Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Class X and Class R Certificateholders to receive distributions in respect of the Class X and Class R Certificates, respectively, and all ownership interests of the Class X and Class R Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Class A, Class M and Class B Certificateholders, to receive distributions in respect of the Class A, Class M and Class B Certificates, respectively, and the ownership interests of the Class A, Class M and Class B Certificateholders, respectively, in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Class X and Class R Certificateholders in amounts deposited in the applicable Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class X and Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Class X and Class R Certificateholders shall not be required to refund any amount properly distributed on the Class X and Class R Certificates.
(b) [Reserved]
(c) As soon as possible, and in no event later than 10:00 a.m. New York time on the Business Day immediately preceding each Remittance Date, the Trustee shall furnish the Certificate Insurer and the Servicer with a completed notice in the form set forth as Exhibit L (the "Notice") hereto, which will be based upon the information set forth in the Servicer's Certificate, in the event that an Event of Nonpayment will occur, or a Guaranteed Supplemental Payment is owing, with respect to such Remittance Date. The Notice shall specify the total amount of the Insured Payment and Guaranteed Supplemental Payment to be paid on the applicable Remittance Date, stated separately for each Class of Pool I or Pool IV Certificates, as applicable, and shall constitute a claim for an Insured Payment or Guaranteed Supplemental Payment, as the case may be, pursuant to the applicable Certificate Insurance Policy. The Certificate Insurer shall remit or cause to be remitted to the Insurance Paying Agent the amount of the Insured Payment or Guaranteed Supple...
Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Class X and Class R Certificateholders to receive distributions in respect of the Class X and Class R Certificates, respectively, and all ownership interests of the Class X and Class R Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Class A, Class M and Class B Certificateholders to receive distributions in respect of the Class A, Class M and Class B Certificates, and the ownership interests of the Class A, Class M and Class B Certificateholders in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Class X and Class R Certificateholders in amounts deposited in the applicable Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class X and Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Class X and Class R Certificateholders shall not be required to refund any amount properly distributed on the Class X and Class R Certificates pursuant to Section 6.08(d)(xvii) and (xviii).
Priority and Subordination of Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interest LT-RI-Countrywide and REMIC I Regular Interest LT-RI-Wells in an amount equal to (A) xxx Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and then to Holders of REMIC I Regular Interest LT-AA, REMIC I Regular Interest LT-A1, REMIC I Regular Intexxxx XX-M1, REMIC I Regular Interest LT-M2, REMIC I Regular Interest LT-B1, REMIC I Regular Interest LT-B2, REMIC I Regular Interest LT-B3 and REMIC I Regular Interest LT-ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest LT-ZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest LT-ZZ Maximum Interest Deferral Amount and such amount will be payable to the Holders of REMIC I Regular Interest LT-A1, REMIC I Regular Intexxxx XX-X0, XXMIC I Regular Interest LT-M2, REMIC I Regular Interest LT-B1, REMIC I Regular Interest LT-B2 and REMIC I Regular Interest LT-B3 in the same proportion as the Excess Subordinated Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC I Regular Interest LT-AA, 98.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest LT-A1, REMIC I Xxxxxxx Xxxxxxst LT-M1, REMIC I Regular Interest LT-M2, REMIC I Regular Interest LT-B1, REMIC I Regular Interest LT-B2, and REMIC I Regular Interest LT-B3, 1.00% of...
Priority and Subordination of Distributions. Section 6.06 [Reserved].................................................... Section 6.07 Statements.................................................... Section 6.08 Advances by the Servicer...................................
