Group II Certificates. Any Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date as follows: first, to related Net Monthly Excess Cashflow through payment of the related Overcollateralization Increase Amount, second, in reduction of the Overcollateralization Amount until reduced to zero. If on any Distribution Date, as a result of the Charge-Off Amounts, the sum of the aggregate Certificate Principal Balances of the Group II Offered Certificates and the Certificate Principal Balance of the Class II-S Certificates exceeds the aggregate principal balance of the Group II HELOCs as of the last day of the related Collection Period, such excess will be allocated pro rata to (i) the Group II Offered Certificates, in the following order: first, to the Class II-B-2 Certificates, second, to the Class II-B-1 Certificates, third, to the Class II-M-9 Certificates, fourth, to the Class II-M-8 Certificates, fifth, to the Class II-M-7 Certificates, sixth, to the Class II-M-6 Certificates, seventh, to the Class II-M-5 Certificates, eighth, to the Class II-M-4 Certificates, ninth, to the Class II-M-3 Certificates, tenth, to the Class II-M-2 Certificates, eleventh, to the Class II-M-1 Certificates, and twelfth, to the Class II-A Certificates; and (ii) the Class II-S Certificates. The Class II-S Floating Allocation Percentage of Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date to the Class II-S Certificates Once Charge-Off Amounts have been allocated to a Class of Group II Offered Certificates, such amounts with respect to such Certificates will no longer accrue interest nor will such amounts in respect of interest be reinstated thereafter. In the event that the related Servicer receives any Subsequent Recoveries, such Subsequent Recoveries will be remitted to the Master Servicer and then distributed by the Securities Administrator in accordance with the priorities set forth in clause xiii of Section 6.04(b)(2) and the Certificate Principal Balance of each Class of Group II Offered Certificates that has been reduced by the allocation of a Charge-Off Amount to such Group II Offered Certificate will be increased, in order of seniority, by the amount of such Subsequent Recoveries. Holders of such Group II Offered will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Subsequent Recoveries that are received during a Collection Period will be included as a part of the Available Principal Payment Amount for the related Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5), Pooling and Servicing Agreement (Saco I Trust 2005-5)
Group II Certificates. Any Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date as follows: first, to related Net Monthly Excess Cashflow through payment of the related Overcollateralization Increase Amount, second, in reduction of the Overcollateralization Amount until reduced to zero. If on any (1) On each Distribution Date, as a result the Interest Collection Amount for such Distribution Date will be distributed in the following order of priority:
(i) to the ChargeClass II-Off AmountsA Certificates, the sum of Current Interest and any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(ii) to the aggregate Certificate Principal Balances of Class II-M-1 Certificates, the Group II Offered Certificates Current Interest for such Class and Distribution Date;
(iii) to the Certificate Principal Balance Class II-M-2 Certificates, the Current Interest for such Class and Distribution Date;
(iv) to the Class II-M-3 Certificates, the Current Interest for such Class and Distribution Date;
(v) to the Class II-M-4 Certificates, the Current Interest for such Class and Distribution Date;
(vi) to the Class II-M-5 Certificates, the Current Interest for such Class and Distribution Date;
(vii) to the Class II-M-6 Certificates, the Current Interest for such Class and Distribution Date;
(viii) to the Class II-M-7 Certificates, the Current Interest for such Class and Distribution Date;
(ix) to the Class II-M-8 Certificates, the Current Interest for such Class and Distribution Date;
(x) to the Class II-M-9 Certificates, the Current Interest for such Class and Distribution Date;
(xi) to the Class II-B-1 Certificates, the Current Interest for such Class and Distribution Date;
(xii) to the Class II-B-2 Certificates, the Current Interest for such Class and Distribution Date;
(xiii) from amounts otherwise distributable in respect of the Class II-S Certificates exceeds E Certificates, to the aggregate principal balance Classes of the Group II HELOCs as of the last day of the related Collection Period, such excess will be allocated pro rata to (i) the Group II Offered Certificates, as a payment of principal, the amount necessary to build the overcollateralization to the related Overcollateralization Target Amount, including covering the Floating Allocation Percentage of the Investor Charge-Off Amounts during the related Collection Period;
