Group II—Distributions to Certificateholders. (a) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Group II Available Distribution Amount for such Distribution Date and distribute to each Holder of a Group II Certificate by wire transfer in immediately available funds for the account of such Certificateholder, or by any other means of payment acceptable to each related Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 10.1 or Section 10.2 respecting the final distribution), as specified by each such Certificateholder, and at the address of such Certificateholder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Group II Available Distribution Amount, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority: (i) On each Distribution Date, the Securities Administrator shall distribute the Group II Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: (a) first, to the applicable Swap Account in the Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment owed to the related Swap Providers and any Swap Termination Payment owed to the related Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date; (b) second, concurrently to the Holders of the Group II Senior Certificates, the related Group II Senior Interest Distribution Amount for such Distribution Date to the extent of the Group II Interest Remittance Amount on a pro rata basis based on the entitlement of each such Class; and
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3)
Group II—Distributions to Certificateholders. (a) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Group II Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount for such Distribution Date and distribute to each Holder of a Group II Certificate related Certificateholder, by wire transfer in immediately available funds for the account of such Certificateholder, the Certificateholder or by any other means of payment acceptable to each related Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 10.1 or Section 10.2 respecting the final distribution), ) as specified by each such Certificateholder, Certificateholder and at the address of such Certificateholder Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Group II the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, as applicable, such Certificateholder’s Percentage Interest of the following amounts and in following order and priority:
(a) On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator will distribute the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount in the following order and priority:
(i) On each Distribution Date, the Securities Administrator Subgroup II-1 Available Distribution Amount shall distribute the Group II Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Datebe distributed as follows:
(a) first, to the applicable Swap Account in the Supplemental Interest TrustClass II-1A, an amount equal to the sum of any Net Swap Payment owed to the related Swap Providers Class II-AR and any Swap Termination Payment owed to the related Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date;
(b) second, concurrently to the Holders of the Group II Senior Certificates, Class II-X1 Certificates the related Group II Senior Interest Distribution Amount for such Distribution Date to the extent of the Group II Interest Remittance Amount on a pro rata basis based on the entitlement related Group II Interest Distribution Amount with respect to each such Class; provided, that for purposes of distributions pursuant to this clause (a)(i), the Group II Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-1 Loans;
(b) second, to the Class II-PO Certificates, the Subgroup II-1 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-AR Certificates, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-AR Certificates has been reduced to zero;
(d) fourth, to the Class II-1A Certificates, the related Group II Senior Principal Distribution Amount remaining after payments pursuant to clause (i)(c) above, until the Certificate Principal Balance of the Class II-1A Certificates has been reduced to zero; and
(e) fifth, the Subgroup II-1 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-1 Loans for such Distribution Date (without regard to the proviso of such definition).
(ii) On each Distribution Date, the Subgroup II-2 Available Distribution Amount shall be distributed as follows:
(a) first, to the Class II-2A Certificates and Class II-X2 Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such Class;
(b) second, to the Class II-PO Certificates, the Subgroup II-2 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-2A Certificates, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-2A Certificates has been reduced to zero; and
(d) fourth, the Subgroup II-2 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-2 Loans for such Distribution Date (without regard to the proviso of such definition).
(iii) On each Distribution Date, the Subgroup II-3 Available Distribution Amount will be distributed in the following manner and order of priority:
(a) first, to the Class II-3A Certificates and Class II-X1 Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such Class; provided, that for purposes of distributions pursuant to this clause (iii)(a), the Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-3 Mortgage Loans;
(b) second, to the Class II-PO Certificates, the Subgroup II-3 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-3A Certificates, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-3A Certificates has been reduced to zero; and
(d) fourth, the Subgroup II-3 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-3 Loans for such Distribution Date (without regard to the proviso of such definition).
(iv) From the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (i), (ii) and (iii) above, (a) first, the Senior Interest Shortfall Amount for each Class of Group II Senior Certificates (other than the Class II-PO Certificates) for such Distribution Date, if any, pro rata according to the amount of interest to which each such Class would otherwise be entitled, (b) second, an amount equal to the Collateral Deficiency Amount, if any, to the Group II Senior Certificates (other than the Interest Only Certificates), pro rata among the Group II Senior Certificates (other than the Interest Only Certificates) based on the related Collateral Deficiency Amount and within each subgroup of Certificates, on a pro rata basis, if applicable, based on the Certificate Principal Balance of each such Class, as a payment of principal and (c) third, if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Group II Senior Certificates (other than the Interest Only Certificates) that have been paid in full, will be paid as principal to the related Group II Senior Certificates (other than the Interest Only Certificates) that have not been paid in full in accordance with the priorities set forth in clauses (i), (ii) and (iii) above.
