Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority: (i) concurrently, to the Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class); (ii) to the Class M-1 Notes, the Current Interest thereon; (iii) to the Class M-2 Notes, the Current Interest thereon; (iv) to the Class M-3 Notes, the Current Interest thereon; (v) to the Class M-4 Notes, the Current Interest thereon; (vi) to the Class M-5 Notes, the Current Interest thereon; (vii) to the Class M-6 Notes, the Current Interest thereon; (viii) to the Class B-1 Notes, the Current Interest thereon; (ix) to the Class B-2 Notes, the Current Interest thereon; (x) to the Class B-3 Notes, the Current Interest thereon; and (xi) any remaining amounts shall be payable pursuant to Section 4.1(g). (b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority: (i) to the Senior Notes, the Senior Principal Payment Amount for such date, as follows: (A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero; (B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and (C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero; (ii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (v) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (vi) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; (x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and (xi) any remaining amounts shall be payable pursuant to Section 4.1(g). (c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) shall be paid in the following order of priority: (i) to the Senior Notes, in the order of priority specified in Section 4.1(b) above until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below; (ii) after the Note Principal Balance of each Class of the Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (iii) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (iv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (v) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero; (x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and (xi) any remaining amounts shall be payable pursuant to Section 4.1(g). (d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes. (e) [Reserved]. (f) [Reserved]. (g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority: (i) On the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c)); (ii) On the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d)); (iii) To the Notes, the Extra Principal Payment Amount, as part of the distribution of the related Principal Payment Amount; (iv) to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c)); (v) to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d)); and (vi) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h). (h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Trust Certificate any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-2)
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, to the Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);
(ii) to the Class M-1 Notes, the Current Interest thereon;
(iii) to the Class M-2 Notes, the Current Interest thereon;
(iv) to the Class M-3 Notes, the Current Interest thereon;
(v) to the Class M-4 Notes, the Current Interest thereon;
(vi) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) concurrently to the Senior NotesNotes of each Note Group, up to the related Principal Portion of the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes in a Note Group shall be allocated to the related Classes as described in Section 4.1(d) or (e) below, as applicable;
(ii) if the Senior Notes of either Note Group have been retired, to the remaining Senior Notes, if any, up to the Principal Portion for such retired Senior Notes of the Senior Principal Payment Amount for such date until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes in a Note Group shall be allocated to the related Classes as described in Section 4.1(d) or (e) below, as applicable;
(iii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iiiiv) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ivv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vvi) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vivii) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viiviii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viiiix) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ixx) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xxi) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xixii) any remaining amounts shall be payable pursuant to Section 4.1(g).
(c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) shall be paid in the following order of priority:
(i) concurrently to the Senior NotesNotes of each Note Group, in the order related Principal Portion of priority specified in Section 4.1(b) above the Principal Payment Amount for such date, until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes in a Note Group shall be attributed allocated to the related Classes as described in Section 4.1(d) or (e) below, as applicable;
(ii) if the Senior Notes of either Note Group have been retired, to the remaining Senior Notes, if any, the related Principal Portion for such retired Senior Notes of the Principal Payment Amount for such date, until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes in a Note Group will be allocated to the related Classes as described in Section 4.1(d) or (e) below, as applicable;
(iii) after the Note Principal Balance of each Class of the related Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iiiiv) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ivv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vvi) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vivii) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viiviii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viiiix) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ixx) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xxi) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xixii) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, Any amounts will be “attributed” payable in respect of principal to the Senior Notes of Senior Note Group I Senior Notes and the Group II Senior Notes pursuant to Sections 4.1(b) or (c) on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in any Payment Date shall be applied to the related Loan GroupClasses of Notes as follows:
(i) the pro rata portion of such amounts shall be paid to the Class A-1A Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(ii) The remaining portion of such amounts shall be paid to the Class A-1B and (2) Class A-1C Notes, sequentially, in that order, until the case Note Principal Balance of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for each such group of Senior NotesNote has been reduced to zero.
(e) [Reserved]Any amounts payable in respect of principal to the Senior Notes of Senior Note Group II pursuant to Sections 4.1(b) or (c) on any Payment Date shall be applied to the Class A-2, Class A-3 and Class A-4 Notes, sequentially, in that order, until the Note Principal Balance of each such Note has been reduced to zero.
