REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates. (ii) On each Distribution Date, the Trustee will be deemed to distribute the interest portion of the REMIC Distribution Amount for the related Group to pay Uncertificated Accrued Interest on the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case to the extent actually distributed thereon. On each Distribution Date, the Trustee will be deemed to distribute the principal portion of the REMIC Distribution Amount for the related Group to reduce the Uncertificated Balance of the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will be distributed to the Class 1-A-R Certificate (in respect of the Class R2 Interest).
Appears in 2 contracts
Samples: Trust Agreement (Banc of America Funding 2008-R3 Trust), Trust Agreement (Banc of America Funding 2008-R3 Trust)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of Excess Interest and disregarding the deemed obligation to make payments in respect of Class Payment Shortfalls) are paid or allocated in respect of the related Group Certificates (the REMIC 2 AV-1 Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestAV-1 Certificates, Class 2A2 the REMIC 2 AV-2 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass AV-2 Certificates, the REMIC 2 AV-3 Interest being related to the Class AV-3 Certificates, the REMIC 2 AV-4 Interest being related to the Class AV-4 Certificates, the REMIC 2 M-1 Interest being related to the Class M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 M-4 Interest being related to the Class M-4 Certificates, the REMIC 2 M-5 Interest being related to the Class M-5 Certificates, the REMIC 2 M-6 Interest being related to the Class M-6 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates, the REMIC 2 B-3 Interest being related to the Class B-3 Certificates, and the REMIC 2 B-4 Interest being related to the Class B-4 Certificates). Amounts shall be deemed paid and allocated to the REMIC 2 IO Interest equal to amounts paid and allocated to the Class LT1-IO Interest. On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 CE Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances CE Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 Interest).R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of Net WAC Carryover Amounts, which shall be deemed paid in respect of the REMIC 2 X/N Interest if made pursuant to Section 4.02(b)(xxxvi) or (xxxvii)) are paid or allocated in respect of the related Group Certificates (the REMIC 2 AV-1 Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestAV-1 Certificates, Class 2A2 the REMIC 2 AV-2 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass AV-2 Certificates, the REMIC 2 AV-3 Interest being related to the Class AV-3 Certificates, the REMIC 2 M-1 Interest being related to the Class M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 M-4 Interest being related to the Class M-4 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates, the REMIC 2 B-3 Interest being related to the Class B-3 Certificates, the REMIC 2 B-4 Interest being related to the Class B-4 Certificates, the REMIC 2 B-5 Interest being related to the Class B-5 Certificates and the REMIC 2 B-6 Interest being related to the Class B-6 Certificates). On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 X/N Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, X or Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances N Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 Interest).R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb3)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of Excess Interest and disregarding the deemed obligation to make payments in respect of Class Payment Shortfalls) are paid or allocated in respect of the related Group Certificates (the REMIC 2 A-1 Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestA-1 Certificates, Class 2A2 the REMIC 2 A-2A Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass A-2A Certificates, the REMIC 2 A-2B Interest being related to the Class A-2B Certificates, the REMIC 2 A-2C Interest being related to the Class A-2C Certificates, the REMIC 2 A-2D Interest being related to the Class A-2D Certificates, the REMIC 2 M-1 Interest being related to the Class M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 M-4 Interest being related to the Class M-4 Certificates, the REMIC 2 M-5 Interest being related to the Class M-5 Certificates, the REMIC 2 M-6 Interest being related to the Class M-6 Certificates, the REMIC 2 M-7 Interest being related to the Class M-7 Certificates, the REMIC 2 M-8 Interest being related to the Class M-8 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates and the REMIC 2 B-3 Interest being related to the Class B-3 Certificates). Amounts shall be deemed paid and allocated to the REMIC 2 CE-2 Interest equal to amounts paid and allocated to the Class LT1-CE2 Interest. Amounts shall be deemed paid and allocated to the REMIC 2 IO Interest equal to amounts paid and allocated to the Class LT1-IO Interest. On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 CE-1 Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances CE-1 Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 Interest).R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2006-Cb8)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of Net WAC Carryover Amounts, which shall be deemed paid in respect of the REMIC 2 X/N Interest if made from sources other than the Reserve Account) are paid or allocated in respect of the related Group Certificates (the REMIC 2 AV Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestAV Certificates, Class 2A2 the REMIC 2 M-1 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 M-4 Interest being related to the Class M-4 Certificates, the REMIC 2 M-5 Interest being related to the Class M-5 Certificates, the REMIC 2 M-6 Interest being related to the Class M-6 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates, the REMIC 2 B-3 Interest being related to the Class B-3 Certificates, the REMIC 2 B-4 Interest being related to the Class B-4 Certificates and the REMIC 2 B-5 Interest being related to