(v) From the sum of the remaining Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, after payments pursuant to clauses (i) through (iv) above, to the Class II-M, Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4 and Class II-B-5 Certificates, sequentially, in that order, an amount equal to their respective Group II Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Subordinate Principal Distribution Amount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Group II Subordinate Certificates is less than the Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of the Group II Subordinate Certificates junior to such Class will be distributed to the most senior Class of Group II Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Group II Subordinate Certificates senior thereto, pro rata based on the certificate principal balance of each such Class.
(vi) To the Group II Senior Certificates (other than the Interest Only Certificates), from the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, respectively, remaining after distributions pursuant to clauses (i) through (v) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such classes of certificates, and then to the Group II Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed losses previously allocated to such classes of certificates.
(vii) To the Class II-AR Certificates, the remainder (which is expected to be zero), if any of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after distributions pursuant to clauses (i) through (vi) above. On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount on such Distribution Date, distributions will be made to the Group II Senior Certificates in the following order of priority:
(1) first, (a) to the Class II-1A and Class II-X1 Certificates, from the Subgroup II-1 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, provided, that for purposes of distributions pursuant to this clause (1)(a), the Group II Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-1 Loans; (b) to the Class II-2A and Class II-X2 Certificates, from the Subgroup II-2 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, and (c) to the Class II-3A and Class II-X1 Certificates from the Subgroup II-3 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class provided, that for purposes of distributions pursuant to this clause (1)(c), the Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-3 Loans; in each case of clauses (1)(a), (b) and (c) above, to the extent of amounts available;
(2) second, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments in clause (1)(a) above, the Subgroup II-1 Discount Fractional Principal Amount to the Class II-PO Certificates, (b) from the Subgroup II-2 Available Distribution Amount remaining after payments in clause (1)(b) above, the Subgroup II-2 Discount Fractional Principal Amount to the Class II-PO Certificates; and (c) from the Subgroup II-3 Available Distribution Amount remaining after payments in clause (1)(c) above, the Subgroup II-3 Discount Fractional Principal Amount to the Class II-PO Certificates;
(3) third, (a) to the Class II-1A Certificates, the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1)(a) and (2)(a) above, (b) to the Class II-2A Certificates, the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1)(b) and (2)(b) above and (c) to the Class II-3A Certificates, the Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1)(c) and (2)(c) above, in each case until the certificate principal balance of each such class has been reduced to zero;
(4) fourth, from the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1), (2) and (3) above, to each class of certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount;
(5) fifth, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-1A Certificates, the amount of any unreimbursed losses previously allocated to each such class, (b) from the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-2A Certificates, the amount of any unreimbursed losses previously allocated to each such class and (c) from the Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-3A Certificates, the amount of any unreimbursed losses previously allocated to each such class; and
(6) sixth, to the Class II-AR Certificates, the remainder, if any (which is expected to be zero), of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after distributions pursuant to clauses (1) through (5) above.
(b) [Reserved].
