit in either Certificate Account to the Supplemental Interest Payment Account, the Class B Distribution Amount; such transfer shall be deemed to be a distribution on the Class B Certificates; and
(xiii) thirteenth, on each Payment Date, the Trustee shall transfer all remaining monies then on deposit in the Certificate Account to the Owners of the Class R-II Certificates.
(d) Principal Distribution Amounts shall be applied as follows:
(i) the Principal Distribution Amount shall be applied in the following order of priority:
(A) first, the Principal Distribution Amount shall be distributed to the Class A Certificates, in reduction Owners of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) A-6 Certificates in an amount equal to the Class M-1 Certificates, in reduction lesser of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class A-6 Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to Payment Date and (y) the Outstanding Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount A-6 Certificate Principal Balance for the Termination such Payment Date;
(B) second, the excess of (x) the Principal Distribution Amount over (y) the amount distributed in clause (d)(i)(A) above shall be distributed to the Owners of the Class A-IO A-1 Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A A-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 A-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 A-4 Certificates and the Class A-5 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal sequentially in the following order of priority:
(A) to the Class A Certificatesthat order, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).Certificate
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000 2)
Flow of Funds. (a) On each Distribution DateThe Trustee shall deposit to the Certificate Account, without duplication, upon receipt, any Insured Payments, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net proceeds of any liquidation of the assets of the Trust, all remittances made to the Trustee Fee, any Retained Interest pursuant to Section 8.08(d)(ii) and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this AgreementMonthly Remittance Amount.
(b) On each Distribution Payment Date, the Trustee shall distribute the Interest Monthly Remittance Amount for plus amounts described in Section 7.03(a) which are then on deposit in the Certificate Account (such date amount, the "Available Funds") will be applied in the following order of priority:
(i) First, for the payment of certain fees, concurrently, to the Class F CertificatesTrustee, the Class F Distribution Trustee Fee, to the Certificate Insurer, the Premium Amount for such Distribution Dateand to the Master Servicer, the Master Servicing Fee (as long as the Master Servicer is engaged under this Agreement);
(ii) Second, for the payment of that Class A Certificate interest, to the extent of the Available Funds then remaining in the Certificate Account, plus the interest component of any related Insured Payment, (such amount, the "Interest Amount Available"), to the Owners of the Class A-IO A Certificates, the related Current Interest plus the Interest Carry Forward Amount with respect to each such Class of related Class A Certificates without any priority among such Class A Certificates; provided, that if the Interest Amount Available is not sufficient to make a full distribution of interest with respect to all Classes of the related Class A Certificates, then such amount will be distributed among the outstanding Classes of related Class A Certificates pro rata based on the aggregate amount of interest due on each such Class, and any Carryforward Interest for such Class and such Distribution Dateshortfall will be carried forward with accrued interest;
(iii) Third, for the payment of Class B Certificate interest, to the extent of the Available Funds then remaining in the Certificate Account, to the Owners of the Class A B Certificates, an amount equal to the Current Interest and any Carryforward Interest for such the Class and such Distribution DateB Certificates;
(iv) Fourth, for the payment of the Reimbursement Amount, if any, then due to the Class M-1 CertificatesCertificate Insurer, to the extent of the Available Funds then remaining in the Certificate Account the lesser of (x) the Reimbursement Amount then owed to the Certificate Insurer and (y) the Maximum Insurer Current Interest and any Carryforward Interest for Reimbursement Amount with respect to such Class and such Distribution Payment Date;
(v) Fifth, for the payment of the Class A Certificate principal, to the extent of the Available Funds then remaining in the Certificate Account plus the principal component of an Insured Payment, to the Owners of the Class A Certificates, an amount necessary to reduce the Class A Certificate Principal Balance of such related Class A Certificates to the Class M-2 Certificates, Current Interest and any Carryforward Interest A Optimal Balance for such Class and such Distribution Payment Date;
(vi) Sixth, to fund the Interest Carry Forward Amount, if any, with respect to the Class M-3 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Dateto the extent of the Available Funds then remaining in the Certificate Account;
(vii) Seventh, for the payment of Class B Certificate principal, to the extent of the amount then remaining in the Certificate Account, an amount necessary to reduce the Class B Principal Balance to the Class M-4 Certificates, Current Interest and any Carryforward Interest B Optimal Balance for such Class and such Distribution Payment Date;
(viii) Eighth, the remaining amount, if any, on deposit in the Certificate Account with respect to both Loan Groups is the "Monthly Excess Cashflow Amount", which shall be applied in the following order of priority:
(a) to fund the Class B-1 Certificates, Current Interest and any Carryforward Interest B Realized Loss Amortization Amount for such Class and such Distribution Payment Date;
(ixb) to the Class B-2 CertificatesMaster Servicer, Current Interest to the extent of (i) any unreimbursed Delinquency Advances, (ii) any servicing transition expenses incurred by the Master Servicer or its designee in assuming the direct servicing of the Home Equity Loans and (iii) any other documented costs and expenses incurred by the Master Servicer;
(c) to the Servicer to the extent of any unreimbursed Delinquency Advances or Servicing Advances and any Carryforward Interest for such other costs and expenses incurred by the Servicer;
(d) from the Class and such C Distribution DateAmount, to fund the Class B Available Funds Cap Carry-Forward Amount;
(e) to fund a distribution to Owners of the Class C Certificates in an amount equal to the remaining Class C Distribution Amount; and
(xf) for application as part to fund a distribution to Owners of Excess Cashflow for such Distribution Date, as provided in subsection (d) the Owners of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) abovethe Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the The Class A Principal Distribution Amount shall be distributed on each Payment Date, pari passu, to (i) the Group I Class A Certificates, in an amount equal to the Group I Principal Distribution Amount and (ii) the Class A-8 Certificates, in an amount equal to the Loan Group II Principal Distribution Amount.
(d) The Group I Class A Principal Distribution Amount shall be distributed on each Payment Date in the following order of priority:
(i) for each Distribution Date occurring first, to the Class A-7 Certificates, in an amount equal to the lesser of (a) before the Stepdown Class A-7 Principal Distribution Amount for such Payment Date or and (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class A-7 Certificate Principal Balance of on such Payment Date;
(ii) second, to the LIBOR Certificates equals to the Pool Balance for such Distribution Date minus Class A-1 through the Targeted Overcollateralization Amount for such Distribution DateClass A-6 Certificates, sequentially, in the following order of priority:
(A) amounts necessary to the Class A Certificates, in reduction of reduce their Class respective Certificate Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced Balances to zero; and
(Hiii) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrentlythird, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 A-7 Certificates, pro ratawithout regard to the Class A-7 Principal Distribution Amount, in reduction any remaining amount of their respective Class the Group I Principal BalancesDistribution Amount for such Payment Date, until the Class A-7 Certificate Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(de) The Group II Class A Principal Distribution Amount is required to be distributed on each Payment Date to the Class A-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(f) Notwithstanding the foregoing, on any Payment Date on which the Class B Certificate Principal Balance and the Overcollateralization Amount is zero and a Certificate Insurer Default has occurred and is continuing, any amounts of principal payable to the Owners of the Class A Certificates shall be distributed pro rata without regard to order of priority.
(g) For federal income tax purposes amounts paid to the Owners of the Class B Certificates on account of the Class B Available Funds Cap Carry-Forward Amount shall be deemed first to have been paid to the Owners of the Class C Certificates as a distribution of the Class C Distribution Amount.
(h) On each Distribution Payment Date, if the Class B Certificate Principal Balance has not been reduced to zero, the Trustee shall distribute allocate the Excess Cashflow, together with (to the extent specified below) amounts received in respect excess of the Cap Agreement for Aggregate Certificate Principal Balance over the Combined Loan Balance as of the end of the related Remittance Period to reduce such Distribution Date and amounts on deposit in the Reserve FundClass B Certificate Principal Balance, in the following order of priority:but not below zero.
(i) [Reserved];
(j) Notwithstanding anything above, the aggregate amounts distributed on all Payment Dates to the extent Owners of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) Certificates on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions account of principal made pursuant to Section 6.05(c) hereof for such date) shall not exceed the aggregate Class original Certificate Principal Balance of the LIBOR Certificates equals related Certificates.
(k) On any Payment Date during the Pool Balance for such Distribution Date minus continuance of any Certificate Insurer Default any amounts otherwise payable to the Targeted Overcollateralization Amount for such Distribution Date, Certificate Insurer as Premium Amounts shall be retained in the following order of priority:Certificate Account.
(Al) to the Reserve Fund, the amount Upon receipt of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts Insured Payments from the Reserve Fund to Certificate Insurer on behalf of the Class F Certificates;
(B) to Owners of the Class A Certificates, the Trustee shall deposit such Insured Payments in reduction the Certificate Account and shall distribute such Insured Payments, or the proceeds thereof as provided in paragraph (b) above.