(f) [Reserved]Notwithstanding the provisions of Section 4.1(b) and 4.1(c) above, in the event that the Notes are optionally redeemed as provided in Section 7.2 and the Indenture or the Class Principal Balances of all Classes of Notes (other than the Class A-IO Notes) are paid in full prior to the Maturity Date with respect to the Class A-IO Notes, on the related Payment Date, the Indenture Trustee shall pay the Class A-IO Redemption Payment to the Class A-IO Notes before making any other payments pursuant to Section 4.1(b), (c) or (d).
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority:
(i) On on each of the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Classrata, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections Section 4.7(b) and 4.7(c));
(ii) On on each of the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d)4.7(b);
(iii) To the Notes, pro rata, the Extra Principal Payment Amount, as part of the distribution of the related Principal Payment Amount;
(iv) to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Classrata, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections Section 4.7(b) and 4.7(c));
(v) to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d)4.7(b); and
(vi) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h).
(h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Trust Certificate any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2004-3)
Priorities of Payments. (a) On each Payment Date Date, and in respect of each Note Group, the Indenture Trustee shall make the following distributions from the Payment Account, net of such group’s Allocable Portion of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds for such group in the following order of priority:
(i) concurrently, to the related Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);
(ii) to the related Class M-1 Notes, the Current Interest thereon;
(iii) to the related Class M-2 Notes, the Current Interest thereon;
(iv) to the related Class M-3 Notes, the Current Interest thereon;
(v) to the related Class M-4 Notes, the Current Interest thereon;
(vi) to the related Class M-5 Notes, the Current Interest thereon;
(vii) to the related Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xiviii) any remaining amounts shall be payable pursuant to Section 4.1(g)4.1(f) hereof.
(b) On each Payment Date, and in respect of each Note Group, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priorityfor such group as follows:
(i) to the Senior related Class A Notes, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the related Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note thereof has been reduced to zero;
(iii) to the related Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note thereof has been reduced to zero;
(iv) to the related Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note thereof has been reduced to zero;
(v) to the related Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note thereof has been reduced to zero;
(vi) to the related Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note has thereof have been reduced to zero;
(vii) to the related Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Class Principal Balance of each such Note has been reduced to zero;
(viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has thereof have been reduced to zero; and
(xiviii) any remaining amounts shall be payable pursuant to Section 4.1(g4.1(f). For purposes of this Agreement, the Class M-1 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-1 Notes or Class MV-1 Notes, as applicable; the Class M-2 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-2 Notes or Class MV-2 Notes, as applicable; the Class M-3 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-3 Notes or Class MV-3 Notes, as applicable; the Class M-4 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-4 Notes or Class MV-4 Notes, as applicable; the Class M-5 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-5 Notes or Class MV-5 Notes, as applicable; and the Class M-6 Principal Payment Amount refers to the Principal Payment Amount payable with respect to either the Class MF-6 Notes or Class MV-6 Notes, as applicable.
(c) Notwithstanding Section 4.1(b)) hereof, on any Payment Date prior as to each Note Group, before the Stepdown Date for such group or if a Trigger Event for such group is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) for such group shall be paid in the following order of priority:
(i) to the Senior related Class A Notes, in the order of priority specified in Section 4.1(b) above until the Note Class Principal Balance of each such Note Class A Notes has been reduced to zero; provided that amounts distributable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Class Principal Balance of each the related Class of the Senior A Notes has been reduced to zero, to the Class M-1 NotesNotes of such group, until the Note Class Principal Balance of each such Note Class M-1 Notes has been reduced to zero;
(iii) after the Note Class Principal Balance of each of the related Class M-1 M 1 Notes has been reduced to zero, to the Class M-2 NotesNotes of such group, until the Note Class Principal Balance of each such Note Class M-2 Notes has been reduced to zero;
(iv) after the Note Class Principal Balance of each of the related Class M-2 Notes has been reduced to zero, to the Class M-3 NotesNotes of such group, until the Note Class Principal Balance of each such Note Class M-3 Notes has been reduced to zero;
(v) after the Note Class Principal Balance of each of the related Class M-3 Notes has been reduced to zero, to the Class M-4 NotesNotes of such group, until the Note Class Principal Balance of each such Note Class M-4 Notes has been reduced to zero;
(vi) after the Note Class Principal Balance of each of the related Class M-4 M 4 Notes has been reduced to zero, to the Class M-5 NotesNotes of such group, until the Note Class Principal Balance of each such Note Class M-5 Notes has been reduced to zero;
(vii) after the Note Class Principal Balance of each of the related Class M-5 Notes has been reduced to zero, to the Class M-6 NotesNotes of such group, until the Note Class Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xiviii) any remaining amounts shall be payable pursuant to Section 4.1(g4.1(f).