(c) On each Distribution Date, the Securities Administrator will distribute to the Class II-P Certificates any Trust Prepayment Charges received in respect of the Group II Loans. On the Distribution Date in August 2011, prior to making any distributions to the Class II-AR Certificates, the Securities Administrator shall make a payment of principal to the Class II-P Certificates in reduction of the certificate principal balance of such class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)
Group II—Distributions to Certificateholders. (a) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Group II Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount for such Distribution Date and distribute to each Holder of a Group II Certificate related Certificateholder, by wire transfer in immediately available funds for the account of such Certificateholder, the Certificateholder or by any other means of payment acceptable to each related Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 10.1 or Section 10.2 respecting the final distribution), ) as specified by each such Certificateholder, Certificateholder and at the address of such Certificateholder Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Group II the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount, as applicable, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority:
(a) On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator will distribute the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount in the following order and priority:
(i) On each Distribution Date, the Securities Administrator Pool 1 Available Distribution Amount shall distribute the Group II Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Datebe distributed as follows:
(a) first, to the applicable Swap Account in the Supplemental Interest TrustClass 2-A-1, an amount equal to the sum of any Net Swap Payment owed to the related Swap Providers Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5, Class 2-A-6 and any Swap Termination Payment owed to the related Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date;
(b) second, concurrently to the Holders of the Group II Senior Certificates, Class 2-X Certificates the related Group II Senior Interest Distribution Amount for such Distribution Date to the extent of the Group II Interest Remittance Amount on a pro rata basis based on the entitlement related Group II Interest Distribution Amount with respect to each such Class; provided, however, for purposes of distributions to the Class 2-X-Certificates pursuant to this paragraph (a)(i)(a) only the portion of the Class 2-X Notional Amount derived from Pool 2 will be used to calculate these distributions;
(b) second, to the Class 2PO Certificates, the Pool 2 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class 2PO Certificates has been reduced to zero;
(c) third, to the Class II-AR Certificates, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-AR Certificates has been reduced to zero;
(d) fourth, the related Group II Senior Principal Distribution Amount remaining, in an amount not to exceed $1,000 on any Distribution Date, sequentially, as follows:
(1) in an amount not to exceed $500 on any Distribution Date, to the Class 2-A-5 Certificates, until the Certificate Principal Balance of the Class 2-A-5 Certificates has been reduced to zero;
(2) in an amount not to exceed $250 on any Distribution Date, to the Class 2-A-3 and Class 2-A-4 Certificates, pro rata, based on Certificate Principal Balance, until the Certificate Principal Balance of each such class has been reduced to zero;
(3) to the Class 2-A-1 Certificates, until the Certificate Principal Balance of the Class 2-A-1 Certificates has been reduced to zero;
(4) to the Class 2-A-3 and Class 2-A-4 Certificates, pro rata, based on Certificate Principal Balance, until the Certificate Principal Balance of each such class has been reduced to zero;
(e) fifth, the related Group II Senior Principal Distribution Amount remaining, in an amount not to exceed $1,020,000 on any Distribution Date, to the Class 2-A-2 Certificates, until the Certificate Principal Balance of such class has been reduced to zero;
(f) sixth, the related Group II Senior Principal Distribution Amount remaining, sequentially, as follows:
(1) to the Class 2-A-1 Certificates, until the Certificate Principal Balance of the Class 2-A-1 Certificates has been reduced to zero;
(2) to the Class 2-A-3 and Class 2-A-4 Certificates, pro rata, based on Certificate Principal Balance, until the Certificate Principal Balance of each such class has been reduced to zero; provided, however, that the aggregate amount distributed pursuant to clauses (a)(i)(d)(2), (a)(i)(d)(3), (a)(i)(d)(4) and this clause (a)(i)(f) shall not exceed $685,000 on any Distribution Date;
(g) seventh, the related Group II Senior Principal Distribution Amount remaining, to the Class 2-A-5 Certificates, until the Certificate Principal Balance of the Class 2-A-5 Certificates has been reduced to zero;
(h) eighth, the related Group II Senior Principal Distribution Amount remaining, to the Class 2-A-1 Certificates, until the Certificate Principal Balance of the Class 2-A-1 Certificates has been reduced to zero;
(i) ninth, the related Group II Senior Principal Distribution Amount remaining, to the Class 2-A-3 and Class 2-A-4 Certificates, pro rata, based on Certificate Principal Balance, until the Certificate Principal Balance of each such class has been reduced to zero;
(j) tenth, the related Group II Senior Principal Distribution Amount remaining, to the Class 2-A-2 Certificates, until the Certificate Principal Balance of the Class 2-A-2 Certificates has been reduced to zero; and
(k) eleventh, the Pool 2 Discount Fractional Principal Shortfall to the Class 2PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Pool 2 Mortgage Loans for such Distribution Date (without regard to the proviso of such definition).
(ii) On each Distribution Date, the Pool 3 Available Distribution Amount shall be distributed as follows:
(a) first, to the Class 3-A-1, Class 3-A-2 and Class 2-X Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such Class; provided, however, for purposes of distributions to the Class 2-X Certificates pursuant to this paragraph (a)(ii)(a) only the portion of the Class 2-X Notional Amount derived from the Pool 3 will be used to calculate these distributions;
(b) second, to the Class 2PO Certificates, the Pool Discount Fractional Principal Amount until the Certificate Principal Balance of the Class 2PO Certificates has been reduced to zero;
(c) third, to the Class 3-A-1 and Class 3-A-2 Certificates based on Certificate Principal Balance, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of each such Class of Certificates has been reduced to zero; and
(d) fourth, the Pool 3 Discount Fractional Principal Shortfall to the Class 2PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Pool 3 Loans for such Distribution Date (without regard to the proviso of such definition).