(m) Anything herein to the contrary notwithstanding, any payment with respect to principal of their Class Principal Balance, until or interest on any of the Class Principal Balance A Certificates which is made with monies received pursuant to the terms of the Certificate Insurance Policy shall not be considered payment of such Class has been reduced to zero;
Certificates from the Trust and shall not result in the payment of or the provision for the payment of the principal of or interest on such Certificates within the meaning of Section 7.03. The Depositor, the Servicer and the Trustee acknowledge, and each Owner by its acceptance of a Certificate agrees, that without the need for any further action on the part of the Certificate Insurer, the Depositor, the Servicer, the Trustee or the Registrar (C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(iia) to the extent the Certificate Insurer makes payments, directly or indirectly, on account of Excess Interest principal of or interest on any Class A Certificates to the Owners of such Certificates, the Certificate Insurer will be fully subrogated to the rights of such Owners to receive such principal and interest together with any interest thereon of the applicable Pass-Through Rate for such Class from the Trust and (b) the Certificate Insurer shall be paid such principal and interest only from the sources and in the manner provided herein for the payment of such principal and interest. It is understood and agreed that the intention of the parties is that the Certificate Insurer shall not be entitled to reimbursement on any Payment Date for amounts previously paid by it unless on such Payment Date the Owners of the Class A Certificates shall also have received the full amount of the related Class A Distribution Amounts for such Payment Date. The Trustee or Paying Agent shall (i) receive as attorney-in-fact of each Owner of Class A Certificates any Insured Payment from the Certificate Insurer and (ii) disburse the same to the Owners of the related Class A Certificates as set forth in this Section 7.03. Insured Payments disbursed by the Trustee or Paying Agent from proceeds of a Certificate Insurance Policy shall not be considered payment by the Trust, for each Distribution Date occurring on or after nor shall such payments discharge the Stepdown Date obligation of the Trust with respect to such Class A Certificates and for which a Trigger Event is not in effect, until (after giving effect the Certificate Insurer shall be entitled to distributions of principal made receive the related Reimbursement Amount pursuant to Section 6.05(c7.03(b)(v) hereof for such date) the aggregate Class Principal Balance hereof. The rights of the LIBOR Owners to receive distributions from the proceeds of the Trust Estate and all ownership interests of the Owners in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Owners of the Residual Certificates equals to receive distributions in respect of Residual Certificates, and all ownership interests of the Pool Balance for Owners of the Residual Certificates in and to such Distribution Date minus distributions, shall be subject and subordinate to the Targeted Overcollateralization Amount for preferential rights of the holders of the Offered Certificates to receive distributions thereon and the ownership interests of such Distribution DateOwners in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Owners of the Residual Certificates in amounts deposited in the following order of priority:
(A) Accounts from time to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, time shall not vest unless and then until such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received are distributed in respect of the Cap Residual Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement for such Distribution Date, to the Reserve Fundcontrary, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect Owners of the Cap Agreement for such Distribution Date, Residual Certificates shall not be required to the Reserve Fund, the refund any amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) properly distributed on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Residual Certificates pursuant to this Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount7.03.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1999-1)
Flow of Funds. On each Distribution Date, the Trustee will withdraw the balance of the Monthly Remittance Amount for each Loan Group after making the deductions described in Section 7.4 from amounts on deposit in the Certificate Account and apply such amounts in the following order of priority, in each case, to the extent of the funds remaining therefor:
(a) The Interest Remittance Amount shall be applied as follows:
(i) to the Class A Certificates, the related Current Interest for such Distribution Date on a pro rata basis among such Classes;
(ii) any remaining amounts shall be applied in the following order of priority:
(a) to the Class M-1 Certificates the Class M-1 Current Interest;
(b) to the Class M-2 Certificates the Class M-2 Current Interest;
(c) to the Class M-3 Certificates the Class M-3 Current Interest;
(d) to the Class B Certificates the Class B Current Interest;
(iii) the Excess Interest Amount shall be allocated and applied pursuant to subsection (c) below.
(b) The Principal Remittance Amount, along with any Extra Principal Distribution Amount, with respect to such Distribution Date shall be applied as follows:
(i) amounts up to the Principal Distribution Amount as follows:
(a) from the Class A Principal Distribution Amount, shall be distributed concurrently (x) to the Class A-4 Certificates, the Class A-4 Principal Distribution, until the Certificate Principal Balance thereof has been reduced to zero, and (y) to the Class A Certificates (other than the Class A-4 Certificates unless they are the only remaining class of certificates outstanding), the Fixed Rate Group Principal Allocation, allocated in the following order of priority: sequentially, to the Class A-1 Certificates, the Class A-1 Principal Distribution Amount, to the Class A-2 Certificates, the Class A-2 Principal Distribution Amount, to the Class A-3 Certificates, the Class A-3 Principal Distribution Amount, to the Class A-4 Certificates, the Class A-4 Principal Distribution Amount, the remainder, in that order, until the respective Certificate Principal Balances thereof have been reduced to zero;
(b) any amount remaining, to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, and the Class B Certificates on a pro rata basis; and
(ii) any amount remaining shall be distributed pursuant to subsection (c) below; provided, however, that if a Cumulative Loss Trigger Event is in effect, such amount shall be distributed sequentially, to the Class B Certificates, the Class M-3 Certificates, the Class M-2 Certificates and the Class M-1 Certificates, in that order, as principal until the respective Certificate Principal Balances thereof have been reduced to zero. Notwithstanding the priority set forth in clause (A) above, if the aggregate Certificate Principal Balance of the Class M Certificates and the Class B Certificates is reduced to zero, the amount to be distributed pursuant to clause (i) above shall be distributed concurrently to each Class of Class A Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(c) The Net Monthly Excess Cashflow shall be allocated and applied in the following order of priority on such Distribution Date:
(i) to the Owners of the Class A-4 Certificates, to fund any LIBOR Shortfall Amount;
(ii) to fund the Extra Principal Distribution Amount of such Distribution Date;
(iii) to the Class M-1 Certificates, the Class M-1 Realized Loss Amortization Amount for such Distribution Date, if any;
(iv) to the Class M-2 Certificates, the Class M-2 Realized Loss Amortization Amount for such Distribution Date, if any;
(v) to the Class M-3 Certificates, the Class M-3 Realized Loss Amortization Amount for such Distribution Date, if any;
(vi) to the Class B Certificates, the Class B Realized Loss Amortization Amount for such Distribution Date, if any; (vii) to the Class C Certificates, the Class C Distribution Amount; (viii) any amounts remaining shall be distributed to the Class RU Certificates.
(d) On each Distribution Date, the Trustee shall retain in allocate the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Applied Realized Loss Amount for such date Distribution Date to reduce the Certificate Principal Balances of the Class M Certificates and the Class B Certificates in the following order of priority:
(i) to the Class F B Certificates, the Class F Distribution B Applied Realized Loss Amount for such Distribution Dateuntil the Class B Certificate Principal Balance is zero;
(ii) to the Class A-IO M-3 Certificates, Current Interest and any Carryforward Interest for such the Class and such Distribution DateM-3 Applied Realized Loss Amount until the Class M-3 Certificate Principal Balance is zero;
(iii) to the Class A M-2 Certificates, Current Interest and any Carryforward Interest for such the Class and such Distribution Date;M-2 Applied Realized Loss Amount until the Class M-2 Certificate Principal Balance is zero; and
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance M-1 Applied Realized Loss Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class M-1 Certificate Principal Balance of such Class has been reduced to is zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution DateNotwithstanding clause (b) above, the Trustee shall distribute from aggregate amounts remaining in distributed on all Distribution Dates to the Reserve Fund after application pursuant to Section 6.05(d) the amount Owners of any Loss Amount Class of Class A, Class M or Class B Certificates on account of principal shall not distributed pursuant to Section 6.05(d)(iv), to exceed the LIBOR Certificates, in reduction of their respective Class Original Certificate Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d)Balance for such Class.
(f) On each Distribution DateAny amounts properly distributed to the Owners of the Class M Certificates, the Trustee shall distribute Class B Certificates, the Class P Distribution Amount for such date C Certificates or to the Owners of the Residual Certificates pursuant to the terms of this Agreement shall be distributed free of the subordination described herein, and any such amounts shall in no event be required to be returned to the Trustee or paid over to the Owners of the Class P A Certificates.
(g) On Whenever, during the Termination Dateadministration of the Trust, there comes into the possession of the Trustee any money or property which this Agreement does not otherwise require to be distributed on account of the Class A Certificates, the Class M Certificates, the Class B Certificates or the Class C Certificates, the Trustee shall distribute such money or other property to each Class the Owners of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F RU Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Flow of Funds. (a) On The Trustee shall deposit to the Certificate Account with respect to each Distribution Mortgage Loan Group, without duplication, upon receipt, the proceeds of any liquidation of the assets of the Trust, all remittances made to the Trustee pursuant to Section 8.08(d)(ii) and the Monthly Remittance Amount remitted by the Master Servicer.
(b) With respect to the Certificate Account on each Payment Date, the Trustee shall retain in make the Certificate Distribution Account, and shall distribute, following disbursements from the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Group I Interest Remittance Amount for such date transferred thereto pursuant to subsection (a), in the following order of priority, and each such disbursement shall be treated as having occurred only after all preceding disbursements have occurred:
(i) First, to the Class F CertificatesTrustee, the Class F Distribution Amount for such Distribution Dateportion of the Trustee's Fee relating to Group I;
(ii) Second, to the Owners of the Class A-IO CertificatesA Certificates related to Group I, the related Class A Current Interest and any Carryforward plus the related Class A Interest for Carry Forward Amount with respect to each such Class of Class A Certificates without any priority among such Class A Certificates; provided, that if the Interest Amount Available is not sufficient to make a full distribution of interest with respect to all Classes of the Class A Certificates related to Group I, the Group I Interest Remittance Amount Available will be distributed among the outstanding Classes of Class A Certificates related to Group I pro rata based on the aggregate amount of interest due on each such Class, and such Distribution Datethe amount of the shortfall will be carried forward;
(iii) Third, to the extent of the Group I Interest Remittance Amount then remaining, to the Owners of the Class A M-1F Certificates, the Class M-1F Current Interest and any Carryforward Interest for such Class and such Distribution DateInterest;
(iv) Fourth, to the extent of the Group I Interest Remittance Amount then remaining, to the Owners of the Class M-1 M-2F Certificates, the Class M-2F Current Interest and any Carryforward Interest for such Class and such Distribution DateInterest;
(v) Fifth, to the extent of the Group I Interest Remittance Amount then remaining, to the Owners of the Class M-2 B-1F Certificates, the Class B-1F Current Interest and any Carryforward Interest for such Class and such Distribution Date;Interest; and
(vi) to Sixth, the Class M-3 Certificates, Current Group I Monthly Excess Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, Amount shall be applied or distributed as provided in subsection (df) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) aboveSection 7.5.