Priority and Subordination of Distributions. Section 6.07 Insufficiency of Amount Available or Net Excess Amount Available.................................. 111 Section 6.08 Statements........................................ 112 Section 6.09 Advances by the Servicer.......................... 116 Section 6.10 Compensating Interest............................. 117 Section 6.11 [Reserved]........................................ 118 Section 6.12 Pre-Funding Account............................... 118 Section 6.13 Interest Coverage Account......................... 119 Section 6.14 Reserve Account................................... 120 ARTICLE VII
Priority and Subordination of Distributions. (a) The rights of the Noteholders to receive distributions from the proceeds of the Trust Estate, in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Certificateholders to receive distributions in respect of the Certificates shall be subject and subordinate to the preferential rights of the Noteholders to receive distributions in respect of the Notes, to the extent set forth herein. In accordance with the foregoing, the ownership interests of the Certificateholders in amounts deposited in the Accounts from time to time shall not vest unless and until such amounts are properly distributed in respect of the Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, no Noteholder shall be required to refund any amount properly distributed to it pursuant to the terms of this Agreement.
(b) As soon as possible, and in no event later than 10:00 a.m. Chicago time on the Business Day immediately preceding each Payment Date, subject to receipt by the Indenture Trustee of the Servicer's Certificate, the Indenture Trustee shall furnish the Note Insurer and the Servicer with a completed notice in the form set forth as Exhibit A to the Note Insurance Policy (the "Notice") indicating that an Insured Payment is necessary. The Notice shall specify the amount of Insured Payment and shall constitute a claim for an Insured Payment pursuant to the Note Insurance Policy. Upon receipt of Insured Payments on behalf of the Class A Noteholders under the Note Insurance Policy, the Indenture Trustee shall deposit such Insured Payments in the related Note Distribution Account and shall distribute such Insured Payments in accordance with Section 6.02(ii) above and Section 6.06(c) and (d). Each Noteholder shall promptly notify the Indenture Trustee in writing upon the receipt of a court order as described in clause (c)(vii) of the definition of Class A Principal Remittance Amount. The Indenture Trustee shall promptly notify the Note Insurer upon its receipt from any Noteholder of any such court order. If the payment of any portion or all of any amount that is insured by the Note Insurer under the Note Insurance Policy is voided pursuant to a final order of a court exercising proper jurisdiction in an insolvency proceeding to the effect that the Indenture Trustee or the Class A Noteholder, as the case may be, is required to return any such payment or portion thereof prio...
Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distribu tions, shall be as set forth in this Agreement. The rights of the Class R Certificateholders to receive distributions in respect of the Class R Certificates shall be subject and subordinate to the preferential rights of the Class A Certificateholders to receive distributions in respect of the Class A Certificates, to the extent set forth herein, and distributions on the Class R Certificates are subject and subordinate to the maintenance of the Specified Spread Account Requirement as specified herein. In accordance with the foregoing, the ownership interests of the Class R Certificateholders in amounts deposited in the Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, no Certificateholder shall be required to refund any amount properly distributed to it pursuant to Section 6.02, 6.05, 6.09(b) or 6.09(d).
(b) No later than 10:00 a.m. New York time on the Business Day immediately following each Determination Date occurring on or prior to the earlier to occur of (x) the Cross-Over Date or (y) the Payment Date on which all amounts due have been paid to the
Priority and Subordination of Distributions. 81 7.07 ALLOCATION OF REALIZED LOSSES........................................................................87 7.08 STATEMENTS...........................................................................................88 7.09 REPORTS OF FORECLOSURE AND ABANDONMENT OF MORTGAGED PROPERTY.........................................93 7.10
Priority and Subordination of Distributions. Section 6.06 [RESERVED]................................................... Section 6.07 STATEMENTS................................................... Section 6.08
Priority and Subordination of Distributions. (a) The rights of the Noteholders and Certificateholders to receive distributions from the proceeds of the Trust, and all ownership interests of the Noteholders and Certificateholders in such distributions, shall be as set forth in this Agreement and the Trust Agreement. In this regard, all rights of the Certificateholders to receive distributions in respect of the Certificates, and all ownership interests of the Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Noteholders to receive distributions in respect of the Notes, as described herein. In accordance with the foregoing, the ownership interests of the Certificateholders in amounts deposited in the Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Certificates in accordance with the terms of this Agreement and the Trust Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Certificateholders shall not be required to refund any amount properly distributed on the Certificates.