(d) For purposes hereof, Any amounts will be “attributed” payable in respect of principal to the Class A Notes of Note Group I Senior pursuant to Sections 4.1(b) and (c) on any Payment Date shall be applied to such Notes in the following order of priority:
(i) to the Class AF-5 Notes, in an amount up to the Class AF-5 Payment Amount for such date, until the Class Principal Balance of such Class has been reduced to zero; and
(ii) sequentially, to the Class AF-1, Class AF-2, Class AF-3, Class AF-4 and Class AF-5 Notes, in that order, until the Class Principal Balance of each such Class has been reduced to zero. Any amounts payable in respect of principal to the Class A Notes of Note Group II pursuant to Section 4.1 (b) and (c) on any Payment Date shall be payable, concurrently, as follows:
(i) the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, for the Principal Portion Class AV-1 Notes for such group of date shall be paid to such Class until the Class Principal Balance thereof has been reduced to zero; and
(ii) the Group II Senior NotesPrincipal Payment Amount for the Class AV-2 Notes for such date shall be paid to such Class until the Class Principal Balance thereof has been reduced to zero.
(e) [Reserved]Notwithstanding the provisions of Section 4.1(b) and 4.1(c) above, in the event that the Notes are optionally redeemed as provided in Section 7.2 of this Agreement and the Indenture or the Class Principal Balances of all Classes of Notes (other than the Class A-IO Notes) are paid in full prior to the Maturity Date with respect to the Class A-IO Notes, on the related Payment Date, the Indenture Trustee shall pay the Class A-IO Redemption Payment to the Class A-IO Notes before making any other payments pursuant to Section 4.1(b), (c) or (d).
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow for each Loan Group in the following order of priority:
(i) On the first three Payment Dates, to the Senior NotesNotes of the related Note Group, pro rata based on the amount Extra Principal Payment Amount for such group, as part of Available Funds Shortfalls in respect the distribution of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c))the related Principal Payment Amount;
(ii) On the first three Payment Dates, to the Subordinate NotesNotes of the related Note Group, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received with respect to Note Group II pursuant to Section 4.7(d)4.7(b);
(iii) To to the NotesNotes of the unrelated Note Group, the any Extra Principal Payment Amount, as part Amount Shortfalls with respect to such Notes in the order of the distribution of the related Principal Payment Amountpriority specified for such group in Section 4.1(b);
(iv) to the Senior Notes, pro rata based on Notes of the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c));
(v) to the Subordinate Notesunrelated Note Group, in the order of priority set forth in Section 4.1(a), any remaining Available Funds Shortfalls with respect to such Notes;
(after application v) to the Auction Call Turbo Payment Amount for such Group, allocated pro rata among the related Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Notes in the same order of priority for such group set forth in Section 4.1(b);
(vi) to the Notes of the unrelated Note Group, any amounts received pursuant to Auction Call Turbo Payment Amount remaining from the other Loan Group, allocated pro rata among the unrelated Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Notes in the same order of priority for such group set forth in Section 4.7(d)4.1(b); and
(vivii) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h)4.1(g) hereof.