(c) On With respect to the Certificate Account on each Distribution Payment Date, the Trustee shall distribute make the Principal Distribution following disbursements from the Group II Interest Remittance Amount transferred thereto pursuant to subsection (a), in the following order of priority, and each such disbursement shall be treated as having occurred only after all preceding disbursements have occurred:
(i) for First, to the Trustee, the portion of the Trustee's Fee relating to Group II;
(ii) Second, to the Owners of the Class A-6 Certificates, the Class A-6 Current Interest plus the Class A-6 Interest Carry Forward Amount;
(iii) Third, to the extent of the Group II Interest Amount Available then remaining, to the Owners of the Class M-1A Certificates, the Class M-1A Current Interest;
(iv) Fourth, to the extent of the Group II Interest Amount Available then remaining, to the Owners of the Class M-2A Certificates, the Class M-2A Current Interest;
(v) Fifth, to the extent of the Group II Interest Amount Available then remaining, to the Owners of the Class B-1A Certificates, the Class B-1A Current Interest; and
(vi) Sixth, the Group II Monthly Excess Interest Amount shall be applied or distributed as provided in subsection (f) of this Section 7.5.
(d) With respect to Group I, on each Distribution Payment Date, the Trustee shall make the following disbursements from amounts relating to principal transferred to the Certificate Account pursuant to subsection (a), in the following order of priority, and each such disbursement shall be treated as having occurred only after all preceding disbursements have occurred:
(i) On each Payment Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for with respect to which a Group I Trigger Event is in effect, Owners of the Class A Certificates related to Group I will be entitled to receive payment of 100% of the Group I Principal Distribution Amount as follows: (I) to the Owners of the Class A-5 Certificates, the Class A-5 Lockout Distribution Amount and (II) to the Owners of the Class A Certificates related to Group I, as follows: first, to the Owners of the Class A-1 Certificates, until the aggregate Class X- 0 Certificate Principal Balance is reduced to zero; second, to the Owners of the Class A-2 Certificates, until the Class X- 0 Certificate Principal Balance is reduced to zero; third, to the Owners of the Class A-3 Certificates, until the Class A-3 Certificate Principal Balance is reduced to zero; fourth, to the Owners of the Class A-4 Certificates, until the Class X- 0 Certificate Principal Balance is reduced to zero; fifth, to the Owners of the Class A-5 Certificates, until the Class A-5 Certificate Principal Balance is reduced to zero; provided, however, that on any Payment Date on which the sum of the Certificate Principal Balance of the LIBOR Subordinate Certificates equals related to Group I and the Pool Balance for such Distribution Date minus the Targeted Group I Overcollateralization Amount for such Distribution Dateis zero, in any amounts of principal payable to the following order Owners of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of Certificates related to Group I on such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); andPayment Date shall be distributed pro rata and not sequentially.
(ii) for On each Distribution Payment Date occurring (a) on or after the Group I Stepdown Date and for which (b) as long as a Group I Trigger Event is not in effect, until the aggregate Class Principal Balance Owners of the LIBOR Group I Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Datewill be entitled to receive payments of principal, in the following order of priority, in the amounts set forth below and to the extent of the Group I Principal Distribution Amount as follows:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution DateFirst, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect lesser of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Group I Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-1)
Flow of Funds. (a) On each Distribution DateThe Trustee shall deposit to the Certificate Account, without duplication, upon receipt, any Insured Payments, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net proceeds of any liquidation of the assets of the Trust, all remittances made to the Trustee Fee, any Retained Interest pursuant to Section 8.08(d)(ii) and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this AgreementMonthly Remittance Amount.
(b) On each Distribution Payment Date, the Trustee shall distribute the Interest Monthly Remittance Amount for plus amounts described in Section 7.03(a) which are then on deposit in the Certificate Account (such date amount, the "Available Funds") will be applied in the following order of priority:
(i) First, for the payment of certain fees, concurrently, to the Class F CertificatesTrustee, the Class F Distribution Trustee Fee, to the Certificate Insurer, the Premium Amount for such Distribution Dateand to the Master Servicer, the Master Servicing Fee, (as long as the Master Servicer is engaged under this Agreement);
(ii) Second, for the payment of Class A Certificate interest, to the extent of the Available Funds then remaining in the Certificate Account, plus the interest component of any related Insured Payment, (such amount, the "Interest Amount Available"), to the Owners of the Class A-IO A Certificates, the related Current Interest plus the Interest Carry Forward Amount with respect to each such Class of related Class A Certificates without any priority among such Class A Certificates; provided, that if the Interest Amount Available is not sufficient to make a full distribution of interest with respect to all Classes of the Class A Certificates, then such amount will be distributed among the outstanding Classes of related Class A Certificates pro rata based on the aggregate amount of interest due on each such Class, and any Carryforward Interest for such Class and such Distribution Dateshortfall will be carried forward with accrued interest;
(iii) Third, for the payment of Class B Certificate interest, to the extent of the Available Funds then remaining in the Certificate Account, to the Owners of the Class A B Certificates, an amount equal to the Current Interest and any Carryforward Interest for such the Class and such Distribution DateB Certificates;
(iv) Fourth, for the payment of the Reimbursement Amount, if any, then due to the Class M-1 CertificatesCertificate Insurer, to the extent of the Available Funds then remaining in the Certificate Account the lesser of (x) the Reimbursement Amount then owed to the Certificate Insurer and (y) the Maximum Certificate Insurer Current Interest and any Carryforward Interest for Reimbursement Amount with respect to such Class and such Distribution Payment Date;
(v) Fifth, for the payment of the Class A Certificate principal, to the extent of the Available Funds then remaining in the Certificate Account plus the principal component of an Insured Payment, to the Owners of the Class A Certificates, an amount necessary to reduce the Aggregate Class A Certificate Principal Balance (determined prior to payment of any such amount) to the Class M-2 Certificates, Current Interest and any Carryforward Interest A Optimal Balance for such Class and such Distribution Payment Date;
(vi) Sixth, to fund the Interest Carry Forward Amount, if any, with respect to the Class M-3 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Dateto the extent of the Available Funds then remaining in the Certificate Account;
(vii) Seventh, for the payment of Class B Certificate principal, to the extent of the amount then remaining in the Certificate Account, an amount necessary to reduce the Class B Certificate Principal Balance to the Class M-4 Certificates, Current Interest and any Carryforward Interest B Optimal Balance for such Class and such Distribution Payment Date;
(viii) Eighth, the remaining amount, if any, on deposit in the Certificate Account with respect to both Loan Groups is the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of "Monthly Excess Cashflow for such Distribution DateAmount", as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee which shall distribute the Principal Distribution Amount be applied in the following order of priority:
(i) for each Distribution Date occurring (a) before to fund the Stepdown Date or Class B Realized Loss Amortization Amount for such Payment Date;
(b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A CertificatesMaster Servicer, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date(i) any unreimbursed Delinquency Advances, for each Distribution Date occurring (aii) before any servicing transition expenses incurred by the Stepdown Date Master Servicer or (b) on or after its designee in assuming the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance direct servicing of the LIBOR Certificates equals Home Equity Loans and (iii) any other documented costs and expenses incurred by the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:Master Servicer;
(Ac) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) Servicer to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date unreimbursed Delinquency Advances or Servicing Advances and any remaining amounts received in respect of other costs and expenses incurred by the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b)Servicer; and
(xid) to fund a distribution to Owners of the Residual Certificate, any remaining amountClass C Certificates in an amount equal to the Class C Distribution Amount.
(e) On each Distribution Date, to fund a distribution of the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount Owners of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P R Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Flow of Funds. (ai) The Trustee shall deposit to the Certificate Account, without duplication, upon receipt, the proceeds of any liquidation of the assets of the Trust, all remittances made to the Trustee pursuant to Section 8.08(d)(ii) and the Monthly Remittance Amount remitted by the Servicer.
(ii) On each Distribution Payment Date, the Trustee shall retain in transfer the Lower-Tier Distribution Amount from the Certificate Account to the Upper-Tier Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On With respect to the Upper-Tier Distribution Account on each Distribution Payment Date, the Trustee shall distribute make the following disbursements from the Interest Remittance Amount for such date transferred thereto pursuant to subsection (a)(ii), in the following order of priority, and each such disbursement shall be treated as having occurred only after all preceding disbursements have occurred:
(i) First, to the Class F CertificatesTrustee, the Class F Distribution Amount for such Distribution DateTrustee Fee;
(ii) Second, to the Owners of the Class A-IO A Certificates (including the Class A-10IO Certificates), the related Class A Current Interest plus the related Class A Interest Carry Forward Amount with respect to each such Class of Class A Certificates without any priority among such Class A Certificates; provided, that if the Interest Amount Available is not sufficient to make a full distribution of interest with respect to all Classes of the Class A Certificates, Current the Interest Amount Available will be distributed among the outstanding Classes of Class A Certificates pro rata based on the aggregate amount of interest due on each such Class, and any Carryforward Interest for such Class and such Distribution Datethe amount of the shortfall will be carried forward;
(iii) Third, to the extent of the Interest Amount Available then remaining, to the Owners of the Class A M-1 Certificates, the Class M-1 Current Interest and any Carryforward Interest for such Class and such Distribution DateInterest;
(iv) Fourth, to the extent of the Interest Amount Available then remaining, to the Owners of the Class M-1 M-2 Certificates, the Class M-2 Current Interest and any Carryforward Interest for such Class and such Distribution DateInterest;
(v) Fifth, to the extent of the Interest Amount Available then remaining, to the Owners of the Class M-2 B Certificates, the Class B Current Interest and any Carryforward Interest for such Class and such Distribution Date;Interest; and
(vi) to Sixth, the Class M-3 Certificates, Current Monthly Excess Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, Amount shall be applied or distributed as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) aboveSection 7.03.