(xiv) to the Class II-M-1 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xv) to the Class II-M-2 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xvi) to the Class II-M-3 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xvii) to the Class II-M-4 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xviii) to the Class II-M-5 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xix) to the Class II-M-6 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xx) to the Class II-M-7 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxi) to the Class II-M-8 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxii) to the Class II-M-9 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxiii) to the Class II-B-1 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxiv) to the Class II-B-2 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxv) from amounts otherwise distributable in respect of the following order: firstClass II-E Certificates, to the Class II-A Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxvi) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-1 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxvii) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-2 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxviii) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-3 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxix) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-4 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxx) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-5 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxi) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-6 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxii) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-7 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxiii) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-8 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxiv) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-M-9 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxv) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-B-1 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxvi) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Class II-B-2 Certificates, secondany Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxvii) from amounts otherwise distributable in respect of the Class II-E Certificates, to the Group II Reserve Fund, any amounts required to maintain a balance in the Group II Reserve Fund equal to the Group II Reserve Fund Deposit ; and
(xxxviii) to the Class II-E Certificates, an amount equal to the Class II-E Distribution Amount reduced by amounts distributed in clauses (xiii), (xxv), (xxvi), (xxvii), (xxviii), (xxix), (xxx), (xxxi), (xxxii), (xxxiii), (xxxiv), (xxxv), (xxxvi) and (xxxvii); and
(xxxix) to each of the Class II-S Certificates and Class I-R-3 Certificates, any remaining amounts, based on the related REMIC in which such amounts remain. On any Distribution Date, any Relief Act Interest Shortfalls will be allocated as set forth in the definition of “Current Interest” and Section 1.02 herein.
(2) On each Distribution Date, the Available Principal Payment Amount, plus any related Overcollateralization Increase Amount required to maintain the related Overcollateralization Target Amount, will be distributed as principal funds in the following order of priority:
(A) For each Distribution Date prior to the Group II Stepdown Date or on which a Group II Trigger Event is in effect:
(i) to the Class II-A Certificates, the Available Principal Payment Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero; and
(ii) sequentially, to the Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class II-M-5, Class II-M-6, Class II-M-7, Class II-M-8, Class II-M-9, Class II-B-1 and Class II-B-2, in that order, the Available Principal Payment Amount, in each case until the Certificate Principal Balance of each such Class has been reduced to zero; provided, however, that the Class II-M Certificates and Class II-B Certificates will not receive any principal payments until the Class II-A Certificates are paid in full.
(B) For each Distribution Date on or after the Group II Stepdown Date and so long as a Group II Trigger Event is not in effect:
(i) to the Class II-A Certificates, the Class II-A Principal Distribution Amount, for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(ii) to the Class II-M-1 Certificates, the Class II-M-1 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(iii) to the Class II-M-2 Certificates, the Class II-M-2 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(iv) to the Class II-M-3 Certificates, the Class II-M-3 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(v) to the Class II-M-4 Certificates, the Class II-M-4 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(vi) to the Class II-M-5 Certificates, the Class II-M-5 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(vii) to the Class II-M-6 Certificates, the Class II-M-6 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(viii) to the Class II-M-7 Certificates, the Class II-M-7 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(ix) to the Class II-M-8 Certificates, the Class II-M-8 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(x) to the Class II-M-9 Certificates, the Class II-M-9 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(xi) to the Class II-B-1 Certificates, thirdthe Class II-B-1 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(xii) to the Class II-M-9 B-2 Certificates, fourththe Class II-B-2 Principal Distribution Amount for such Distribution Date, until the Certificate Principal Balance thereof is reduced to zero;