(hg) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Trust Certificate any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2004-2)
Priorities of Payments. (a) On each Payment Date Date, the Indenture Trustee shall make the following distributions from the Payment Account, net of the [Indenture Trustee Fee and Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreementexpenses], of an amount equal to the Interest Funds for each Group in the following order of priority:
(i) concurrentlyfrom the Interest Funds for each Group, to the related Senior NotesSecurities, the Current Interest and any Interest Carry Forward Amount for the such Senior Securities (or, in the case of the Class A-IO Notes and Class S Certificates and Group II and Group III, the related Allocable Portions thereof); provided, however, that any shortfall in available amounts in respect of each Group shall be applied, pro rata, among the Senior Securities of such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);Group; and
(ii) to the Class M-1 Notes, the Current Interest thereon;
(iii) to the Class M-2 Notes, the Current Interest thereon;
(iv) to the Class M-3 Notes, the Current Interest thereon;
(v) to the Class M-4 Notes, the Current Interest thereon;
(vi) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xi) any remaining amounts from the Interest Funds for Group I, Group II and Group III shall be payable combined and distributed pursuant to Section 4.1(g)4.1(b) hereof.
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds all amounts remaining pursuant to Section 4.1(a)(ii) in the following order of priority:
(and any amounts in respect of Section 4.1(g)(iii)i) to the Class M-1 Notes, the Current Interest thereon;
(ii) to the Class M-2 Notes, Current Interest thereon;
(iii) to the Class M-3 Notes, Current Interest thereon;
(iv) to the Class B-1 Notes, Current Interest thereon;
(v) to the Class B-2 Notes, Current Interest thereon; and
(vi) any remaining amounts pursuant to Section 4.1(f) hereof.
(c) On each Payment Date, the Indenture Trustee shall make the following payments from the Payment Account of an amount equal to the Principal Payment Amount for each Group as follows:
(i) From the Principal Payment Amount for Group I, an amount up to the Senior Principal Payment Amount for such Group shall be paid as follows: (x) the Priority Principal Payment Amount to the Class AF 6 Notes until the Class Principal Balance thereof has been reduced to zero, and (y) the balance of such remaining Senior Principal Payment Amount sequentially to the Class AF 1, Class AF 2, Class AF 3, Class AF 4, Class AF 5 and Class AF-6 Notes, in that order, so that no such payment pursuant to this clause (y) will be made to any such Class until the Note Principal Balances of all such Class AF Notes with a lower numeral designation shall have been reduced to zero;
(ii) From the Principal Payment Amount for Group II, an amount up to the Senior Principal Payment Amount for such Group shall be paid to the Class AV-1 Notes until the Class Principal Balance thereof has been reduced to zero;
(iii) From the Principal Payment Amount for Group III, an amount up to the Senior Principal Payment Amount for such Group shall be paid to the Class AV 2 Notes until the Class Principal Balance thereof has been reduced to zero; and
(iv) In the event the Note Principal Balance of one or more of the (A) Group I Class A Notes, (B) the Group II Class A Notes, or (C) the Group III Class A Notes has been reduced to zero, on such Payment Date and each Payment Date thereafter principal payments otherwise payable to such retired Notes will be applied to the remaining Class A Notes related to the other Mortgage Loan Groups, pro rata, on the basis of their Class Principal Balances (after giving effect to the payments described in this Section 4.1(c)). Any such distributions in respect of the Group I Class A Notes will be distributed to such Classes in the manner provided in the first subparagraph of this subsection.