(c) On With respect to the Upper-Tier Distribution Account, on each Distribution Payment Date, the Trustee shall distribute make the Principal Distribution Amount following disbursements from amounts relating to principal transferred thereto pursuant to subsection (a)(ii), in the following order of prioritypriority and each such disbursement shall be treated as having occurred only after all preceding disbursements have occurred:
(i) for On each Distribution Payment Date occurring (a) before the Stepdown Date or (b) with respect to which a Trigger Event has occurred, Owners of the Class A Certificates (other than the Class A-10IO Certificates) will be entitled to receive payment of 100% of the Principal Distribution Amount as follows: (I) to the Owners of the Class A-9 Certificates, the Class A-9 Lockout Distribution Amount and (II) to the Owners of the Class A Certificates (other than the Class A-10IO Certificates), as follows: first, to the Owners of the Class A-1 Certificates, until the Class A-1 Certificate Principal Balance is reduced to zero; second, to the Owners of the Class A-2 Certificates, until the Class A-2 Certificate Principal Balance is reduced to zero; third, to the Owners of the Class A-3 Certificates, until the Class A-3 Certificate Principal Balance is reduced to zero; fourth, to the Owners of the Class A-4 Certificates, until the Class A-4 Certificate Principal Balance is reduced to zero; fifth, to the Owners of the Class A-5 Certificates, until the Class A-5 Certificate Principal Balance is reduced to zero; sixth, to the Owners of the Class A-6 Certificates, until the Class A-6 Certificate Principal Balance is reduced to zero; seventh, to the Owners of the Class A-7 Certificates, until the Class A-7 Certificate Principal Balance is reduced to zero; eighth to the Owners of the Class A-8 Certificates, until the Class A-8 Certificate Principal Balance is reduced to zero; and, ninth, to the Owners of the Class A-9 Certificates, until the Class A-9 Certificate Principal Balance is reduced to zero; provided, however, that on any Payment Date on which the sum of the Certificate Principal Balance of the Subordinate Certificates and the Overcollateralization Amount is zero, any amounts of principal payable to the Owners of the Class A Certificates on such Payment Date shall be distributed pro rata and not sequentially.
(ii) On each Payment Date (a) on or after the Stepdown Date and for which (b) as long as a Trigger Event has not occurred and is in effectnot continuing, until the aggregate Class Principal Balance Owners of the LIBOR Certificates equals (other than the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution DateClass A-10IO Certificates) will be entitled to receive payments of principal, in the following order of priority, in the amounts set forth below and to the extent of the Principal Distribution Amount as follows:
(A) First, the lesser of (x) the Principal Distribution Amount and (y) the Class A Principal Distribution Amount shall be distributed (I) to the Owners of the Class A-9 Certificates, in an amount equal to the Class A-9 Lockout Distribution Amount and (II) the remainder paid to the Owners of the Class A Certificates (other than the Class A-10IO Certificates) as follows: first, in reduction to the Owners of their the Class Principal BalanceA-1 Certificates, until the Class A-1 Certificate Principal Balance is reduced to zero; second, to the Owners of the Class A-2 Certificates, until the Class A-2 Certificate Principal Balance is reduced to zero; third, to the Owners of the Class A-3 Certificates, until the Class A-3 Certificate Principal Balance is reduced to zero; fourth, to the Owners of the Class A-4 Certificates, until the Class A-4 Certificate Principal Balance is reduced to zero; fifth, to the Owners of the Class A-5 Certificates, until the Class A-5 Certificate Principal Balance is reduced to zero; sixth, to the Owners of the Class A-6 Certificates, until the Class A-6 Certificate Principal Balance is reduced to zero; seventh, to the Owners of the Class A-7 Certificates, until the Class A-7 Certificate Principal Balance is reduced to zero; eighth to the Owners of the Class A-8 Certificates, until the Class A-8 Certificate Principal Balance is reduced to zero; and, ninth, to the Owners of the Class A-9 Certificates, until the Class A-9 Certificate Principal Balance is reduced to zero; provided, however, that on any Payment Date on which the sum of the Certificate Principal Balance of the Subordinate Certificates and the Overcollateralization Amount is zero, any amounts of principal payable to the Owners of the Class A Certificates on such Class has been reduced to zero;Payment Date shall be distributed pro rata and not sequentially.
(B) Second, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the amount distributed to the Owners of the Class A Certificates in clause (A) above and (y) the Class M-1 Principal Distribution Amount shall be distributed to the Owners of the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class M-1 Certificate Principal Balance of such Class has been reduced to zero;
(C) Third, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amount distributed to the Owners of the Class A Certificates in clause (A) above and the amount distributed to the Owners of the Class M-1 Certificates in clause (B) above and (y) the Class M-2 Principal Distribution Amount shall be distributed to the Owners of the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class M-2 Certificate Principal Balance of such Class has been reduced to zero;
(D) Fourth, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amount distributed to the Owners of the Class M-3 A Certificates pursuant to clause (A) above, the amount distributed to the Owners of the Class M-1 Certificates pursuant to clause (B) above and the amount distributed to the Owners of the Class M-2 Certificates pursuant to clause (C) above and (y) the Class B Principal Distribution Amount shall be delivered to the Owners of the Class B Certificates, in reduction of their Class Principal Balance, until the Class B Certificate Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HE) Fifth, any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance portion of the LIBOR Certificates equals Principal Remittance Amount remaining after making all of the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, distributions in the following order of priority:
clauses (A) concurrently), to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B), (C) any remaining amount, for application and (D) above shall be distributed as part provided in subsection (d) of Excess Cashflow pursuant to this Section 6.05(d)7.03.
(d) On each Distribution any Payment Date, the Trustee shall distribute the Monthly Excess Cashflow, together with (Cashflow Amount is required to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, be applied in the following order of prioritypriority on such Payment Date:
(i) to fund the extent of Excess Interest for such Extra Principal Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Payment Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to fund the Class F Certificates; and
(B) concurrentlyM-1 Interest Carry Forward Amount, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zeroif any;
(iii) to fund the extent of any amounts received in respect of the Cap Agreement Class M-1 Realized Loss Amortization Amount for such Distribution Payment Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to fund the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution DateClass M-2 Interest Carry Forward Amount, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d)if any;
(v) to fund the extent of Excess Interest Class M-2 Realized Loss Amortization Amount for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Payment Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to fund the extent of Excess Class B Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Carry Forward Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such dateif any;
(vii) on the Distribution Date in November 2011, $100.00 to fund the Class P Certificate in reduction of its Class Principal BalanceB Realized Loss Amortization Amount for such Payment Date;
(viii) to pay the Servicer to the extent of any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d)unreimbursed Delinquency Advances or Servicing Advances;
(ix) to fund a distribution to Owners of the Class X C Certificates, the lesser of (x) the amount of the Monthly Excess Cashflow Amount then remaining and (y) the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Class C Distribution Date, Amount and (Bii) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);Overcollateralization Release Amount; and
(x) to fund a distribution to the Owners of the Class X R Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amountremainder.
(e) On each Distribution DateNotwithstanding anything above, the Trustee shall distribute from aggregate amounts remaining in distributed on all Payment Dates to the Reserve Fund after application Owners of the Certificates on account of principal pursuant to Section 6.05(dclause (c) shall not exceed the amount original Certificate Principal Balance of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR related Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution DateThe rights of the Owners to receive distributions from the proceeds of the Trust Estate and all ownership interests of the Owners in such distributions, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts be as set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute this Agreement. In this regard, all rights of the Owners of the Class A-IO Termination Amount C Certificates and the Class R Certificates to receive distributions in respect of the Class C Certificates and the Class R Certificates, and all ownership interests of the Owners of the Class C Certificates and the Class R Certificates in and to such distributions, shall be subject and subordinate to the preferential rights of the holders of the Offered Certificates to receive distributions thereon and the ownership interests of such Owners in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Owners of the Class A-IO C Certificates if and the Trust Fund is terminated Class R Certificates in amounts deposited in the Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class C Certificates and the Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Owners of the Class C Certificates and the Class R Certificates shall not be required to refund any amount properly distributed on the Class C Certificates and the Class R Certificates pursuant to this Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)7.03.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-1)
Flow of Funds. SECTION 5.01. Distributions Relating to Loan Group 1, Loan Group 2 and Loan Group 3 and Related Certificates.