(iii) On each Distribution Date, the Pool 4 Available Distribution Amount shall be distributed as follows:
(a) first, to the Class 4-A-1 and Class 4-X Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such Class;
(b) second, to the Class 4PO Certificates, the Pool Discount Fractional Principal Amount until the Certificate Principal Balance of the Class 4PO Certificates has been reduced to zero;
(c) third, to the Class 4-A-1 Certificates based on Certificate Principal Balance, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of each such Class of Certificates has been reduced to zero; and
(d) fourth, the Pool 4 Discount Fractional Principal Shortfall to the Class 4PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Pool 4 Loans for such Distribution Date (without regard to the proviso of such definition).
(iv) From the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount remaining after payments pursuant to clauses (i) and (ii) above, (a) first, the Senior Interest Shortfall Amount for each Class of Group II Senior Certificates (other than the Principal Only Certificates) for such Distribution Date, if any, pro rata according to the amount of interest to which each such Class would otherwise be entitled, (b) second, an amount equal to the Collateral Deficiency Amount, if any, to the Group II Senior Certificates (other than the Interest Only Certificates), pro rata among the Group II Senior Certificates (other than the Interest Only Certificates) based on the related Collateral Deficiency Amount and within each subgroup of Certificates, on a pro rata basis, if applicable, based on the Certificate Principal Balance of each such Class, as a payment of principal and (c) third, if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Group II Senior Certificates (other than the Interest Only Certificates) that have been paid in full, will be paid as principal to the related Group II Senior Certificates (other than the Interest Only Certificates) that have not been paid in full in accordance with the priorities set forth in clauses (i) and (ii) and above.
(v) From the sum of the remaining Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount, to the Class II-M, Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and II-B-6 Certificates, sequentially, in that order, an amount equal to their respective Group II Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Group II Subordinate Principal Distribution Amount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Group II Mezzanine and Group II Subordinate Certificates is less than the Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of the Group II Mezzanine and Group II Subordinate Certificates junior to such Class will be distributed to the most senior class of Group II Mezzanine and Group II Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Group II Mezzanine and Group II Subordinate Certificates senior thereto, pro rata based on the Certificate Principal Balance of each such Class.
(vi) To the Group II Senior Certificates (other than the Interest Only Certificates), from the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount, respectively, remaining after distributions pursuant to clauses (i) through (iv) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such classes of certificates, and then to the Group II Mezzanine and Group II Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed losses previously allocated to such classes of certificates.
(vii) To the Class II-AR Certificates, the remainder (which is expected to be zero), if any of the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount remaining after distributions pursuant to clauses (i) through (v) above. On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount on such Distribution Date, distributions will be made to the Group II Senior Certificates in the following order of priority:
(1) first, (a) to the Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5, Class 2-A-6 and Class 2-X Certificates, from the Pool 2 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, provided, however, for purposes of distributions to the Class 2-X Certificates pursuant to this subclause, only the portion of the Class 2-X Notional Amount derived from the Pool 2 will be used to calculate these distributions; (b) to the Class 3-A-1, Class 3-A-2 and Class 2-X Certificates, from the Pool 3 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, provided, however, for purposes of distributions to the Class 2-X Certificates pursuant to this subclause, only the portion of the Class 2-X Notional Amount derived from the Pool 3 will be used to calculate these distributions; and (c) to the Class 4-A-1 and Class 4-X Certificates, from the Pool 4 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class;
(2) second, (a) from the Pool 2 Available Distribution Amount remaining after payments in clause (1)(a) above, the Pool 2 Discount Fractional Principal Amount to the Class 2PO Certificates; (b) from the Pool 3 Available Distribution Amount remaining after payments in clause (1)(b) above, the Pool 3 Discount Fractional Principal Amount to the Class 2PO Certificates; and (c) from the Pool 4 Available Distribution Amount remaining after payments in clause (1)(c) above, the Pool 4 Discount Fractional Principal Amount to the Class 4PO Certificates;
(3) third, (a) to the Class II-AR, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates, the Pool 2 Available Distribution Amount remaining after payments pursuant to clauses (1)(a) and (2)(a) above; (b) to the Class 3-A-1 and Class 3-A-2 Certificates, the Pool 3 Available Distribution Amount remaining after payments pursuant to clauses (1)(b) and (2)(b) above; and (c) to the Class 4-A-1 Certificates based on Certificate Principal Balance, the Pool 4 Available Distribution Amount remaining after payments pursuant to clauses (1)(c) and (2)(c) above, in each case until the certificate principal balance of each such class has been reduced to zero;