(d) On each Payment Date, the Indenture Trustee shall distribute the Principal Payment Amount for all Groups remaining after distributions pursuant to Section 4.1(c) in the following order of priority:
(i) to the Senior Class M-1 Notes, the Senior Class M-1 Principal Payment Amount for such dateAmount, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class thereof has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(Bii) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D M-2 Notes, the Senior Class M-2 Principal Payment Amount attributable Amount, until the Class Principal Balance thereof has been reduced to zero;
(iii) to the Group II Senior Class M-3 Notes, sequentiallythe Class M-3 Principal Payment Amount, until the Class Principal Balance thereof has been reduced to zero;
(iv) to the Class B-1 Notes, the Class B Principal Payment Amount, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such NotesAmount, until the Note Class Principal Balance of each such Note has Balances thereof have been reduced to zero;
(x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(ce) Notwithstanding Section 4.1(b)4.1(c) and (d) hereof, on any Payment Date prior to before the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Date each Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) shall be paid in the following order of priority:
(i) to the Senior Notesrelated Class A Notes (in the case of Group I, in the order of priority specified manner described in Section 4.1(b4.1(c)) above until the Note Principal Balance of each such Note Class A Notes has been reduced to zero; provided that amounts distributable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Principal Balance of each the Class of the Senior A Notes has been reduced to zero, the remaining combined Principal Payment Amounts shall be paid to the Class M-1 Notes, Notes until the Note Principal Class Certificate Balance of each such Note the Class M-1 Certificates has been reduced to zero;
(iii) after the Note Class Principal Balance of each of the Class M-1 M 1 Notes has been reduced to zero, the remaining combined Principal Payment Amounts shall be paid to the Class M-2 Notes, Certificates until the Note Class Principal Balance of each such Note the Class M-2 Notes has been reduced to zero;
(iv) after the Note Class Principal Balance of each of the Class M-2 Notes has been reduced to zero, the remaining combined Principal Payment Amounts shall be paid to the Class M-3 Notes, Notes until the Note Class Principal Balance of each such Note the Class M-3 Notes has been reduced to zero;
(v) after the Note Class Principal Balance of each of the Class M-3 M 3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note remaining combined Principal Balance of each such Note has been reduced to zero;
(vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, Payment Amounts shall be paid to the Class B-1 Notes, until the Note Class Principal Balance of each such Note the Class B-1 Notes has been reduced to zero;; and
(ixvi) after the Note Class Principal Balance of each of the Class B-1 Notes has been reduced to zero, the remaining combined Principal Payment Amounts shall be paid to the Class B-2 Notes, until the Note Class Principal Balance of each such Note has been reduced to zero;
(x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes.
(e) [Reserved].
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute make the Excess Cashflow following distributions from the Payment Account of any remaining amounts pursuant to Sections 4.1(b)(v) hereof, together with any Pledged Prepayment Penalties for such Payment Date, in the following order of priority:
(i) On the first three related Principal Percentage of the Extra Principal Payment Dates, Amount will be added to the Senior Notes, pro rata based on Principal Payment Amount for Group I; the amount Principal Percentage for Group II of Available Funds Shortfalls in respect the Extra Principal Payment Amount will be added to the Principal Payment Amount for Group II; and the related Principal Percentage for Group III of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant the Extra Principal Payment Amount will be added to Sections 4.7(b) and 4.7(c))the Principal Payment Amount for Group III;
(ii) On the first three Payment Dates, to the Subordinate Class M-1 Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d))related Interest Carry Forward Amount;
(iii) To to the Class M-2 Notes, the Extra Principal Payment Amount, as part of the distribution of the any related Principal Payment Interest Carry Forward Amount;
(iv) to the Senior Class M-3 Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c))related Interest Carry Forward Amount;
(v) to the Subordinate Class B-1 Notes, in any related Interest Carry Forward Amount;
(vi) to the order of priority set forth in Section 4.1(a)Class B-2 Notes, any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d))related Interest Carry Forward Amount; and
(vivii) any remaining Excess Cashflow shall be distributed the remainder pursuant to Section 4.1(h)4.1(g) hereof.
(hg) Subject to Section 4.2, on On each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Trust Certificate any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Co)
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, to the Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);
(ii) to the Class M-1 Notes, the Current Interest thereon;
(iii) to the Class M-2 Notes, the Current Interest thereon;
(iv) to the Class M-3 Notes, the Current Interest thereon;
(v) to the Class M-4 Notes, the Current Interest thereon;
(vi) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon;
(xi) to the Class B-4 Notes, the Current Interest thereon; and
(xixii) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) to the Senior Notes, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class thereof has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable case of the Group II Senior Notes, in the order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xi) to the Class B-4 Notes, up to the Class B-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xixii) any remaining amounts shall be payable pursuant to Section 4.1(g).
(c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) shall be paid in the following order of priority:
(i) to the Senior Notes, in the order of priority specified in Section 4.1(b) above until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable payable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Principal Balance of each Class of the Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xi) after the Note Principal Balance of each of the Class B-3 Notes has been reduced to zero, to the Class B-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xixii) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes.