(xiii) to the Class II-M-8 E Certificates, fifthwithout duplication of amounts distributed in clause (1)(xxxviii) above, an amount equal to the Class II-M-7 CertificatesE Distribution Amount reduced by amounts distributed in clauses (1)(xiii), sixth(1)(xxv), to the Class II-M-6 Certificates(1)(xxvi), seventh(1)(xxvii), to the Class II-M-5 Certificates(1)(xxviii), eighth(1)(xxix), to the Class II-M-4 Certificates(1)(xxx), ninth(1)(xxxi), to the Class II-M-3 Certificates(1)(xxxii), tenth(1)(xxxiii), to the Class II-M-2 Certificates(1)(xxxiv), eleventh(1)(xxxv), to the Class II-M-1 Certificates, and twelfth, to the Class II-A Certificates; (1)(xxxvi) and (ii1)(xxxvii); and
(xiv) the Class II-S Certificates. The Class II-S Floating Allocation Percentage to each of Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date to the Class II-S Certificates Once Chargeand Class I-Off Amounts have been allocated to a Class of Group II Offered R-3 Certificates, any remaining amounts, based on the related REMIC in which such amounts with respect to such Certificates will no longer accrue interest nor will such amounts in respect of interest be reinstated thereafter. In the event that the related Servicer receives any Subsequent Recoveries, such Subsequent Recoveries will be remitted to the Master Servicer and then distributed by the Securities Administrator in accordance with the priorities set forth in clause xiii of Section 6.04(b)(2) and the Certificate Principal Balance of each Class of Group II Offered Certificates that has been reduced by the allocation of a Charge-Off Amount to such Group II Offered Certificate will be increased, in order of seniority, by the amount of such Subsequent Recoveries. Holders of such Group II Offered will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Subsequent Recoveries that are received during a Collection Period will be included as a part of the Available Principal Payment Amount for the related Distribution Dateremain.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-5)
Group II Certificates. Any Charge-Off Amounts on On each Distribution Date, the Group II HELOCs Available Funds will be applied distributed as follows:
(i) on any each Distribution Date Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to related Net Monthly Excess Cashflow through payment of the related Overcollateralization Increase Amount, second, in reduction of the Overcollateralization Amount until reduced to zero. If on any Distribution Date, as a result of the Charge-Off Amounts, the sum of the aggregate Certificate Principal Balances of the Group II Offered Senior Certificates and the Certificate Principal Balance of (other than the Class II-S Certificates exceeds PO Certificates), on a pro rata basis, the aggregate principal balance of Accrued Certificate Interest on such Classes for such Distribution Date; second, to the Group II HELOCs Senior Certificates (other than the Class II-PO Certificates), on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; third, concurrently as follows:
(I) to the extent of the last day of the related Collection Period, such excess will be allocated pro rata to (i) the remaining Group II Offered Certificates, in the following order: firstAvailable Funds related to Subgroup II-1, to the Class II-B-2 A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-A-8, Class II-A-9, Class II-A-10, Class II-A-11, Class II-R-1, Class II-R-2 and Class II-R-3 Certificates, secondon a pro rata basis, as principal, the Subgroup II-1 Principal Distribution Amount, in the order described in this Agreement, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(II) to the extent of the remaining Group II Available Funds related to Subgroup II-2, to the Class II-B-1 A-12 Certificates, thirdas principal, the Subgroup II-2 Principal Distribution Amount, in the order described in this Agreement, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to the Class II-M-9 Certificates, zero. fourth, to the Class II-M-8 PO Certificates, the Class II-PO Certificate Principal Distribution Amount for such Distribution Date to the extent of the remaining Group II Available Funds, until the Current Principal Amount thereof has been reduced to zero; and fifth, to the Class II-M-7 PO Certificates, sixththe Class II-PO Certificate Deferred Amount, provided that (i) on any Distribution Date, distributions pursuant to this priority fifth shall not exceed the excess, if any, of (x) Group II Available Funds remaining after giving effect to distributions pursuant to priority first through fourth above over (y) the sum of the amount of Accrued Certificate Interest for such Distribution Date and Accrued Certificate Interest remaining undistributed from previous Distribution Dates on all Classes of Group II Subordinate Certificates then outstanding, (ii) such distributions shall not reduce the Current Principal Amount of the Class II-PO Certificates, and (iii) no distribution will be made in respect of the Class II-PO Certificate Deferred Amount on or after the Group II Cross-Over Date.
