Priorities of Distribution. (a) On each Distribution Date, the Securities Administrator shall allocate from amounts then on deposit in the Distribution Account in the following order of priority and to the extent of the Available Funds remaining and, on such Distribution Date, shall make distributions on the Certificates in accordance with such allocation:
(i) to the Supplemental Interest Trust and to the holders of each Class of LIBOR Certificates in the following order of priority:
(A) to the Supplemental Interest Trust, the sum of (x) all Net Swap Payments and (y) any Swap Termination Payment owed to the Swap Provider other than a Defaulted Swap Termination Payment;
(B) concurrently, (1) from the Interest Remittance Amount related to the Group I Mortgage Loans, to the Class A-1 Certificates, the related Accrued Certificate Interest Distribution Amounts and Unpaid Interest Amounts for the Class A-1 Certificates; (2) from the Interest Remittance Amount related to the Group II Mortgage Loans, pro rata (based on the Accrued Certificate Interest Distribution Amounts and Unpaid Interest Amounts distributable to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the related Accrued Certificate Interest Distribution Amounts and Unpaid Interest Amounts for the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates; (3) provided, that if the Interest Remittance Amount for either Loan Group is insufficient to make the related payments set forth clause (1) or (2) above, any Interest Remittance Amount relating to the other Loan Group remaining after payment of the related Accrued Certificate Interest Distribution Amounts and Unpaid Interest Amounts will be available to cover that shortfall;
(C) from any remaining Interest Remittance Amounts, to the Class M-1 Certificates, the Accrued Certificate Interest Distribution Amount for such Class;
(D) from any remaining Interest Remittance Amounts, to the Class M-2 Certificates, the Accrued Certificate Interest Distribution Amount for such Class;
(E) from any remaining Interest Remittance Amounts, to the Class M-3 Certificates, the Accrued Certificate Interest Distribution Amount for such Class;
(F) from any remaining Interest Remittance Amounts, to the Class M-4 Certificates, the Accrued Certificate Interest Distribution Amount for such Class;
(G) from any remaining Interest Remittance Amounts, to the Class M-5 Certificates, the Accrued Certificate Interes...
Priorities of Distribution. (a) On each Distribution Date, the Trustee shall withdraw the Available Funds for each Certificate Group from the applicable subaccount of the Distribution Account and apply such funds to distributions on the Certificates of the related Certificate Group in the following order and priority and, in each case, to the extent of Available Funds remaining:
(i) to the Classes of Senior Certificates of the related Certificate Group, the Accrued Certificate Interest on each such Class for such Distribution Date;
(ii) to the Classes of Senior Certificates of the related Certificate Group, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds from the related Mortgage Pool;
(iii) to the Classes of Senior Certificates of the related Certificate Group, to the extent of remaining Available Funds from the related Mortgage Pool, the related Senior Optimal Principal Amount for such Distribution Date and, in the case of the Group II Senior Certificates, in the order of priority set forth below in Section 4.2(b), until the respective Class Certificate Balances thereof have been reduced to zero;
(iv) to the Class B-1 Certificates, to the extent of remaining Available Funds for the Mortgage Pools, but subject to the prior payment of amounts described under Section 4.2(g), in the following order: (1) the Accrued Certificate Interest thereon for such Distribution Date, (2) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (3) such Class' Allocable Share for such Distribution Date;
(v) to the Class B-2 Certificates, to the extent of remaining Available Funds for the Mortgage Pools, but subject to the prior payment of amounts described under Section 4.2(g), in the following order: (1) the Accrued Certificate Interest thereon for such Distribution Date, (2) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (3) such Class' Allocable Share for such Distribution Date;
(vi) to the Class B-3 Certificates, to the extent of remaining Available Funds for the Mortgage Pools, but subject to the prior payment of amounts described under Section 4.2(g), in the following order: (1) the Accrued Certificate Interest thereon for such Distribution Date, (2) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (3) such Class' Allocable Share for such Distribution...
Priorities of Distribution. (A) On each Distribution Date, the Trust Administrator shall determine the amounts to be distributed to each Class of Certificates as follows:
(a) with respect to the Group I Certificates, before the related Credit Support Depletion Date and from the Available Distribution Amount relating to Loan Group I:
(i) first, to the Class I-P Certificates, the Class I-P Principal Distribution Amount;
(ii) second, subject to Section 4.01(B) below, concurrently, to the Group I Certificates entitled to interest, an amount allocable to interest equal to the related Interest Distribution Amount; any shortfall being allocated pro rata among such Classes in proportion to the amount of the Interest Distribution Amount that would have been distributed in the absence of such shortfall; and
(iii) third, to the Group I Certificates entitled to principal (other than the Class I-P Certificates), the Group I Senior Principal Distribution Amount, in the following order of priority:
(A) first, to the Class AR Certificates, until its Class Principal Balance is reduced to zero; and
(B) second, to the Class I-A-1 Certificates, until its Class Principal Balance is reduced to zero.
(b) with respect to the Group II and Class A-X Certificates, before the related Credit Support Depletion Date and from the Available Distribution Amount relating to Loan Group II:
(i) first, to the Class II-P Certificates, the Class II-P Principal Distribution Amount;
(ii) second, subject to Section 4.01(B) below, concurrently, to the Group II Certificates entitled to interest and the Class A-X Certificates, an amount allocable to interest equal to the related Interest Distribution Amount; any shortfall being allocated pro rata among such Classes in proportion to the amount of the Interest Distribution Amount that would have been distributed in the absence of such shortfall; provided, however, that for purposes of the distributions pursuant to this Section 4.01(A)(b)(ii), the Interest Distribution Amount for the Class A-X Certificates shall be calculated solely on the basis of that portion of the Class A-X Notional Amount attributable to the Group II Mortgage Loans; and
(iii) third, to the Group II Certificates entitled to principal (other than the Class II-P Certificates), the Group II Senior Principal Distribution Amount, in the following order of priority:
(A) concurrently, to the following Certificates in the following order:
Priorities of Distribution. Section 4.03 Monthly Statements to Certificateholders..................... Section 4.04 Certain Matters Relating to the Determination of LIBOR....