(e) [Reserved].
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority:
(i) On for the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c))Shortfalls;
(ii) On for the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d))Shortfalls;
(iii) To to the Notes, the Extra Principal Payment Amount, as part of the distribution of the related Principal Payment Amount;
(iv) to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c))Shortfalls;
(v) to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls Shortfalls;
(after application vi) to the payment of any amounts received pursuant Swap Termination Payment (other than a Priority Swap Termination Payment) owed to Section 4.7(d))the Counterparty under the Yield Maintenance Agreement; and
(vivii) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h).
(h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Class X Certificate and the Trust Certificate in the manner set forth in the Trust Agreement any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-3)
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, (x) to the Group I Senior Notes, from Interest Funds attributable to the Group I Mortgage Loans, the amount of Current Interest for such class on such Payment Date, and (y) to the Group II Senior Notes, from Interest Funds attributable to the Group II Mortgage Loans, pro rata, the amount of Current Interest for each such Class of Notes (class on a pro rata basis such Payment Date, based on the amount of Current Interest due with respect to each such Class)class;
(ii) to the extent that the Current Interest for either the Group I Senior Notes or the Group II Senior Notes has been paid in full for such Payment Date, Interest Funds otherwise payable with respect to such group shall be applied to pay any unpaid Current Interest on the remaining group of senior notes in the order specified above;
(iii) to the Class M-1 Notes, the Current Interest thereon;
(iiiiv) to the Class M-2 Notes, the Current Interest thereon;
(ivv) to the Class M-3 Notes, the Current Interest thereon;
(vvi) to the Class M-4 Notes, the Current Interest thereon;
(vivii) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii4.1(g)(i)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) to the Senior Notes, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class thereof has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable case of the Group II Senior Notes, in the order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the Class M-1 and Class M-2 Notes, sequentially, up to the Class M-1 M-1/M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viv) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viv) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viiivi) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ixvii) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xviii) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and;
(xiix) any remaining amounts shall be payable pursuant to Section 4.1(g).
(c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii4.1(g)(i)) shall be paid in the following order of priority:
(i) to the Senior Notes, in the order of priority specified in Section 4.1(b) above until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable payable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Principal Balance of each Class of the Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(xix) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xix) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Interest Funds, interest received on the mortgage loans in the related Loan Group (or, with respect to other amounts constituting Interest Funds to the extent described herein, the Interest Percentage for such group of Senior Notes); (2) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (23) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes.
(e) [Reserved].
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority:
(i) On the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c));
(ii) On the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d));
(iii) To the Notes, the Extra Principal Payment Amount, as part of the distribution of the related Principal Payment Amount;
(ivii) concurrently, (A) to the Senior holders of the Class A-1 Notes, any Available Funds Shortfalls from Excess Interest, Released Principal Amount and Pledged Prepayment Penalties attributable to the Group I Mortgage Loans and (B) to the holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes (pro rata based on amounts payable under this clause), any Available Funds Shortfalls from Excess Interest, Released Principal Amount and Pledged Prepayment Penalties attributable to the amount Group II Mortgage Loans;
(iii) to the extent Available Funds Shortfalls for the Group I or Group II Senior Notes have been paid in full, any remaining Excess Interest, Released Principal Amount and Pledged Prepayment Penalties otherwise payable in respect of such group shall be used to pay unpaid Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c))the other group in the order specified above;
(viv) to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls Shortfalls;
(after application v) to the payment of any amounts received pursuant Swap Termination Payment (other than a Priority Swap Termination Payment) owed to Section 4.7(d))the Counterparty under the Yield Maintenance Agreement; and
(vi) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h).