the Class B-5 Certificates). On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 X/N Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, X or Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances N Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 Interest).R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-1)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of Excess Net WAC Amounts, which shall be deemed paid in respect of the REMIC 2 X/N Interest if made from sources other than the Reserve Account) are paid or allocated in respect of the related Group Certificates (the REMIC 2 A-1 Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestA-1 Certificates, Class 2A2 the REMIC 2 A-2 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass A-2 Certificates, the REMIC 2 A-3 Interest being related to the Class A-3 Certificates, the REMIC 2 A-4 Interest being related to the Class A-4 Certificates, the REMIC 2 M-1 Interest being related to the Class M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 M-4 Interest being related to the Class M-4 Certificates, the REMIC 2 M-5 Interest being related to the Class M-5 Certificates, the REMIC 2 M-6 Interest being related to the Class M-6 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates, the REMIC 2 B-3 Interest being related to the Class B-3 Certificates, the REMIC 2 B-4 Interest being related to the Class B-4 Certificates and the REMIC 2 B-5 Interest being related to the Class B-5 Certificates). On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 X/N Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, X or Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances N Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 R-2 Interest). If on any Distribution Date the Certificate Principal Balance of any Class of Certificates is increased pursuant to the last sentence of the definition of “Certificate Principal Balance”, then there shall be an equivalent increase in the principal amounts of the REMIC 2 Regular Interests, with each Corresponding REMIC 2 Regular Interest having an increase in its principal amount equal to the increase in the Certificate Principal Balance of the Corresponding Cap Carryover Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb6)
REMIC 2. (i) The Trustee will make an election to treat the segregated pool of assets consisting of the Group 2 Mortgage Certificates and such amounts as shall be deemed held in the Group 2 Sub-Account as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 2.” The Class R2 Interest will represent the sole class of “residual interests” in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 will issue three regular interests for purposes of the REMIC Provisions, designated as the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest, each with an initial Uncertificated Balance equal to the Original Class Balance of the Corresponding Certificates and each with a pass-through rate equal to the Pass-Through Rate of the Corresponding Certificates.
(ii) On each Distribution Date, the Trustee will REMIC 2 shall be deemed to distribute have received the interest portion amounts deemed distributed in respect of the REMIC Distribution Amount for 1 Regular Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 2 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of LIBOR Carryover Amounts, which shall be deemed paid in respect of the REMIC 2 X/N Interest if made pursuant to Section 4.02(b)(xxvii) or (xxviii)) are paid or allocated in respect of the related Group Certificates (the REMIC 2 AV-1 Interest being related to pay Uncertificated Accrued Interest on the Class 2A1 InterestAV-1 Certificates, Class 2A2 the REMIC 2 AF-3 Interest and Class 2A3 Interest, plus any such amounts remaining unpaid from prior Distribution Dates, which amount shall equal the Interest Accrual Amount of the Corresponding Certificates in each case being related to the extent actually distributed thereonClass AF-3 Certificates, the REMIC 2 M-1 Interest being related to the Class M-1 Certificates, the REMIC 2 M-2 Interest being related to the Class M-2 Certificates, the REMIC 2 M-3 Interest being related to the Class M-3 Certificates, the REMIC 2 B-1 Interest being related to the Class B-1 Certificates, the REMIC 2 B-2 Interest being related to the Class B-2 Certificates, the REMIC 2 B-3 Interest being related to the Class B-3 Certificates and the REMIC 2 B-4 Interest being related to the Class B-4 Certificates). On each Distribution Date, the Trustee will principal shall be deemed paid to, Realized Losses shall be allocated to distribute and accrued but unpaid interest shall be added to the principal portion amount of the REMIC Distribution Amount for 2 X/N Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Group to reduce Collection Period over (ii) the Uncertificated aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class 2A1 Interest, X or Class 2A2 Interest and Class 2A3 Interest until the Uncertificated Balances equal the Class Balances N Certificates). The portion of the Corresponding Certificates and will increase the Uncertificated Balance of the Class 2A3 Interest Available Funds remaining in REMIC 2 on a Distribution Date after all distributions have been made to the extent of any Class 2-A-3 Accrual Distribution Amount. Realized Loss Shortfalls will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest in reduction of their respective Uncertificated Balances at the same time and in the same manner as such Realized Loss Shortfalls are allocated to the Corresponding Certificates. Increases in the Class Balances of the Corresponding Certificates pursuant to Section 3.03(a) and 3.03(b) will be allocated to the Class 2A1 Interest, Class 2A2 Interest and Class 2A3 Interest at the same time and in the same manner as such increases are allocated to the Corresponding Certificates. Any remaining REMIC Distribution Amount for the related Group will 2 Regular Interests shall be distributed to the Class 1-A-R Certificate (Certificates in respect of the Class R2 Interest).R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc C-Bass 2004-Cb6 Trust)