(ii) Except as provided in clauses (iii) and (iv) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the remaining Group II Available Funds after the distributions in clause (i) above shall be distributed sequentially in the following order, to the Class II-M-6 B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, seventhin each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class’s Group II Allocable Share for such Distribution Date, in each case, to the extent of the remaining Group II Available Funds.
(iii) On each Distribution Date prior to the Group II Cross-Over Date but after the reduction of the Current Principal Amount of all of the Group II Senior Certificates of a Subgroup to zero, the remaining class or classes of Group II Senior Certificates in the remaining Subgroups (other than the Class II-A-5 Certificates and Class II-X Certificates) will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates’ respective Subgroup allocated to such Group II Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Subgroup or Subgroups relating to the class or classes of Group II Senior Certificates of the fully repaid Subgroup; provided, however, that if (A) the weighted average of the Subgroup Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subgroup Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related mortgaged property has been acquired by the trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Subgroup II-1 Certificates and Subgroup II-2 Certificates in accordance with this clause (iii) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates.
(iv) If on any Distribution Date on which the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Subgroup and any Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Subgroup II-1 Certificates and Subgroup II-2 Certificates (other than the Interest Only Certificates), pro rata, based upon their Current Principal Amounts immediately prior to such Distribution Date, in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Subgroup, and (ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Subgroup. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates’ numerical designations, commencing with the Class II-B-6 Certificates.
(v) If, after distributions have been made pursuant to priorities first and second of clause (i) above on any Distribution Date, the remaining Group II Available Funds related to Subgroup II-1 is less than the sum of the Subgroup II-1 Principal Distribution Amount and Class PO Principal Distribution Amount, or the remaining Group II Available Funds related to Subgroup II-2 is less than the Subgroup II-2 Principal Distribution Amount, such amounts shall be reduced, and such remaining funds will be distributed to the related Group II Senior Certificates (other than the Class II-A-5 Certificates and Class II-X Certificates) on the basis of such reduced amounts. Notwithstanding any reduction in principal distributable to the Class II-M-5 CertificatesPO Certificates pursuant to this paragraph, eighth, the principal balance of the Class II-PO Certificates shall be reduced not only by principal so distributed but also by Class II-PO Certificate Cash Shortfall. The Class II-PO Certificate Cash Shortfall for the Class II-PO Certificates with respect to any Distribution Date will be added to the Class II-M-4 CertificatesPO Certificate Deferred Amount.
(vi) On each Distribution Date, ninthany Group II Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, in each case as described above, will be distributed to the Class II-M-3 R-3 Certificates on a pro rata basis; provided, that if on any Distribution Date there are any Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Class or Classes of Group II Senior Certificates (other than the Class II-A-5 Certificates and Class II-X Certificates), tenthpro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Group II Senior Certificates have been paid in full, before any amounts are distributed to the Class II-M-2 R-3 Certificates.