(h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Class X Certificate and the Trust Certificate in the manner set forth in the Trust Agreement any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2006-1)
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, to the Senior Notes, the Current Interest for each such Class of Notes (on a pro rata basis based on the amount of Current Interest due with respect to each such Class);
(ii) to the Class M-1 Notes, the Current Interest thereon;
(iii) to the Class M-2 Notes, the Current Interest thereon;
(iv) to the Class M-3 Notes, the Current Interest thereon;
(v) to the Class M-4 Notes, the Current Interest thereon;
(vi) to the Class M-5 Notes, the Current Interest thereon;
(vii) to the Class M-6 Notes, the Current Interest thereon;
(viii) to the Class B-1 Notes, the Current Interest thereon;
(ix) to the Class B-2 Notes, the Current Interest thereon;
(x) to the Class B-3 Notes, the Current Interest thereon; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii4.1(g)(i)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) concurrently to the Senior Notes, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes shall be allocated to the related Classes as described in Section 4.1(d) or (e) below, as applicable;
(ii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii)) shall be paid in the following order of priority:
(i) to the Senior Notes, in the order of priority specified in Section 4.1(b) above until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Principal Balance of each Class of the Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes.
(e) [Reserved].
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority:
(i) On the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c));
(ii) On the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d));
(iii) To the Notes, the Extra Principal Payment Amount, as part of the distribution of the related Principal Payment Amount;
(iv) to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c));
(v) to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d)); and
(vi) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h).
(h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Trust Certificate any remaining amounts in the Payment Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-1)
Priorities of Payments. (a) On each Payment Date the Indenture Trustee shall make the following distributions from the Payment Account, net of the Indenture Trustee’s expenses and the Owner Trustee’s reimbursable expenses under the Trust Agreement, of an amount equal to the Interest Funds in the following order of priority:
(i) concurrently, to the Senior Notes, pro rata, the amount of Current Interest for each such Class of Notes (on a pro rata basis such Payment Date, based on the amount of Current Interest due with respect to each such Class);
(ii) to the Class M-1 Notes, the Current Interest thereonthereon for such Payment Date;
(iii) to the Class M-2 Notes, the Current Interest thereonthereon for such Payment Date;
(iv) to the Class M-3 Notes, the Current Interest thereonthereon for such Payment Date;
(v) to the Class M-4 Notes, the Current Interest thereonthereon for such Payment Date;
(vi) to the Class M-5 Notes, the Current Interest thereonthereon for such Payment Date;
(vii) to the Class M-6 Notes, the Current Interest thereonthereon for such Payment Date;
(viii) to the Class B-1 Notes, the Current Interest thereonthereon for such Payment Date;
(ix) to the Class B-2 Notes, the Current Interest thereonthereon for such Payment Date;
(x) to the Class B-3 Notes, the Current Interest thereonthereon for such Payment Date; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(b) On each Payment Date, the Indenture Trustee shall apply Principal Funds (and any amounts in respect of Section 4.1(g)(iii4.1(g)(i)) to make the following payments from the Payment Account of an amount equal to the Principal Payment Amount in the following order of priority:
(i) to the Senior Class A-1, Class A-2, Class A-3 and Class A-4 Notes, sequentially, in that order, the Senior Principal Payment Amount for such date, as follows:
(A) to the Group I Senior Notes, the Senior Principal Payment Amount attributable to the Group I Senior Notes pro rata until the Class Principal Balance of each such Class has been reduced to zero, or if a Sequential Trigger Event has occurred, to the Class A-1A Notes and Class A-1B Notes sequentially until the Class Principal Balances thereof have been reduced to zero;
(B) to the Class A-2A, Class A-2B, Class A-2C and Class A-2D Notes, the Senior Principal Payment Amount attributable to the Group II Senior Notes, sequentially, until the Class Principal Balances thereof have been reduced to zero; and
(C) if either the Group I Senior Notes or the Group II Senior Notes have been retired, to the remaining Senior Notes, if any, (in the applicable order of priority specified in clause (A) or (B) above) up to the Senior Principal Payment Amount attributable to such retired Senior Notes for such date until the Note Principal Balance of each such Note has been reduced to zero;