(4) fourth, from the Pool 2 Available Distribution Amount, Pool 3 Available Distribution Amount and Pool 4 Available Distribution Amount remaining after payments pursuant to clauses (1), (2) and (3) above, to each class of certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount;
(5) fifth, (a) from the Pool 2 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-AR, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates, the amount of any unreimbursed losses previously allocated to each such class; (b) from the Pool 3 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class 3-A-1 and Class 3-A-2 Certificates, the amount of any unreimbursed losses previously allocated to each such class; and (c) from the Pool 4 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class 4-A-1 Certificates, the amount of any unreimbursed losses previously allocated to each such class; and
(6) sixth, to the Class II-AR Certificates, the remainder, if any (which is expected to be zero), of the Pool 2 Available Distribution Amount, Pool 3 Availbale Distribution Amount and Pool 4 Available Distribution Amount remaining after distributions pursuant to clauses (1) through (5) above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-2)
Group II—Distributions to Certificateholders. (a) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Group II Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount for such Distribution Date and distribute to each Holder of a Group II Certificate related Certificateholder, by wire transfer in immediately available funds for the account of such Certificateholder, the Certificateholder or by any other means of payment acceptable to each related Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 10.1 or Section 10.2 respecting the final distribution), ) as specified by each such Certificateholder, Certificateholder and at the address of such Certificateholder Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Group II the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, as applicable, such Certificateholder’s Percentage Interest of the following amounts and in following order and priority:
(a) On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator will distribute the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount in the following order and priority:
(i) On each Distribution Date, the Securities Administrator Subgroup II-1 Available Distribution Amount shall distribute the Group II Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Datebe distributed as follows:
(a) first, to the applicable Swap Account in the Supplemental Interest Trust, an amount equal to the sum of any Net Swap Payment owed to the related Swap Providers Class II-1A and any Swap Termination Payment owed to the related Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date;
(b) second, concurrently to the Holders of the Group II Senior Certificates, Class II-X1 Certificates the related Group II Senior Interest Distribution Amount for such Distribution Date to the extent of the Group II Interest Remittance Amount on a pro rata basis based on the entitlement related Group II Interest Distribution Amount with respect to each such class; provided, that for purposes of distributions pursuant to this clause (a)(i), the Group II Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-1 Loans;
(b) second, to the Class II-PO Certificates, the Subgroup II-1 Discount Fractional Principal Amount until the certificate principal balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-AR Certificates, the related Group II Senior Principal Distribution Amount until the certificate principal balance of the Class II-AR Certificates has been reduced to zero;
(d) fourth, to the Class II-1A Certificates, the related Group II Senior Principal Distribution Amount remaining after payments pursuant to clause (i)(b) above, until the certificate principal balance of the Class II-1A Certificates has been reduced to zero; and
(e) fifth, the Subgroup II-1 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-1 Loans for such Distribution Date (without regard to the provision of such definition).
(ii) On each Distribution Date, the Subgroup II-2 Available Distribution Amount shall be distributed as follows:
(a) first, to the Class II-2A Certificates and Class II-X2 Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such class;
(b) second, to the Class II-PO Certificates, the Subgroup II-2 Discount Fractional Principal Amount until the certificate principal balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-2A Certificates, the related Group II Senior Principal Distribution Amount until the certificate principal balance of the Class II-2A Certificates has been reduced to zero; and
(d) fourth, the Subgroup II-2 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-2 Loans for such Distribution Date (without regard to the proviso of such definition).
(iii) On each Distribution Date, the Subgroup II-3 Available Distribution Amount will be distributed in the following manner and order of priority:
(a) first, to the Class II-3A Certificates and Class II-X1 Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such class; provided, that for purposes of distributions pursuant to this clause (iii)(a), the Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-3 Mortgage Loans;
(b) second, to the Class II-PO Certificates, the Subgroup II-3 Discount Fractional Principal Amount until the certificate principal balance of the Class II-PO Certificates has been reduced to zero;
(c) third, to the Class II-3A Certificates, the related Group II Senior Principal Distribution Amount until the certificate principal balance of the Class II-3A Certificates has been reduced to zero; and
(d) fourth, the Subgroup II-3 Discount Fractional Principal Shortfall to the Class II-PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-3 Loans for such Distribution Date (without regard to the proviso of such definition).