Priorities of Distribution. (1) With respect to Available Funds for Loan Group 1, on each Distribution Date, the Securities Administrator shall withdraw the Available Funds from the funds available therefor in the Distribution Account and apply such funds to distributions on the specified Classes of Group 1 Senior Certificates in the following order and priority and, in each case, to the extent of Available Funds remaining:
(i) [Reserved];
(ii) concurrently, to each interest-bearing Class of Group 1 Senior Certificates, an amount allocable to interest equal to the related Class Optimal Interest Distribution Amount, any shortfall being allocated among such Classes in proportion to the amount of the Class Optimal Interest Distribution Amount that would have been distributed in the absence of such shortfall; provided that prior to an Accrual Termination Date, the related Accrual Amount shall be distributed as provided in Section 5.02(a)(1)(iii);
(iii) the Accrual Amount shall be distributed in accordance with the Accretion Direction Rule;
(iv) to each Class of Group 1 Senior Certificates, concurrently as follows:
Priorities of Distribution. Section 4.03
Priorities of Distribution. (a) On each Distribution Date, the Trustee shall withdraw the Available Funds from the Distribution Account and apply such funds to distributions on the Certificates in the following order and priority and, in each case, to the extent of Available Funds remaining:
(i) [Reserved];
(ii) concurrently, to each interest-bearing Class of Senior Certificates, an amount allocable to interest equal to the related Class Optimal Interest Distribution Amount, any shortfall being allocated among such Classes in proportion to the amount of the Class Optimal Interest Distribution Amount that would have been distributed in the absence of such shortfall, provided that prior to an Accrual Termination Date, the related Accrual Amount shall be distributed as provided in Section 4.02(a)(iii);
(iii) [Reserved];
(iv) to each Class of Senior Certificates, concurrently as follows:
Priorities of Distribution. Section 4.03 Monthly Statements to Certificateholders......................... Section 4.04 Certain Matters Relating to the Determination of LIBOR........... Section 4.05 Allocation of Applied Realized Loss Amounts......................
Priorities of Distribution. 73 Section 4.03 Cross-Collateralization; Adjustments to Available Funds...............................76 Section 4.04 Allocation of Net Deferred Interest...................................................77 Section 4.05 Allocation of Realized Losses.........................................................77 Section 4.06 Monthly Statements to Certificateholders..............................................78 Section 4.07 Carryover Shortfall Reserve Fund......................................................80 Section 4.08 Determination of Pass-Through Rates for LIBOR Certificates............................81 ARTICLE FIVE THE CERTIFICATES....................................................................................83 Section 5.01 The Certificates......................................................................83 Section 5.02 Certificate Register; Registration of Transfer and Exchange of Certificates...........83 Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.....................................87 Section 5.04 Persons Deemed Owners.................................................................87 Section 5.05 Access to List of Certificateholders' Names and Addresses.............................87 Section 5.06 Maintenance of Office or Agency.......................................................88 ARTICLE SIX THE DEPOSITOR AND THE MASTER SERVICER................................................................89
Priorities of Distribution. (a) On each Distribution Date, the Trust Administrator shall withdraw the related Group Available Funds, (to the extent on deposit in the Distribution Account) from the Distribution Account and, pursuant to written instruction received from the Master Servicer as set forth in Section 4.04(a), upon which it may conclusively rely, apply such funds, first to distributions in respect of the Subsidiary and Middle REMIC Regular Interests, as provided in Section 4.02(h), and then to distributions on the Certificates in the following order and priority and, in each case, to the extent of such Group Available Funds, subject to adjustment in accordance with Sections 4.02(b), 4.02(d) and 4.02(e):
(i) With respect to the Group 1 Certificates, from the Group 1 Available Funds; with respect to the Group 2 Certificates, from the Group 2 Available Funds; with respect to the Group 3 Certificates, from the Group 3 Available Funds; with respect to the Group 4 Certificates, from the Group 4 Available Funds; with respect to the Class 30-PO Certificates, from the Group 1 Available Funds and Group 3 Available Funds; with respect to the Class 30-A-X Certificates, from the Group 1 Available Funds and Group 2 Available Funds; with respect to the Class 15-PO and Class 15-A-X Certificates, from the Group 4 Available Funds; and with respect to the Subordinate Certificates, from the Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds, as follows: first, concurrently,
(A) concurrently, to each Class of Group 1 Certificates, pro rata based on the Accrued Certificate Interest of each such Class, an amount allocable to interest equal to the related Accrued Certificate Interest; provided, that prior to the Class 1-A-10 Accretion Termination Date, an amount equal to the amount that would otherwise be distributable in respect of Accrued Certificate Interest to the Class 1-A-10 Certificates pursuant to this provision (the “Class 1-A-10 Accrual Amount”) will instead be distributed as principal in accordance with Section 4.02(c); and
(B) to each Class of Group 2 Certificates and the Class 30-A-X Certificates, pro rata based on the Accrued Certificate Interest of each such Class, an amount allocable to interest equal to the related Accrued Certificate Interest; provided, however, that for purposes of the distributions pursuant to this clause (B), the Accrued Certificate Interest for the Class 30-A-X Certificates shall be calculated solely on the b...