(ii) to the Class M-1 Notes, up to the Class M-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) to the Class M-2 Notes, up to the Class M-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) to the Class M-3 Notes, up to the Class M-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) to the Class M-4 Notes, up to the Class M-4 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) to the Class M-5 Notes, up to the Class M-5 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) to the Class M-6 Notes, up to the Class M-6 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) to the Class B-1 Notes, up to the Class B-1 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) to the Class B-2 Notes, up to the Class B-2 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) to the Class B-3 Notes, up to the Class B-3 Principal Payment Amount for such Notes, until the Note Principal Balance of each such Note has been reduced to zero; and;
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(c) Notwithstanding Section 4.1(b), on any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect on any Payment Date, the Principal Payment Amount (and any amount in respect of Section 4.1(g)(iii4.1(g)(i)) shall be paid in the following order of priority:
(i) to the Senior Notes, in the order of priority specified in Section 4.1(b) above above, until the Note Principal Balance of each such Note has been reduced to zero; provided that amounts distributable to the Senior Notes shall be attributed to the related Classes as described in Section 4.1(d) below;
(ii) after the Note Principal Balance of each Class of the Senior Notes has been reduced to zero, to the Class M-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iii) after the Note Principal Balance of each of the Class M-1 Notes has been reduced to zero, to the Class M-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(iv) after the Note Principal Balance of each of the Class M-2 Notes has been reduced to zero, to the Class M-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(v) after the Note Principal Balance of each of the Class M-3 Notes has been reduced to zero, to the Class M-4 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vi) after the Note Principal Balance of each of the Class M-4 Notes has been reduced to zero, to the Class M-5 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(vii) after the Note Principal Balance of each of the Class M-5 Notes has been reduced to zero, to the Class M-6 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(viii) after the Note Principal Balance of each of the Class M-6 Notes has been reduced to zero, to the Class B-1 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(ix) after the Note Principal Balance of each of the Class B-1 Notes has been reduced to zero, to the Class B-2 Notes, until the Note Principal Balance of each such Note has been reduced to zero;
(x) after the Note Principal Balance of each of the Class B-2 Notes has been reduced to zero, to the Class B-3 Notes, until the Note Principal Balance of each such Note has been reduced to zero; and
(xi) any remaining amounts shall be payable pursuant to Section 4.1(g).
(d) For purposes hereof, amounts will be “attributed” to the Group I Senior Notes and the Group II Senior Notes on the basis of (1) in the case of Principal Funds, principal received on the Mortgage Loans in the related Loan Group; and (2) in the case of any Extra Principal Payment Amount and Released Principal Amount, the Principal Portion for such group of Senior Notes[Reserved].
(e) [Reserved].
(f) [Reserved].
(g) On each Payment Date, the Indenture Trustee shall distribute the Excess Cashflow in the following order of priority:
(i) On the first three Payment Dates, to the Senior Notes, pro rata based on the amount of Available Funds Shortfalls in respect of each Class, any Available Funds Shortfalls (after application of any amounts received pursuant to Sections 4.7(b) and 4.7(c));
(ii) On the first three Payment Dates, to the Subordinate Notes, in the order of priority set forth in Section 4.1(a), any Available Funds Shortfalls (after application of any amounts received pursuant to Section 4.7(d));
(iii) To the Notes, the any Extra Principal Payment Amount, as part of the distribution payment of the related Principal Payment Amount;
(ivii) to the Senior Notesholders of the Class A-1, Class A-2, Class A-3 and Class A-4 Notes (pro rata based on the amount of Available Funds Shortfalls in respect of each Classamounts payable under this clause), any Available Funds Shortfalls (after application of any amounts received pursuant attributable to Sections 4.7(b) and 4.7(c))such Notes;
(viii) to the Subordinate Notes, in the same order of priority set forth in Section 4.1(a4.1(a)(ii) through (x), any Available Funds Shortfalls attributable to such Notes;
(after application iv) to the Subordinate Notes, in the same order of priority set forth in Section 4.1(a)(ii) through (x), any Deferred Interest allocable to such Notes;
(v) to the payment of any amounts received pursuant Swap Termination Payment (other than a Priority Swap Termination Payment) owed to Section 4.7(d))the Counterparty under the Swap Agreement; and
(vi) any remaining Excess Cashflow shall be distributed pursuant to Section 4.1(h).
(h) Subject to Section 4.2, on each Payment Date, the Indenture Trustee shall distribute to the Certificate Account for payment to the Class X Certificate and the Trust Certificate in the manner set forth in the Trust Agreement any remaining amounts in the Payment Account.
Appears in 1 contract