(iv) From the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (i), (ii) and (iii) above, (a) first, the Senior Interest Shortfall Amount for each Class of Group II Senior Certificates (other than the Class II-PO Certificates) for such Distribution Date, if any, pro rata according to the amount of interest to which each such Class would otherwise be entitled, (b) second, an amount equal to the Collateral Deficiency Amount, if any, to the Group II Senior Certificates (other than the Interest Only Certificates), pro rata among the Group II Senior Certificates (other than the Interest Only Certificates) based on the related Collateral Deficiency Amount and within each subgroup of Certificates, on a pro rata basis, if applicable, based on the certificate principal balance of each such Class, as a payment of principal and (c) third, if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Group II Senior Certificates (other than the Interest Only Certificates) that have been paid in full, will be paid as principal to the related Group II Senior Certificates (other than the Interest Only Certificates) that have not been paid in full in accordance with the priorities set forth in clauses (i), (ii) and (iii) above.
(v) From the sum of the remaining Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, after payments pursuant to clauses (i) through (iv) above, to the Class II-M, Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4 and Class II-B-5 Certificates, sequentially, in that order, an amount equal to their respective Group II Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding certificate principal balance of each such Class, of the Subordinate Principal Distribution Amount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Group II Subordinate Certificates is less than the Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of the Group II Subordinate Certificates junior to such Class will be distributed to the most senior Class of Group II Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Group II Subordinate Certificates senior thereto, pro rata based on the certificate principal balance of each such Class.
(vi) To the Group II Senior Certificates (other than the Interest Only Certificates), from the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount, respectively, remaining after distributions pursuant to clauses (i) through (v) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such classes of certificates, and then to the Group II Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed losses previously allocated to such classes of certificates.
(vii) To the Class II-AR Certificates, the remainder (which is expected to be zero), if any of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after distributions pursuant to clauses (i) through (vi) above. On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount on such Distribution Date, distributions will be made to the Group II Senior Certificates in the following order of priority:
(1) first, (a) to the Class II-1A and Class II-X1 Certificates, from the Subgroup II-1 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, provided, that for purposes of distributions pursuant to this clause (1)(a), the Group II Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-1 Loans; (b) to the Class II-2A and Class II-X2 Certificates, from the Subgroup II-2 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, and (c) to the Class II-3A and Class II-X1 Certificates from the Subgroup II-3 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class provided, that for purposes of distributions pursuant to this clause (1)(c), the Interest Distribution Amount for the Class II-X1 Certificates will be calculated solely on the basis of that portion of the Class II-X1 Notional Amount attributable to the Subgroup II-3 Loans; in each case of clauses (1)(a), (b) and (c) above, to the extent of amounts available;
(2) second, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments in clause (1)(a) above, the Subgroup II-1 Discount Fractional Principal Amount to the Class II-PO Certificates, (b) from the Subgroup II-2 Available Distribution Amount remaining after payments in clause (1)(b) above, the Subgroup II-2 Discount Fractional Principal Amount to the Class II-PO Certificates; and (c) from the Subgroup II-3 Available Distribution Amount remaining after payments in clause (1)(c) above, the Subgroup II-3 Discount Fractional Principal Amount to the Class II-PO Certificates;
(3) third, (a) to the Class II-1A Certificates, the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1)(a) and (2)(a) above, (b) to the Class II-2A Certificates, the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1)(b) and (2)(b) above and (c) to the Class II-3A Certificates, the Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1)(c) and (2)(c) above, in each case until the certificate principal balance of each such class has been reduced to zero;
(4) fourth, from the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1), (2) and (3) above, to each class of certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount;
(5) fifth, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-1A Certificates, the amount of any unreimbursed losses previously allocated to each such class, (b) from the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-2A Certificates, the amount of any unreimbursed losses previously allocated to each such class and (c) from the Subgroup II-3 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-3A Certificates, the amount of any unreimbursed losses previously allocated to each such class; and
(6) sixth, to the Class II-AR Certificates, the remainder, if any (which is expected to be zero), of the Subgroup II-1 Available Distribution Amount, Subgroup II-2 Available Distribution Amount and Subgroup II-3 Available Distribution Amount remaining after distributions pursuant to clauses (1) through (5) above.