(vii) On each Distribution Date, eleventh, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period and deposited in the Distribution Account will be withdrawn from the Distribution Account and distributed by the Paying Agent based on the Certificates Distribution Report for such Distribution Date furnished by the Securities Administrator to the Class II-M-1 P Certificates and shall not be available for distribution to the Holders of any other Class of Certificates, and twelfth, to . The payment of such Prepayment Charges shall not reduce the Current Principal Amount of the Class II-A P Certificates; and (ii) the Class II-S Certificates. The Class II-S Floating Allocation Percentage of Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date to the Class II-S Certificates Once Charge-Off Amounts have been allocated to a Class of Group II Offered Certificates, such amounts with respect to such Certificates will no longer accrue interest nor will such amounts in respect of interest be reinstated thereafter. In the event that the related Servicer receives any Subsequent Recoveries, such Subsequent Recoveries will be remitted to the Master Servicer and then distributed by the Securities Administrator in accordance with the priorities set forth in clause xiii of Section 6.04(b)(2) and the Certificate Principal Balance of each Class of Group II Offered Certificates that has been reduced by the allocation of a Charge-Off Amount to such Group II Offered Certificate will be increased, in order of seniority, by the amount of such Subsequent Recoveries. Holders of such Group II Offered will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Subsequent Recoveries that are received during a Collection Period will be included as a part of the Available Principal Payment Amount for the related Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-4)
Group II Certificates. Any Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date as follows: first, to related Net Monthly Excess Cashflow through payment of the related Overcollateralization Increase Amount, second, in reduction of the Overcollateralization Amount until reduced to zero. If on any (1) On each Distribution Date, as a result of the Charge-Off AmountsInvestor Interest Collections for such Distribution Date, reduced by the sum of the aggregate Certificate Principal Balances of the Group II Offered Certificates related master servicing fee and the Certificate Principal Balance servicing fees, will be distributed in the following order of priority:
(i) to the Class II-S Certificates exceeds the aggregate principal balance of the Group II HELOCs as of the last day of the related Collection Period, such excess will be allocated pro rata to (i) the Group II Offered A Certificates, in the following order: firstCurrent Interest and any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(ii) to the Class II-M-1 Certificates, the Current Interest for such Class and Distribution Date;
(iii) to the Class II-M-2 Certificates, the Current Interest for such Class and Distribution Date;
(iv) to the Class II-M-3 Certificates, the Current Interest for such Class and Distribution Date;
(v) to the Class II-M-4 Certificates, the Current Interest for such Class and Distribution Date;
(vi) to the Class II-M-5 Certificates, the Current Interest for such Class and Distribution Date;
(vii) to the Class II-M-6 Certificates, the Current Interest for such Class and Distribution Date;
(viii) to the Class II-M-7 Certificates, the Current Interest for such Class and Distribution Date;
(ix) to the Class II-M-8 Certificates, the Current Interest for such Class and Distribution Date;
(x) to the Class II-M-9 Certificates, the Current Interest for such Class and Distribution Date;
(xi) to the Class II-B-1 Certificates, the Current Interest for such Class and Distribution Date;
(xii) to the Class II-B-2 Certificates, secondthe Current Interest for such Class and Distribution Date;
(xiii) to the Classes of Group II Offered Certificates, as a payment of principal, the amount necessary to build the overcollateralization to the related Overcollateralization Target Amount, including covering the Floating Allocation Percentage of the Investor Charge-Off Amounts during the related Collection Period;
(xiv) to the Class II-M-1 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xv) to the Class II-M-2 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xvi) to the Class II-M-3 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xvii) to the Class II-M-4 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xviii) to the Class II-M-5 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xix) to the Class II-M-6 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xx) to the Class II-M-7 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxi) to the Class II-M-8 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxii) to the Class II-M-9 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxiii) to the Class II-B-1 Certificates, thirdany Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxiv) to the Class II-B-2 Certificates, any Unpaid Interest Shortfall Amount for such Distribution Date and such Class;