(a) On each Distribution DateDate and after making any withdrawals from the Distribution Account pursuant to Section 4.03(a), the Trustee Securities Administrator shall retain withdraw funds on deposit in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount Account to the Interests issued in respect extent of REMIC Available Funds for each of Loan Group 1, REMIC 2, REMIC 3, REMIC 4 Loan Group 2 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount Loan Group 3 for such date Distribution Date and, based on the Distribution Date Statement, make the following disbursements and transfers in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount Available Funds for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee Loan Group 1 shall distribute the Principal Distribution Amount in the following order of priority:
(i) for be distributed on each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Holders of the Class A A-R Certificates, in reduction the Class 1A-1 Certificates, the Class 1A-2 Certificates and the Class 1-AX Certificates , the related Interest Distributable Amounts for such date, pro rata (based on the Interest Distributable Amounts to which each such Class is entitled); and
(B) from the Principal Distribution Amount for Loan Group 1 for such Distribution Date, an amount equal to the Senior Principal Distribution Amount for Loan Group 1 for that Distribution Date, as follows: first, to the Holder of their Class Principal BalanceA-R Certificate, until the Class Certificate Principal Balance of such Class has been is reduced to zero; and second, to the Holders of the Class 1A-1 Certificates and the Class 1A-2 Certificates, concurrently, in proportion to their outstanding Class Certificate Principal Balances, until the respective Class Certificate Principal Balance of each such Class is reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) the Available Funds for Loan Group 2 shall be distributed on each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve FundHolders of the Class 2A-1 Certificates and Class 2-AX Certificates, the amount of any related Interest Distributable Amounts for such date, pro rata (based on the Interest Distributable Amounts to which each such Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;is entitled); and
(B) from the Principal Distribution Amount for Loan Group 2 for such Distribution Date, an amount equal to the Senior Principal Distribution Amount for Loan Group 2 for that Distribution Date, to the Holders of the Class A 2A-1 Certificates, in reduction of their Class Principal Balance, until the Class Certificate Principal Balance of such Class has been is reduced to zero;
(Ciii) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest Available Funds for such Distribution Date, for Loan Group 3 shall be distributed on each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve FundHolders of the Class 3A-1 Certificates, Class 3A-2 Certificates. Class 3-A3 Certificates, Class 3-A4 Certificates, Class 3-AX1 Certificates and Class 3-AX2 Certificates, the amount of any related Interest Distributable Amounts for such date, pro rata (based on the Interest Distributable Amounts to which each such Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificatesis entitled); and
(B) concurrentlyfrom the Principal Distribution Amount for Loan Group 3 for such Distribution Date, an amount equal to the Senior Principal Distribution Amount for Loan Group 3 for that Distribution Date, to the Holders of the Class A3A-1 Certificates, Class M-13A-2 Certificates, Class M-2, Class M-3, Class M-4, Class B-1 3A-3 Certificates and Class B-2 3A-4 Certificates, concurrently, in proportion to their respective outstanding Class Certificate Principal Balances, in reduction thereof, until the respective Class Certificate Principal Balance of each such Class has been is reduced to zero;
(iiiiv) the Available Funds for each of Loan Group 1, Loan Group 2 and Loan Group 3 remaining after giving effect to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority distributions specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses subsections (i) through (viiiiii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable above will be distributed to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest Certificateholders in the following order of priority:
(A) to the Holders of the Class F B-1 Certificates, the Class F Distribution related Interest Distributable Amount for the Termination Datethat date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to Holders of the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the an amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) equal to the Class A Certificates, its Pro Rata Share for such Distribution Date until the Class Certificate Principal Balance for of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been is reduced to zero;
(C) to the Holders of the Class M-2 B-2 Certificates, until the Class Principal Balance related Interest Distributable Amount for such Class has been reduced to zerothat date;
(D) to the Holders of the Class M-3 B-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Principal Balance for of such Class has been is reduced to zero;
(E) to the Holders of the Class M-4 B-3 Certificates, until the Class Principal Balance related Interest Distributable Amount for such Class has been reduced to zerothat date;
(F) to the Holders of the Class B-1 B-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Principal Balance for of such Class has been is reduced to zero;
(G) to the Holders of the Class B-2 B-4 Certificates, the related Interest Distributable Amount for that date;
(H) to the Holders of the Class B-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Principal Balance of such Class is reduced to zero;
(I) to the Holders of the Class B-5 Certificates, the related Interest Distributable Amount for that date;
(J) to the Holders of the Class B-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class has been Certificate Principal Balance of such Class is reduced to zero;
(K) to the Holders of the Class B-6 Certificates, the related Interest Distributable Amount for that date;
(L) to the Holders of the Class B-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Principal Balance of such Class is reduced to zero; and
(HM) to the Holder of the Class A-R Certificate, any remaining amount, for application as part Available Funds then remaining.
(b) Amounts to be paid to the Holders of Excess Cashflow a Class of Certificates pursuant to Section 6.05(d5.01(a) shall be payable with respect to all Certificates of that Class, pro rata, based on the Certificate Principal Balance or Certificate Notional Balance, as applicable, of each Certificate of that Class.
(c) [Reserved]
(d) On each Distribution Date, the Interest Distributable Amounts for the Classes of Senior Certificates and Subordinate Certificates relating to Loan Group 1, Loan Group 2 and Loan Group 3 on such Distribution Date shall be reduced proportionately by Net Interest Shortfalls based on (A) in the case of the Senior Certificates in Certificate Group 1, Certificate Group 2 and Certificate Group 3, the Interest Distributable Amount otherwise distributable thereon and (B) in the case of the Subordinate Certificates, interest accrued at the related Subordinate Certificate Pass-Through Rate on the related Apportioned Principal Balance of each such Class, in each case before taking into account any reduction in those amounts due to such Net Interest Shortfalls; provided, however, that on any Distribution Date after the Senior Termination Date for a Loan Group, Net Interest Shortfalls for that Loan Group will be allocated to the Classes of Subordinate Certificates based on the amount of interest each such Class of Subordinate Certificates would otherwise be entitled to receive on such Distribution Date.
(e) Notwithstanding the priority and allocation set forth in Section 5.01(a)(iv) above, if with respect to any Class of Subordinate Certificates on any Distribution Date the sum of the related Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates which have a higher numerical Class designation than such Class (the “Applicable Credit Support Percentage”) is less than the Original Applicable Credit Support Percentage for such Class, no distribution of Principal Prepayments will be made to any such Classes (the “Restricted Classes”) and the amount of such Principal Prepayment otherwise distributable to the Restricted Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, pro rata, based on the Class Certificate Principal Balances of the respective Classes immediately prior to such Distribution Date and shall be distributed in the sequential order provided in Section 5.01(a)(iv) above.
(f) (i) Notwithstanding the priority and allocation set forth in Section 5.01(a)(i) through (iii) above, on each Distribution Date prior to the Senior Credit Support Depletion Date but after the date on which the aggregate Class Certificate Principal Balance of any Class of the Senior Certificates in Certificate Group 1, Certificate Group 2 or Certificate Group 3 has been reduced to zero, 100% of the Principal Prepayments on the Mortgage Loans in the Loan Group related to such retired Class of Senior Certificates otherwise distributable on each Class of Subordinate Certificates pursuant to Section 5.01(a)(iv), in reverse order of priority, shall be distributed as principal to the Senior Certificates in Certificate Group 1, Certificate Group 2 or Certificate Group 3 remaining outstanding pursuant to Section 5.01(a) until the Class Certificate Principal Balances thereof have been reduced to zero, provided that on such Distribution Date either clause (i) or (ii) in the definition of the Two Times Test has not been met. On each Distribution Date on which any two of the Group 1 Certificates, Group 2 Certificates or Group 3 Certificates remain outstanding, any amounts distributable pursuant to this Section 5.01(f)(i) shall be distributed in proportion to the aggregate Class Certificate Principal Balances of such remaining Classes of Senior Certificates in Certificate Group 1, Certificate Group 2 or Certificate Group 3 immediately prior to such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-5)
Flow of Funds. (a) On each Distribution Payment Date prior to the Amortization Date, the Trustee shall retain will be required to make the following payments from the Available Funds (including amounts transferred from the Reserve Account on such Payment Date) then on deposit in the Certificate Distribution AccountCollection Account and, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) with respect to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
paragraph (vi) to the Class M-3 Certificates), Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and from amounts on deposit in the Reserve FundAdditional Property Funding Account, in the following order of priority:
(i) from the Available Funds, to the extent of Excess Servicer, any unrecoverable Servicer Advances;
(ii) from the Available Funds then remaining in the Collection Account, to the Servicer, if ABS is not then the Servicer, the Servicing Fee then due, together with certain miscellaneous amounts;
(iii) from the Available Funds then remaining in the Collection Account, to the Class A Noteholders, the Class A Note Interest and Class A Overdue Interest for such Distribution Datethe related Interest Accrual Period; pari passu with respect to each Class of Class A Notes;
(iv) from the Available Funds then remaining in Collection Account, to the Class B Noteholders, the Class B Note Interest and the Class B Overdue Interest for each Distribution Date occurring the related Interest Period;
(av) before from the Stepdown Date or Available Funds then remaining in Collection Account, to the Class C Noteholders, the Class C Note Interest and the Class C Overdue Interest for the related Interest Accrual Period;
(bvi) on or after from the Stepdown Date and for which a Trigger Event is in effect, until sum of (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such datex) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, Available Funds then remaining in the following order of priorityCollection Account, and (y) the amount then on deposit in the Additional Property Funding Account (such sum, the "Available Additional Property Funding Amount"), as follows:
(A) to the Reserve FundIssuers, the an amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund equal to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as followsleast of:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);Available Additional Property Funding Amount,
(ii) The Trustee shall distribute the sum of (i) the excess of (x) the Aggregate Contract Principal Balance as of the second preceding Calculation Date over the Aggregate Contract Principal Balance as of the preceding Calculation Date plus (ii) the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest on deposit in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).the
Appears in 1 contract
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(ii) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(v) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November March 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv6.05(d)(v), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Sec Co LLC Mort Pas THR Certs Ser 2004 A)