(b) [Holders of the Group II Certificates (other than the Class II-PO and Class II-P Certificates) will be entitled to receive interest distributions on each Distribution Date, in an aggregate amount equal to interest accrued during the related Interest Accrual Period on the related Certificate Principal Balance or Notional Amount at the then-applicable Pass-Through Rates.]
(c) On each Distribution Date, Securities Administrator will distribute to the Class II-P Certificates any Trust Prepayment Charges received in respect of the Group II Loans, [except such Prepayment Charges that are to be paid to the related Servicer.] On the Distribution Date in November 2011, prior to making any distributions to the Class II-AR Certificates, the Securities Administrator shall make a payment of principal to the Class II-P Certificates in reduction of the certificate principal balance of such class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)
Group II—Distributions to Certificateholders. (a) On each Distribution Date, the Securities Administrator, to the extent on deposit therein and based solely upon the Remittance Report for such Distribution Date, shall withdraw from the Distribution Account the Group II Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount for such Distribution Date and distribute to each Holder of a Group II Certificate related Certificateholder, by wire transfer in immediately available funds for the account of such Certificateholder, the Certificateholder or by any other means of payment acceptable to each related Certificateholder of record on the immediately preceding Record Date (other than as provided in Section 10.1 or Section 10.2 respecting the final distribution), ) as specified by each such Certificateholder, Certificateholder and at the address of such Certificateholder Holder appearing in the Certificate Register, with respect to such Certificateholder, from the amount so withdrawn and to the extent of such Group II the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount, as applicable, such Certificateholder’s Percentage Interest of the following amounts and in the following order and priority:
(a) On each Distribution Date prior to the Credit Support Depletion Date, the Securities Administrator will distribute the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount in the following order and priority:
(i) On each Distribution Date, the Securities Administrator Subgroup II-1 Available Distribution Amount shall distribute the Group II Interest Remittance Amount for such Distribution Date in the following order of priority, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Datebe distributed as follows:
(a) first, to the applicable Swap Account in the Supplemental Interest TrustClass II-1A, an amount equal to the sum of any Net Swap Payment owed to the related Swap Providers Class II-AR and any Swap Termination Payment owed to the related Swap Providers not due to a Swap Provider Trigger Event for such Distribution Date;
(b) second, concurrently to the Holders of the Group II Senior Certificates, Class II-1AX Certificates the related Group II Senior Interest Distribution Amount for such Distribution Date to the extent of the Group II Interest Remittance Amount on a pro rata basis based on the entitlement related Group II Interest Distribution Amount with respect to each such Class;
(b) second, to the Class II-1PO Certificates, the Subgroup II-1 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class II-1PO Certificates has been reduced to zero;
(c) third, to the Class II-AR Certificates, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of the Class II-AR Certificates has been reduced to zero;
(d) fourth, to the Class II-1A Certificates, the related Group II Senior Principal Distribution Amount remaining after payments pursuant to clause (i)(c) above, until the Certificate Principal Balance of the Class II-1A Certificates has been reduced to zero; and
(e) fifth, the Subgroup II-1 Discount Fractional Principal Shortfall to the Class II-1PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-1 Loans for such Distribution Date (without regard to the proviso of such definition).
(ii) On each Distribution Date, the Subgroup II-2 Available Distribution Amount shall be distributed as follows:
(a) first, to the Class II-2A1, Class II-2A2 and Class II-2AX Certificates, the related Group II Interest Distribution Amount on a pro rata basis based on the related Group II Interest Distribution Amount with respect to each such Class;
(b) second, to the Class II-2PO Certificates, the Subgroup II-2 Discount Fractional Principal Amount until the Certificate Principal Balance of the Class II-2PO Certificates has been reduced to zero;
(c) third, to the Class II-2A1 and Class II-2A2 Certificates, pro rata based on Certificate Principal Balance, the related Group II Senior Principal Distribution Amount until the Certificate Principal Balance of each such Class of Certificates has been reduced to zero; and
(d) fourth, the Subgroup II-2 Discount Fractional Principal Shortfall to the Class II-2PO Certificates, but not more than an amount equal to the Subordinate Principal Distribution Amount related to the Subgroup II-2 Loans for such Distribution Date (without regard to the proviso of such definition).