(xxv) to the Class II-A Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxvi) to the Class II-M-1 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxvii) to the Class II-M-2 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxviii) to the Class II-M-3 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxix) to the Class II-M-4 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxx) to the Class II-M-5 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxi) to the Class II-M-6 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxii) to the Class II-M-7 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxiii) to the Class II-M-8 Certificates, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxiv) to the Class II-M-9 Certificates, fourth, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class;
(xxxv) to the Class II-M-8 B-1 Certificates, fifth, any Net WAC Cap Rate Carryover Amount for such Distribution Date and such Class; (xxxvi) to the Class II-M-7 B-2 Certificates, sixth, to the Class II-M-6 Certificates, seventh, to the Class II-M-5 Certificates, eighth, to the Class II-M-4 Certificates, ninth, to the Class II-M-3 Certificates, tenth, to the Class II-M-2 Certificates, eleventh, to the Class II-M-1 Certificates, and twelfth, to the Class II-A Certificates; and (ii) the Class II-S Certificates. The Class II-S Floating Allocation Percentage of Charge-Off Amounts on the Group II HELOCs will be applied on any Net WAC Cap Rate Carryover Amount for such Distribution Date to the Class II-S Certificates Once Charge-Off Amounts have been allocated to a Class of Group II Offered Certificates, and such amounts with respect to such Certificates will no longer accrue interest nor will such amounts in respect of interest be reinstated thereafter. In the event that the related Servicer receives any Subsequent Recoveries, such Subsequent Recoveries will be remitted to the Master Servicer and then distributed by the Securities Administrator in accordance with the priorities set forth in clause xiii of Section 6.04(b)(2) and the Certificate Principal Balance of each Class of Group II Offered Certificates that has been reduced by the allocation of a Charge-Off Amount to such Group II Offered Certificate will be increased, in order of seniority, by the amount of such Subsequent Recoveries. Holders of such Group II Offered will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Subsequent Recoveries that are received during a Collection Period will be included as a part of the Available Principal Payment Amount for the related Distribution Date.Class;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5)
Group II Certificates. Any Charge-Off Amounts on On each Distribution Date, the Group II HELOCs Available Funds will be applied distributed as follows:
(i) on any each Distribution Date Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to related Net Monthly Excess Cashflow through payment of the related Overcollateralization Increase Amount, second, in reduction of the Overcollateralization Amount until reduced to zero. If on any Distribution Date, as a result of the Charge-Off Amounts, the sum of the aggregate Certificate Principal Balances of the Group II Offered Senior Certificates and the Certificate Principal Balance of (other than the Class II-S Certificates exceeds PO Certificates), on a pro rata basis, the aggregate principal balance of Accrued Certificate Interest on such Classes for such Distribution Date; second, to the Group II HELOCs Senior Certificates (other than the Class II-PO Certificates), on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; third, concurrently as follows:
(I) to the extent of the last day of the related Collection Period, such excess will be allocated pro rata to (i) the remaining Group II Offered Certificates, in the following order: firstAvailable Funds related to Subgroup II-1, to the Class II-B-2 A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-A-8, Class II-A-9, Class II-A-10, Class II-A-11, Class II-R-1, Class II-R-2 and Class II-R-3 Certificates, secondon a pro rata basis, as principal, the Subgroup II-1 Principal Distribution Amount, in the order described in this Agreement, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(II) to the extent of the remaining Group II Available Funds related to Subgroup II-2, to the Class II-B-1 A-12 Certificates, thirdas principal, the Subgroup II-2 Principal Distribution Amount, in the order described in this Agreement, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to the Class II-M-9 Certificates, zero. fourth, to the Class II-M-8 PO Certificates, the Class II-PO Certificate Principal Distribution Amount for such Distribution Date to the extent of the remaining Group II Available Funds, until the Current Principal Amount thereof has been reduced to zero; and fifth, to the Class II-M-7 PO Certificates, sixththe Class II-PO Certificate Deferred Amount, provided that (i) on any Distribution Date, distributions pursuant to this priority fifth shall not exceed the excess, if any, of (x) Group II Available Funds remaining after giving effect to distributions pursuant to priority first through fourth above over (y) the sum of the amount of Accrued Certificate Interest for such Distribution Date and Accrued Certificate Interest remaining undistributed from previous Distribution Dates on all Classes of Group II Subordinate Certificates then outstanding, (ii) such distributions shall not reduce the Current Principal Amount of the Class II-PO Certificates, and (iii) no distribution will be made in respect of the Class II-PO Certificate Deferred Amount on or after the Group II Cross-Over Date.