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums Premiums, if any, (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 2 and REMIC 5 3 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ii) concurrently, to the Class A-1A, Class A-1B, Class A-1C and Class A-2 Certificates, in proportion to their respective entitlements under this Section 6.05(b)(ii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Class A M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A A-1 Certificates, as a group, and the Class A-2 Certificates, in proportion to the respective Class Principal Balances of such Certificates, in reduction of their Class Principal BalanceBalances, until the Class Principal Balance of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(c)(i)(A), shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(H) to the Class B-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HI) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class AA-1 Certificates, as a group, the Class A-2 Certificates, and the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 B-1, Class B-2 and Class B-2 B-3 Certificates, pro ratain proportion to the respective Class Principal Balances of such Certificates, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(c)(ii)(A) shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fundconcurrently, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F A-1 Certificates, as a group, and the Class A-2 Certificates, in proportion to the respective Class Principal Balances of such Certificates, in reduction of their Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(d)(i)(A), shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order;
(B) to the Class A M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 B-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class AA-1 Certificates, as a group, the Class A-2 Certificates, and the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 B-1, Class B-2 and Class B-2 B-3 Certificates, in proportion to their the respective Class Principal BalancesBalances of such Certificates, in reduction thereofof their Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(d)(ii)(A) shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order;
(iii) to the extent of any amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011August 2012, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to remaining proceeds from the Class X Certificates pursuant to Section 6.11(b)sale of any Excess Cap Amount; and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest, together with any other amounts received by the Trustee in respect of interest pursuant to Section 10.02, in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(CB) concurrently, to the Class A A-1 Certificates, as a group and the Class A-2 Certificates, in proportion to the respective Class Principal Balances of such Certificates, in reduction of their Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(g)(ii)(B) shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order;
(C) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 B-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal, together with any other amounts received by the Trustee in respect of principal pursuant to Section 10.02, in the following order of priority:
(A) concurrently, to the Class A A-1 Certificates, as a group, and the Class A-2 Certificates, in proportion to the respective Class Principal Balances of such Certificates, in reduction of their Class Principal Balances, until the Class Principal Balance for of each such Class has been reduced to zero; provided that any amount distributable to the Class A-1 Certificates as a group pursuant to this Section 6.05(g)(iii)(A) shall be distributed to the Class A-1A, Class A-1B and Class A-1C Certificates sequentially, in that order;
(B) to the Class M-1 Certificates, until the Class Principal Balance for of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for of such Class has been reduced to zero; and
(H) to the Class B-3 Certificates, until the Class Principal Balance of such Class has been reduced to zero; and
(I) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Trust 2005-C)
Flow of Funds. (a) On each Distribution Date, Date the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the ------------- Trustee shall distribute from the Interest Remittance Certificate Account the Available Distribution Amount for such date in the following order of prioritypriority as follows:
(i) concurrently, (i) to the Class F IO Certificates, the Class F IO Interest Distribution Amount for such Distribution Date and any portion of any Class IO Interest Distribution Amount remaining unpaid from any preceding Distribution Date and (ii) to the Class A Certificates, the related Class A Interest Distribution Amount for such Distribution Date and any portion of the related Class A Interest Distribution Amount remaining unpaid from any preceding Distribution Date;
(ii) concurrently, to the holders of the Class PO Certificates and Class A Certificates, in reduction of their Certificate Principal Balances, until the Certificate Principal Balances thereof have been reduced to zero: (A) the Class PO Principal Distribution Amount for such Distribution Date and any portion of the Class PO Principal Distribution Amount remaining unpaid from any preceding Distribution Date, and (B) the related Class A Principal Distribution Amounts for such Distribution Date, respectively; provided that any shortfall in amounts due pursuant to this Section 6.05(a)(ii) will be allocated (X) to the Class A-IO CertificatesPO Certificates in an amount equal to the Class PO Principal Percentage of the amount of the shortfall attributable to payments due but not received on the Class PO Mortgage Loans, Current Interest and any Carryforward Interest for (Y) otherwise, among the Class A Certificates applied pro rata in proportion to the Certificate Principal Balance of each such Class and immediately preceding such Distribution Date;
(iii) to the holders of the Class A M-1 Certificates, Current the Class M-1 Interest Distribution Amount for such Distribution Date and any Carryforward portion of the Class M-1 Interest for such Class and such Distribution Amount remaining unpaid from any preceding Distribution Date;
(iv) to the holders of the Class M-1 Certificates, Current Interest and any Carryforward Interest the portion of the Subordinate Principal Distribution Amount for such Class and such Distribution DateDate allocated thereto pursuant to Section 6.05(b);
(v) to the holders of the Class M-2 Certificates, Current the Class M-2 Interest Distribution Amount for such Distribution Date and any Carryforward portion of the Class M-2 Interest for such Class and such Distribution Amount remaining unpaid from any preceding Distribution Date;
(vi) to the holders of the Class M-3 M-2 Certificates, Current Interest and any Carryforward Interest the portion of the Subordinate Principal Distribution Amount for such Class and such Distribution DateDate allocated thereto pursuant to Section 6.05(b);
(vii) to the holders of the Class M-4 M-3 Certificates, Current the Class M-3 Interest Distribution Amount for such Distribution Date and any Carryforward portion of the Class M-3 Interest for such Class and such Distribution Amount remaining unpaid from any preceding Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part holders of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance portion of the LIBOR Certificates equals the Pool Balance Subordinate Principal Distribution Amount for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow allocated thereto pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d6.05(b);
(ix) to the holders of the Class X B-1 Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement Class B-1 Interest Distribution Amount for such Distribution Date, Date and (B) any amounts payable under the Cap Agreement and distributable to portion of the Class X Certificates under Section 6.12(b)B-1 Interest Distribution Amount remaining unpaid from any preceding Distribution Date;
(x) to the holders of the Class X B-1 Certificates, the portion of the Subordinate Principal Distribution Amount for such Distribution Date allocated thereto pursuant to Section 6.05(b);
(xi) to the holders of the Class B-2 Certificates, the Class X Distributable B-2 Interest Distribution Amount for such Distribution Date and any amount distributable portion of the Class B-2 Interest Distribution Amount remaining unpaid from any preceding Distribution Date;
(xii) to the holders of the Class X Certificates B-2 Certificates, the portion of the Subordinate Principal Distribution Amount for such Distribution Date allocated thereto pursuant to Section 6.11(b6.05(b);
(xiii) to the holders of the Class B-3 Certificates, the Class B-3 Interest Distribution Amount for such Distribution Date and any portion of the Class B-3 Interest Distribution Amount remaining unpaid from any preceding Distribution Date;
(xiv) to the holders of the Class B-3 Certificates, the portion of the Subordinate Principal Distribution Amount for such Distribution Date allocated thereto pursuant to Section 6.05(b);
(xv) to the holders of any Class of Certificates to which Realized Losses will be allocated on such Distribution Date in accordance with Section 6.07 (after distribution of the amounts set forth in clauses (i) through (xiv) above), any portion of the Available Distribution Amount on such Distribution Date remaining after distribution of the amounts set forth in clauses (i) through (xiv) above, but only to the extent of the amount of Realized Losses allocated on such Distribution Date (with such amount to be allocated to any such Class of Certificates on a pro rata basis in accordance with the amount of Realized Losses allocated to each such Class on such Distribution Date); and
(xixvi) to the Residual Certificateholders of the Class R-I Certificates, any remaining amountthe balance remaining.
(eb) On each The Subordinate Principal Distribution Amount will be allocated to the Subordinate Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances and; provided, however, that if, on any Distribution Date, the Trustee shall distribute from amounts remaining in Credit Support for any Class of Subordinate Certificates is less than the Reserve Fund after application pursuant to Section 6.05(dInitial Credit Support for such Class, (i) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, set forth in reduction of their respective Class Principal Balances, in the order of priority specified in clauses clause (iii) and (ii), as applicable, iv) of Section 6.05(d).
(f) On each the definition of Subordinate Principal Distribution Date, the Trustee shall distribute Amount will be allocated among the Class P Distribution Amount for such date of Subordinate Certificates with the highest payment priority and those Classes of Subordinate Certificates with respect to which the Credit Support is at least equal to the Class P Certificates.
(g) On Initial Credit Support, pro rata based on the Termination Daterespective Certificate Principal Balances thereof, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
and (ii) The Trustee shall distribute the amount remainder of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) Subordinate Principal Distribution Amount will be allocated to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest Subordinate Certificates on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class a pro rata basis in accordance with their respective Certificate Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)Balances.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Flow of Funds. On each Distribution Date, the Trustee will withdraw the balance of the Monthly Remittance Amount for each Loan Group after making the deductions described in Section 7.4 from amounts on deposit in the Certificate Account and apply such amounts in the following order of priority, in each case, to the extent of the funds remaining therefor:
(a) The Interest Remittance Amount shall be applied as follows:
(i) to the Class A Certificates, the related Current Interest for such Distribution Date on a pro rata basis among such Classes;
(ii) any remaining amounts shall be applied in the following order of priority:
(A) to the Class M-1 Certificates the related Current Interest;
(B) to the Class M-2 Certificates the related Current Interest;
(C) to the Class M-3 Certificates the related Current Interest;
(D) to the Class B Certificates the related Current Interest;
(iii) the Excess Interest Amount shall be allocated and applied pursuant to subsection (c) below.
(b) The Principal Remittance Amount, along with any Extra Principal Distribution Amount, with respect to such Distribution Date shall be applied as follows:
(i) amounts up to the Principal Distribution Amount as follows:
(A) from the Class A Principal Distribution Amount, shall be distributed concurrently (x) to the Class A-6 Certificates, the Class A-6 Principal Distribution, until the Certificate Principal Balance thereof has been reduced to zero, and (y) to the Class A Certificates (other than the Class A-6 Certificates), the Fixed Rate Group Principal Allocation, allocated in the following order of priority:
(1) to the Class A-7 Certificates, the Class A-7 Principal Distribution Amount, until the Class A-7 Certificate Principal Balance thereof has been reduced to zero; and
(2) sequentially, to the Class A-1 Certificates, the Class A-1 Principal Distribution Amount, to the Class A-2 Certificates, the Class A-2 Principal Distribution Amount, to the Class A-3 Certificates, the Class A-3 Principal Distribution Amount, to the Class A-4 Certificates, the Class A-4 Principal Distribution Amount, to the Class A-5 Certificates, the Class A-5 Principal Distribution Amount and to the Class A-7 Certificates, the remainder, in that order, until the respective Certificate Principal Balances thereof have been reduced to zero;
(B) any amount remaining, to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, and the Class B Certificates on a pro rata basis; and
(ii) any amount remaining shall be distributed pursuant to subsection (c) below; provided, however, that if a Cumulative Loss Trigger Event is in effect, such amount shall be distributed sequentially, to the Class B Certificates, the Class M-3 Certificates, the Class M-2 Certificates and the Class M-1 Certificates, in that order, as principal until the respective Certificate Principal Balances thereof have been reduced to zero. Notwithstanding the priority set forth in clause (A) above, if the aggregate Certificate Principal Balance of the Class M Certificates and the Class B Certificates is reduced to zero, the amount to be distributed pursuant to clause (i) above shall be distributed concurrently to each Class of Class A Certificates on a pro rata basis in accordance with their respective Certificate Principal Balances.