(iii) From the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (i) and (ii) above, (a) first, the Senior Interest Shortfall Amount for each Class of Group II Senior Certificates (other than the Principal Only Certificates) for such Distribution Date, if any, pro rata according to the amount of interest to which each such Class would otherwise be entitled, (b) second, an amount equal to the Collateral Deficiency Amount, if any, to the Group II Senior Certificates (other than the Interest Only Certificates), pro rata among the Group II Senior Certificates (other than the Interest Only Certificates) based on the related Collateral Deficiency Amount and within each subgroup of Certificates, on a pro rata basis, if applicable, based on the Certificate Principal Balance of each such Class, as a payment of principal and (c) third, if such Distribution Date is a Cross Payment Trigger Date, the Principal Prepayment Amount distributable to the Group II Senior Certificates (other than the Interest Only Certificates) that have been paid in full, will be paid as principal to the related Group II Senior Certificates (other than the Interest Only Certificates) that have not been paid in full in accordance with the priorities set forth in clauses (i) and (ii) and above.
(iv) From the sum of the remaining Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount, after payments pursuant to clauses (i) through (iii) above, to the Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and II-B-6 Certificates, sequentially, in that order, an amount equal to their respective Group II Interest Distribution Amounts for such Distribution Date and their pro rata share, based on the outstanding Certificate Principal Balance of each such Class, of the Subordinate Principal Distribution Amount; provided, however, that on any Distribution Date on which the Subordination Level for any Class of Group II Subordinate Certificates is less than the Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise payable to the Class or Classes of the Group II Subordinate Certificates junior to such Class will be distributed to the most senior Class of Group II Subordinate Certificates for which the Subordination Level is less than such percentage as of the Closing Date, and to the Class or Classes of Group II Subordinate Certificates senior thereto, pro rata based on the certificate principal balance of each such Class.
(v) To the Group II Senior Certificates (other than the Interest Only Certificates), from the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount, respectively, remaining after distributions pursuant to clauses (i) through (iv) above, by Pro Rata Allocation, the amount of any unreimbursed losses previously allocated to such classes of certificates, and then to the Group II Subordinate Certificates, in the order of their seniority, the amount of any unreimbursed losses previously allocated to such classes of certificates.
(vi) To the Class II-AR Certificates, the remainder (which is expected to be zero), if any of the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount remaining after distributions pursuant to clauses (i) through (v) above. On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount on such Distribution Date, distributions will be made to the Group II Senior Certificates in the following order of priority:
(1) first, (a) to the Class II-1A and Class II-1AX Certificates, from the Subgroup II-1 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class, and (b) to the Class II-2A1, Class II-2A2 and Class II-2AX Certificates, from the Subgroup II-2 Available Distribution Amount, the related Group II Interest Distribution Amount on a pro rata basis based on the amount payable to each such class;
(2) second, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments in clause (1)(a) above, the Subgroup II-1 Discount Fractional Principal Amount to the Class II-1PO Certificates and (b) from the Subgroup II-2 Available Distribution Amount remaining after payments in clause (1)(b) above, the Subgroup II-2 Discount Fractional Principal Amount to the Class II-2PO Certificates;
(3) third, (a) to the Class II-1A Certificates, the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1)(a) and (2)(a) above and (b) to the Class II-2A1 and Class II-2A2 Certificates, pro rata based on Certificate Principal Balance, the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1)(b) and (2)(b) above, in each case until the certificate principal balance of each such class has been reduced to zero;
(4) fourth, from the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1), (2) and (3) above, to each class of certificates for which a Senior Interest Shortfall Amount exists, the Senior Interest Shortfall Amount for such Distribution Date, pro rata, based on such Senior Interest Shortfall Amount;
(5) fifth, (a) from the Subgroup II-1 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, to the Class II-1A Certificates, the amount of any unreimbursed losses previously allocated to each such class and (b) from the Subgroup II-2 Available Distribution Amount remaining after payments pursuant to clauses (1) through (4) above, sequentially, to the Class II-2A1 and Class II-2A2 Certificates, in that order, the amount of any unreimbursed losses previously allocated to each such class; and
(6) sixth, to the Class II-AR Certificates, the remainder, if any (which is expected to be zero), of the Subgroup II-1 Available Distribution Amount and Subgroup II-2 Available Distribution Amount remaining after distributions pursuant to clauses (1) through (5) above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-1)