(ii) Except as provided in clauses (iii) and (iv) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the remaining Group II Available Funds after the distributions in clause (i) above shall be distributed sequentially in the following order, to the Class II-M-6 B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, seventhin each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class’s Group II Allocable Share for such Distribution Date, in each case, to the extent of the remaining Group II Available Funds.
(iii) On each Distribution Date prior to the Group II Cross-Over Date but after the reduction of the Current Principal Amount of all of the Group II Senior Certificates of a Subgroup to zero, the remaining class or classes of Group II Senior Certificates in the remaining Subgroups (other than the Class II-A-5 Certificates and Class II-X Certificates) will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group II Senior Certificates’ respective Subgroup allocated to such Group II Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Subgroup or Subgroups relating to the class or classes of Group II Senior Certificates of the fully repaid Subgroup; provided, however, that if (A) the weighted average of the Subgroup Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subgroup Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related mortgaged property has been acquired by the trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Subgroup II-1 Certificates and Subgroup II-2 Certificates in accordance with this clause (iii) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates.
(iv) If on any Distribution Date on which the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Subgroup and any Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Subgroup II-1 Certificates and Subgroup II-2 Certificates (other than the Interest Only Certificates), pro rata, based upon their Current Principal Amounts immediately prior to such Distribution Date, in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Subgroup, and (ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of the Subgroup II-1 Certificates and Subgroup II-2 Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Subgroup. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates’ numerical designations, commencing with the Class II-B-6 Certificates.
(v) If, after distributions have been made pursuant to priorities first and second of clause (i) above on any Distribution Date, the remaining Group II Available Funds related to Subgroup II-1 is less than the sum of the Subgroup II-1 Principal Distribution Amount and Class PO Principal Distribution Amount, or the remaining Group II Available Funds related to Subgroup II-2 is less than the Subgroup II-2 Principal Distribution Amount, such amounts shall be reduced, and such remaining funds will be distributed to the related Group II Senior Certificates (other than the Class II-A-5 Certificates and Class II-X Certificates) on the basis of such reduced amounts. Notwithstanding any reduction in principal distributable to the Class II-M-5 CertificatesPO Certificates pursuant to this paragraph, eighth, the principal balance of the Class II-PO Certificates shall be reduced not only by principal so distributed but also by Class II-PO Certificate Cash Shortfall. The Class II-PO Certificate Cash Shortfall for the Class II-PO Certificates with respect to any Distribution Date will be added to the Class II-M-4 CertificatesPO Certificate Deferred Amount.
(vi) On each Distribution Date, ninthany Group II Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, in each case as described above, will be distributed to the Class II-M-3 R-3 Certificates on a pro rata basis; provided, that if on any Distribution Date there are any Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Class or Classes of Group II Senior Certificates (other than the Class II-A-5 Certificates and Class II-X Certificates), tenthpro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Group II Senior Certificates have been paid in full, before any amounts are distributed to the Class II-M-2 R-3 Certificates, eleventh, to the Class II-M-1 Certificates, and twelfth, to the Class II-A Certificates; and (ii) the Class II-S Certificates. The Class II-S Floating Allocation Percentage of Charge-Off Amounts on the Group II HELOCs will be applied on any Distribution Date to the Class II-S Certificates Once Charge-Off Amounts have been allocated to a Class of Group II Offered Certificates, such amounts with respect to such Certificates will no longer accrue interest nor will such amounts in respect of interest be reinstated thereafter. In the event that the related Servicer receives any Subsequent Recoveries, such Subsequent Recoveries will be remitted to the Master Servicer and then distributed by the Securities Administrator in accordance with the priorities set forth in clause xiii of Section 6.04(b)(2) and the Certificate Principal Balance of each Class of Group II Offered Certificates that has been reduced by the allocation of a Charge-Off Amount to such Group II Offered Certificate will be increased, in order of seniority, by the amount of such Subsequent Recoveries. Holders of such Group II Offered will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Subsequent Recoveries that are received during a Collection Period will be included as a part of the Available Principal Payment Amount for the related Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-4)