(c) The Net Monthly Excess Cashflow shall be allocated and applied in the following order of priority on such Distribution Date:
(i) to the Owners of the Class A-6 Certificates, to fund any LIBOR Shortfall Amount;
(ii) to fund the Extra Principal Distribution Amount of such Distribution Date;
(iii) to the Class M-1 Certificates, the Class M-1 Realized Loss Amortization Amount for such Distribution Date, if any;
(iv) to the Class M-2 Certificates, the Class M-2 Realized Loss Amortization Amount for such Distribution Date, if any;
(v) to the Class M-3 Certificates, the Class M-3 Realized Loss Amortization Amount for such Distribution Date, if any;
(vi) to the Class B Certificates, the Class B Realized Loss Amortization Amount for such Distribution Date, if any;
(vii) to the Class C Certificates, the Class C Distribution Amount;
(viii) any amounts remaining shall be distributed to the Class RU Certificates.
(d) On each Distribution Date, the Trustee shall retain in allocate the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Applied Realized Loss Amount for such date Distribution Date to reduce the Certificate Principal Balances of the Class M Certificates and the Class B Certificates in the following order of priority:
(i) to the Class F B Certificates, the Class F Distribution B Applied Realized Loss Amount for such Distribution Dateuntil the Class B Certificate Principal Balance is zero;
(ii) to the Class A-IO M-3 Certificates, Current Interest and any Carryforward Interest for such the Class and such Distribution DateM-3 Applied Realized Loss Amount until the Class M-3 Certificate Principal Balance is zero;
(iii) to the Class A M-2 Certificates, Current Interest and any Carryforward Interest for such the Class and such Distribution Date;M-2 Applied Realized Loss Amount until the Class M-2 Certificate Principal Balance is zero; and
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance M-1 Applied Realized Loss Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class M-1 Certificate Principal Balance of such Class has been reduced to is zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution DateNotwithstanding clause (b) above, the Trustee shall distribute from aggregate amounts remaining in distributed on all Distribution Dates to the Reserve Fund after application pursuant to Section 6.05(d) the amount Owners of any Loss Amount Class of Class A, Class M or Class B Certificates on account of principal shall not distributed pursuant to Section 6.05(d)(iv), to exceed the LIBOR Certificates, in reduction of their respective Class Original Certificate Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d)Balance for such Class.
(f) On each Distribution DateAny amounts properly distributed to the Owners of the Class M Certificates, the Trustee shall distribute Class B Certificates, the Class P Distribution Amount for such date C Certificates or to the Owners of the Residual Certificates pursuant to the terms of this Agreement shall be distributed free of the subordination described herein, and any such amounts shall in no event be required to be returned to the Trustee or paid over to the Owners of the Class P A Certificates.
(g) On Whenever, during the Termination Dateadministration of the Trust, there comes into the possession of the Trustee any money or property which this Agreement does not otherwise require to be distributed on account of the Class A Certificates, the Class M Certificates, the Class B Certificates, or the Class C Certificates, the Trustee shall distribute such money or other property to each Class the Owners of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F C Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) concurrently, pro rata, to (a) the Class A1 Certificates and (b) as a group, the Class A2 Certificates, distributed sequentially to the Class A A2A and Class A2B Certificates, in that order, Current Interest and any Carryforward Interest for such Class Classes and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(xix) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ixviii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A A1, Class A2A and Class A2B Certificates, pro rata, in reduction of their respective Class Principal BalanceBalances, until the Class Principal Balance of each such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HG) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class AA1, Class A2A, Class A2B, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) concurrently, to the Class A A1, Class A2A and Class A2B Certificates, pro rata, in reduction of their respective Class Principal BalanceBalances, until the Class Principal Balance of each such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;; and
(G) to the Class B-1 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(ii) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class AA1, Class A2A, Class A2B, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(v) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November August 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv6.05(d)(v), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, pro rata, to (a) the Class A1 Certificates and (b) as a group, the Class A2 Certificates, distributed sequentially to the Class A A2A and Class A2B Certificates, in that order, any accrued and unpaid interest on the respective outstanding Class Principal Balance Amounts thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance Amount thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance Amount thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance Amount thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance Amount thereof;
(H) to the Class B-1 B Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance Amount thereof; and
(JI) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) concurrently, pro rata, to (a) the Class A1 Certificates and (b) as a group, the Class A2 Certificates, distributed sequentially to the Class A A2A and Class A2B Certificates, in that order, until the Class Principal Balance for each such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 B Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(HG) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Sec Co LLC Mort Pas THR Certs Ser 2004 C)
Flow of Funds. (a) On each Distribution Date (or with respect to payments to the Swap Counterparty, on the related Swap Payment Date), the Trustee shall retain in withdraw from the Certificate Distribution Account, and shall distributeto the extent of funds on deposit therein, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums Premiums, if any (and related amounts, which will generally not exceed 0.01% of the monthly premium)) and amounts that are available for payment to Holders of the CertificatesSwap Counterparty, in the amounts and priorities specified in this Section and shall allocate such amount amounts to the Interests issued in respect of each REMIC 1created hereby, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement, and shall distribute such amounts as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date (or, with respect to clause (i) below, the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Class F Certificates, lesser of (A) the Class F Distribution amount of any Net Swap Payment or Swap Termination Payment (to the extent not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty and (B) the Interest Remittance Amount for Pool 1 for such Distribution Date, to the extent not paid pursuant to Section 6.05(c)(i);
(ii) to the Class A-IO CertificatesIO(1) Component, Current Interest and any Carryforward Interest for such Class Component and such Distribution Date;
(iii) concurrently, to the Class A 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(b)(iii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) concurrently, to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(b)(iv), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vvi) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vivii) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiviii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiiix) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ixx) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Trustee, the Pool 1 allocable portion (based on the applicable Pool Percentage) of any amounts reimbursable pursuant to this Agreement and not previously reimbursed to the Trustee due to application of the limitations on amounts reimbursable in any Anniversary Year; and
(xxiii) for application as part of Pool 1 Excess Cashflow Interest for such Distribution Date, as provided in subsection (de) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (ixxii) above.
(c) On each Distribution Date (or with respect to clause (i) below, the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, the lesser of (A) the amount of any Net Swap Payment or Swap Termination Payment (to the extent not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty and (B) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) to the A-IO(2) Component, Current Interest and any Carryforward Interest for such Component and such Distribution Date;
(iii) concurrently, to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(c)(iii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) concurrently, to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(c)(iv), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Trustee, the Pool 2 allocable portion (based on the applicable Pool Percentage) of any amounts reimbursable pursuant to this Agreement and not previously reimbursed to the Trustee due to application of the limitations on amounts reimbursable in any Anniversary Year; and
(xiii) for application as part of Pool 2 Excess Interest for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xii) above.
(d) On each Distribution Date (or with respect to clauses (i)(A)(1), (i)(B)(1), (ii)(A) and (ii)(B) below, the related Swap Payment Date), the Trustee shall distribute the Principal Distribution Amount in the following order of prioritywith respect to each Mortgage Pool as follows:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in make the following order of prioritydistributions, concurrently:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HG) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, pro rata, in reduction of proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(CB) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(DC) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(ED) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(FE) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;; and
(GF) to the Class B-1 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(v) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011September 2010, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv6.05(d)(v), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts related Termination Price therefor, as set forth in the Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Corp Mortgage Pass THR Certs Ser 2003-E)
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class A A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M-1 A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(x) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HG) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, pro rata, in reduction of proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;; and
(G) to the Class B-1 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(ii) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(v) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 20112010, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv6.05(d)(v), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Mort Pass THR Certs Ser 2003-F)
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, the Custodian Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Pool PMI Insurer, the Pool PMI Insurance Premiums (and related amounts) for the related period;
(ii) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(iiiii) to the Class IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class A-IO Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iiiv) to the Class A Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ivvi) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vvii) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viviii) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiix) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiix) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(xxi) for application as part of Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (ixx) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(HG) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, pro rata, in reduction of proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of each such Class has been reduced to zero;
(CB) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(DC) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(ED) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;
(FE) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero;; and
(GF) to the Class B-1 B Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Available Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 M-4 and Class B-2 B Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(v) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Available Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011June 2010, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv6.05(d)(v), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts related Termination Price therefor, as set forth in the Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d)hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Securities Co LLC)
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 as set forth in the Preliminary Statement to this Agreement. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the A-IO(1) Component, Current Interest and any Carryforward Interest for such Component and such Distribution Date;
(ii) concurrently, to the Class 1-A5 Insurer, the Class 1-A5 Premium for the Class 1-A5 Policy for such Distribution Date and to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5 and Class 1-A6 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(b)(ii);
(iii) to the Class 1-A5 Insurer, any Reimbursement Amount for such Distribution Date;
(iv) to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates, in proportion to the amount of interest distributable on each such Class, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(xi) for application as part of Pool 1 Excess Interest for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (x) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Class F Certificates, the Class F Distribution Amount for such Distribution Date;
(ii) to the Class A-IO CertificatesIO(2) Component, Current Interest and any Carryforward Interest for such Class Component and such Distribution Date;
(iii) to the Class A 2-A1, Class 2-A2 and Class 2-A3 Certificates, in proportion to the amount of interest distributable on each such Class, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) concurrently, to the Class 1-A5 Insurer, the Class 1-A5 Premium for the Class 1-A5 Policy for such Distribution Date and to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class A-A5 and Class 1-A6 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(c)(iv);
(v) to the Class 1-A5 Insurer, any Reimbursement Amount;
(vi) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vvii) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viviii) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiix) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viiix) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ixxi) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(xxii) for application as part of Pool 2 Excess Cashflow Interest for such Distribution Date, as provided in subsection (de) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (ixxi) above.
(cd) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of prioritywith respect to each Mortgage Pool as follows:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, pro rata, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
(d) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement for such Distribution Date and amounts on deposit in the Reserve Fund, in make the following order of prioritydistributions, concurrently:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates;
(B) to the Class A Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to the extent of any amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaid, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such date;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Flow of Funds. (a) On each Distribution Date, the Trustee shall retain in the Certificate Distribution Account, and shall distribute, the Total Distribution Amount (net of the Trustee Fee, any Retained Interest and the Pool PMI Insurance Premiums Premiums, if any (and related amounts, which will generally not exceed 0.01% of the monthly premium)) to Holders of the Certificates, in the amounts and priorities specified in this Section and shall allocate such amount to the Interests issued in respect of REMIC 1, REMIC 2, REMIC 3, REMIC 4 2 and REMIC 5 3 as set forth in the Preliminary Statement to this Agreement. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Class F CertificatesA-IO(1) Component, the Class F Distribution Amount Current Interest and any Carryforward Interest for such Component and such Distribution Date;
(ii) concurrently, to the Class A1-IO A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(b)(ii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) concurrently, to the Class A 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(b)(iii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Trustee, the Pool 1 allocable portion (based on the applicable Pool Percentage) of any amounts reimbursable pursuant to this Agreement and not previously reimbursed to the Trustee due to application of the limitations on amounts reimbursable in any Anniversary Year; and
(xxii) for application as part of Pool 1 Excess Cashflow Interest for such Distribution Date, as provided in subsection (de) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (ixxi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the A-IO(2) Component, Current Interest and any Carryforward Interest for such Component and such Distribution Date;
(ii) concurrently, to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(c)(ii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) concurrently, to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, in each case in proportion to the amounts distributable under this Section 6.05(c)(iii), Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M-4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Trustee, the Pool 2 allocable portion (based on the applicable Pool Percentage) of any amounts reimbursable pursuant to this Agreement and not previously reimbursed to the Trustee due to application of the limitations on amounts reimbursable in any Anniversary Year; and
(xii) for application as part of Pool 2 Excess Interest for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xi) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool as follows:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR Certificates equals the Aggregate Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A1) to the Class A 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, in the following order of priority:
(a) to the Class 1-A5 Certificates, the Class 1-A5 Priority Amount for such Distribution Date, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(b) to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4 and Class 1-A5 Certificates, sequentially in that order, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero;
(B2) to the Group 2 Certificates, in accordance with the Senior Priority for Group 2, until the Class Principal Balance of each Class of Group 2 Certificates has been reduced to zero;
(3) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C4) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D5) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E6) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F7) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) 8) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(9) to the Class B-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H10) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d6.05(e);
(B) For Pool 2: Until the aggregate Class Principal Balances of the Group 1 Certificates and the LIBOR Certificates equals the Aggregate Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(1) to the Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates, concurrently, as follows:
(a) 77.0000000000% to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates, sequentially in that order, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; and
(b) 22.5758095685% to the Class 2-A4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(2) to the Group 1 Certificates, in accordance with the Senior Priority for Group 1, until the Class Principal Balance of each Class of Group 1 Certificates has been reduced to zero;
(3) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(4) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(5) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(6) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(7) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(8) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(9) to the Class B-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(10) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(e); and
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priorityas follows:
(A) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Group 1 Certificates, pro rataas a group, the Group 2 Certificates, as a group, and the Subordinate Certificates, in proportion to the respective Class Principal Balances of such Certificates, in reduction of their respective Class Principal Balances, until the Class Principal Balance of each such Class has been reduced to zero; provided, that distributions between the Group 1 Certificates and the Group 2 Certificates shall be allocated on the basis of the Group 1 Senior Principal Distribution Percentage and the Group 2 Senior Principal Distribution Percentage, respectively, and shall be made in accordance with the related Senior Priority; and
(B) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d6.05(e).
(de) On each Distribution Date, the Trustee shall distribute the Excess Cashflow, together with (to the extent specified below) amounts received in respect of the Cap Agreement or received as proceeds from the sale of any Excess Cap Amount for such Distribution Date and amounts on deposit in the Reserve Fund, in the following order of priority:
(i) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c6.05(e) hereof for such dateDistribution Date) the aggregate Class Principal Balance of the Group 1 Certificates and the LIBOR Certificates equals the Aggregate Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) concurrently, to the Reserve FundGroup 1 Certificates, the amount of any Class F Shortfall or Unpaid Class F Shortfallas a group, and then such amounts from the Reserve Fund Group 2 Certificates, as a group, in proportion to the respective Class F Certificates;
(B) to the Class A Principal Balances of such Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(C) to the Class M-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(D) to the Class M-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(E) to the Class M-3 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(F) to the Class M-4 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(G) to the Class B-1 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero; and
(H) to the Class B-2 Certificates, in reduction of their Class Principal Balance, until the Class Principal Balance of such Class has been reduced to zero;
(ii) to the extent of Excess Interest for such Distribution Date, for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, until (after giving effect to distributions of principal made pursuant to Section 6.05(c) hereof for such date) the aggregate Class Principal Balance of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Reserve Fund, the amount of any Class F Shortfall or Unpaid Class F Shortfall, and then such amounts from the Reserve Fund to the Class F Certificates; and
(B) concurrently, to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class B-1 and Class B-2 Certificates, in proportion to their respective Class Principal Balances, in reduction thereof, until the Class Principal Balance of each such Class has been reduced to zero;
(iii) to ; provided, that distributions between the extent of any amounts received in respect Group 1 Certificates and the Group 2 Certificates shall be allocated on the basis of the Cap Agreement for such Group 1 Senior Principal Distribution DatePercentage and the Group 2 Senior Principal Distribution Percentage, to the Reserve Fund, the amount of any Carryforward Interest remaining unpaidrespectively, and then from shall be made in accordance with the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any such unpaid Carryforward Interest for such Class for such daterelated Senior Priority;
(iv) to the extent of any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Loss Amount for such Distribution Date, and then from the Reserve Fund to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of this Section 6.05(d);
(v) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Basis Risk Payment, and then from the Reserve Fund to the LIBOR Certificates in order of priority of distribution of interest, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class for such date;
(vi) to the extent of Excess Interest for such Distribution Date and any remaining amounts received in respect of the Cap Agreement for such Distribution Date, to the Reserve Fund, the amount of any Deferred Principal Amount, and then from the Reserve Fund to the Subordinate Certificates, in order of seniority, any Deferred Principal Amount for such Class for such date;
(vii) on the Distribution Date in November 2011, $100.00 to the Class P Certificate in reduction of its Class Principal Balance;
(viii) to pay any up-front fee payable to any substitute Cap Provider as provided in Section 6.13(d);
(ix) to the Class X Certificates, the sum of (A) any amounts remaining in the Reserve Fund after taking into account distributions pursuant to clauses (i) through (viii) above, in excess of the Reserve Fund Requirement for such Distribution Date, and (B) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 6.12(b);
(x) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date and any amount distributable to the Class X Certificates pursuant to Section 6.11(b); and
(xi) to the Residual Certificate, any remaining amount.
(e) On each Distribution Date, the Trustee shall distribute from amounts remaining in the Reserve Fund after application pursuant to Section 6.05(d) the amount of any Loss Amount not distributed pursuant to Section 6.05(d)(iv), to the LIBOR Certificates, in reduction of their respective Class Principal Balances, in the order of priority specified in clauses (i) and (ii), as applicable, of Section 6.05(d).
(f) On each Distribution Date, the Trustee shall distribute the Class P Distribution Amount for such date to the Class P Certificates.
(g) On the Termination Date, the Trustee shall distribute to each Class of Certificates the amounts set forth in Section 10.02 hereof as follows:
(i) The Trustee shall distribute the Class A-IO Termination Amount to the Class A-IO Certificates if the Trust Fund is terminated pursuant to Section 10.02(a) or (b);
(ii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to interest in the following order of priority:
(A) to the Class F Certificates, the Class F Distribution Amount for the Termination Date;
(B) to the Class A-IO Certificates, any accrued and unpaid interest on the outstanding Class Notional Amount thereof;
(C) concurrently, to the Class A Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(D) to the Class M-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(E) to the Class M-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(F) to the Class M-3 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(G) to the Class M-4 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(H) to the Class B-1 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof;
(I) to the Class B-2 Certificates, any accrued and unpaid interest on the outstanding Class Principal Balance thereof; and
(J) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d);
(iii) The Trustee shall distribute the amount of the Minimum Bid Price or the Termination Price, as applicable, allocable to principal in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(B) to the Class M-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(C) to the Class M-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(D) to the Class M-3 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(E) to the Class M-4 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(F) to the Class B-1 Certificates, until the Class Principal Balance for such Class has been reduced to zero;
(G) to the Class B-2 Certificates, until the Class Principal Balance for such Class has been reduced to zero; and
(H) any remaining amount, for application as part of Excess Cashflow pursuant to Section 6.05(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Trust 2006-A)
