REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. (b) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-I Certificates, as the case may be: (1) first, from Interest Funds, to REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and (2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in the following order of priority: (A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A); (B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero; (C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero; (D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and (E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be: (i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates; (ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows: (a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero; (b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; (c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then (e) any remaining amount to the Holders of the Class R-II Certificates; and (iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P. (c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest. (d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero. (e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the EMC Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificate, which is hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificate, the "REMIC I Certificates"). Cash of $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Class R-1 Certificate. Principal shall be paid on the Class I-Q REMIC I Regular Interest until paid in full, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ------- ---- I-NAS $ 39,000,000 (1) I-Q $350,688,315.60 (1) R-1 $ 50.00 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-b, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee shall cause on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-Q REMIC II Regular Interest Funds which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-a1, Class II-a2, Class II-m1, Class II-m2, and Principal Funds, Class II-b REMIC II Regular Interests in the following order of prioritysame proportions that the Turbo Amount is allocated among the Class A-1, Class A-2, Class M-1, Class M-2, and Class B Certificatxx, xxxxxxxxxxly, and will be accrued and added to be distributed by REMIC I to principal on the Class II-Q REMIC II Regular Interest. Principal payments on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed held by REMIC II shall be allocated .01% to the Holders of the Class RII-I Certificatesa1, as the case may be:
(1) firstClass II-a2, from Interest FundsClass II-m1, to Class II-m2 and Class II-b REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I II Regular Interests. The remaining 99.99% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, allocated Class II-a2, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge same proportions as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) principal is payable with respect to the Mortgage Loans in Loan Group IClass A-1, to Class A-2, Class M-1, Class M-2 and Class B Certificatex, xxxxxxxxxxxy. Notwithstanding the Holders of REMIC I Regular Interest LT1Babove, its respective proportion (based principal payments on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed that are attributable to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ Excess Overcollateralization Amount shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of Class II-Q REMIC II Regular Interests, allocated as follows:
(a) with respect . Cash of $50 will be deposited into REMIC II and shall be paid out on the first Distribution Date to the Mortgage Loans in Loan Group I, to the Holders of Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-1AA, 98.00% through rates and allocations of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.interest:
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II II, REMIC III and REMIC III IV shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV.
(b) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to 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-I Certificates, as the case may be:
(1) first, (A) with respect to Mortgage Loans in Group I from Interest Funds, to REMIC I Regular Interest LT1DLT1B, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B LT1A and REMIC I Regular Interest LT1C LT1P 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; andand (B) with respect to Mortgage Loans in Group II to REMIC I Regular Interest LT2, 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;
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1Bfirst, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, and second, to the remainder, Holders of REMIC I Regular Interest LT1B until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II I Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans (other than the Prepayment Charges) and all interest owing in respect of and principal due thereon, the Distribution Account, the Master Servicer Collection Account, the Protected Account Accounts maintained by the Master ServicerCompany and the Servicers, any REO Property and Property, any proceeds of the foregoingforegoing and any other assets subject to this Agreement (other than the Reserve Account and the Yield Maintenance Reserve Fund). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to 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-I Certificates, as the case may be:
(1) first, from Interest Funds, to REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C LT1A 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.Uncertificated
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asst Bk Cert Ser 2002-Ac3)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificate, which is hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificate, the "REMIC I Certificates"). Cash of $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Class R-1 Certificate. Principal shall be paid on the Class I-Q REMIC I Regular Interest until paid in full, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ------- ---- I-NAS $ 61,735,000 (1) I-Q $ 555,613,159.42 (1) R-1 $ 50.00 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-b, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee shall cause on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-Q REMIC II Regular Interest Funds which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-a1, Class II-a2, Class II-m1, Class II-m2, and Principal Funds, Class II-b REMIC II Regular Interests in the following order of prioritysame proportions that the Turbo Amount is allocated among the Class A-1, Class A-2, Class M-1, Class M-2, and Class B Certificates, rxxxxxxxxxxx, xnd will be accrued and added to be distributed by REMIC I to principal on the Class II-Q REMIC II Regular Interest. Principal payments on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed held by REMIC II shall be allocated 0.01% to the Holders of the Class RII-I Certificatesa1, as the case may be:
(1) firstClass II-a2, from Interest FundsClass II-m1, to Class II-m2 and Class II-b REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I II Regular Interests. The remaining 99.99% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, allocated Class II-a2, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge same proportions as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) principal is payable with respect to the Mortgage Loans in Loan Group IClass A-1, to Class A-2, Class M-1, Class M-2 and Class B Certificates, rexxxxxxxxxx. Xxtwithstanding the Holders of REMIC I Regular Interest LT1Babove, its respective proportion (based principal payments on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed that are attributable to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ Excess Overcollateralization Amount shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of Class II-Q REMIC II Regular Interests, allocated as follows:
(a) with respect . Cash of $50 will be deposited into REMIC II and shall be paid out on the first Distribution Date to the Mortgage Loans in Loan Group I, to the Holders of Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-1AA, 98.00% through rates and allocations of such remainder, until the Uncertificated Principal Balance of such Uncertificated interest: Pass- Allocation Corresponding REMIC II Regular Initial Principal Through of Class of Certificates Balance Rate Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group Certificates ------------ ------- ---- -------- ------------ II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
a1 $ 47,227.10 (b2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2(3),(4) A-1 II-AI1, REMIC II Regular Interest LT2a2 $ 6,173.50 (2) (3),(4) A-2 II-AI2, REMIC II Regular Interest LT2m1 $ 3,086.70 (2) (3),(0) X-0 II-AI3, REMIC II Regular Interest LT2m2 $ 2,932.40 (2) (3),(4) M-2 II-AI4, REMIC II Regular Interest LT2b $ 2,315.10 (2) (3),(4) B II-AI5, REMIC II Regular Interest LT2io $ 61,735,000(1) (5) (3) A-1M1, REMIC II Regular Interest LT2IO II-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
Q $ 617,286,374.64 (c2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d3),(4) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e--- R-2 $ 50.00(6) any remaining amount to the Holders of the Class R-II Certificates; and
(iii0%(6) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.--- --- _______________
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) On each Distribution DateREMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of the "REMIC I Regular Interests or withdrawn from Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed to the Holders of (y) the Class R-I CertificatesR-1 Certificate, which is hereby designated as the case may be:
(1) first, from Interest Funds, to single "residual interest" in REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in together with the following order Class R-1 Certificate, the "REMIC I Certificates"). Cash of priority:
(A) $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Holders of Class R-1 Certificate. Principal shall be paid on, and realized losses allocated to, the Class I-Q REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 balance has been reduced to zero, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ------- ---- I-NAS $22,837,000 (1) I-Q $205,535,888.87 (1) R-1 $50.00 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-m3, Class II-b1, Class II-b2, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with respect the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to Realized Losses and held by the Trustee on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans in Loan Group II, first, that is allocable to Uncertificated Accrued Interest payable payments of principal on the Certificates (the “Turbo Amount”) will not be paid directly as principal to the REMIC II Regular Interest LT2Interests, but instead a portion of the interest otherwise payable with respect to the Class II-2AA and Q REMIC II Regular Interest LT2which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-2ZZ up a1, Class II-a2, Class II-m1, Class II-m2, Class II-m3, Class II-b1 and Class II-b2 REMIC II Regular Interests in the same proportions that the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class B-1 and Class B-2 Certificates, respectively, and will be accrued and added to principal on the Class II-Q REMIC II Regular Interest. Principal payments on the REMIC I Regular Interests held by REMIC II shall be allocated 0.01% to the Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-m3, Class II-b1 and Class II-b2 REMIC II Regular Interests. The remaining 99.99% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-m3, Class II-b1 and Class II-b2 REMIC II Regular Interests shall be apportioned among such classes in the same proportions as principal is payable with respect to the Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class B-1 and Class B-2 Certificates, respectively. Notwithstanding the above, principal payments on REMIC II Regular Interests that are attributable to an aggregate amount equal Excess Overcollateralization Amount shall be allocated to the Class II-Q REMIC II Group 2 Interest Loss Allocation AmountRegular Interests. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-a1, 98Class II-a2, Class II-m1, Class II-m2, Class II-m3, Class II-b1, and Class II-b2 REMIC II Regular Interests are each 0.01% of the principal balances of the Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3, Class B-1 and 2%Class B-2 Certificates, respectively; second, to and (ii) the Uncertificated Principal Balances principal balance of the Class II-Q REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up is equal to the principal balance of the Mortgage Loans, less an aggregate amount equal to 0.01% of the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated aggregate Certificate Principal Balances of the Class A-1, Class A-2, Class M-1, Class M-2, Class M-3, Class B-1 and Class B-2 Certificates. Cash of $50 will be deposited into REMIC II Regular Interest LT2-2AA, and shall be paid out on the first Distribution Date to the Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-2B through rates and allocations of interest: Pass- Allocation REMIC II Regular Initial Principal Through of Certificates Balance Rate Interest LT2------------ ------- ---- -------- II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2a1 $ 15,821.60 (2) (3),(4) II-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2a2 $ 3,076.10 (2) (3),(4) II-2AA, REMIC II Regular Interest LT2m1 $ 1,769.90 (2) (3),(4) II-2M2 and REMIC II Regular Interest LT2m2 $ 1,199.00 (2) (3),(4) II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2m3 $ 456.70 (2) (3),(4) II-2AA, REMIC II Regular Interest LT2b1 $ 282.60 (2) (3),(4) II-2M1 and REMIC II Regular Interest LT2b2 $ 231.30 (2) (3),(4) II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2io $ 22,837,000(1) (5) (5) II-2M1 has been reduced to zero.Q $ 228,350,051.67 (2) (3),(4) R-2 $ 50.00(6) 0%(6) --- __________
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Series 2004 1)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) On each Distribution DateREMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of the "REMIC I Regular Interests or withdrawn from Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed to the Holders of (y) the Class R-I CertificatesR-1 Certificate, which is hereby designated as the case may be:
(1) first, from Interest Funds, to single "residual interest" in REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in together with the following order Class R-1 Certificate, the "REMIC I Certificates"). Cash of priority:
(A) $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Holders of Class R-1 Certificate. Principal shall be paid on, and realized losses allocated to, the Class I-Q REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 balance has been reduced to zero, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ------- ---- I-NAS $30,940,000 (1) I-Q $278,462,640.68 (1) R-1 $50.00 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-a5, Class II-m1, Class II-m2, Class II-m3, Class II-b, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with respect the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to Realized Losses and held by the Trustee on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans in Loan Group II, first, that is allocable to Uncertificated Accrued Interest payable payments of principal on the Certificates (the “Turbo Amount”) will not be paid directly as principal to the REMIC II Regular Interest LT2Interests, but instead a portion of the interest otherwise payable with respect to the Class II-2AA and Q REMIC II Regular Interest LT2which equals 0.1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-2ZZ up a1, Class II-a2, Class II-a3, Class II-a4, Class II-a5, Class II-m1, Class II-m2, Class II-m3 and Class II-b1 REMIC II Regular Interests in the same proportions that the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class B Certificates, respectively, and will be accrued and added to principal on the Class II-Q REMIC II Regular Interest. Principal payments on the REMIC I Regular Interests held by REMIC II shall be allocated 0.1% to the Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-a5, Class II-m1, Class II-m2, Class II-m3 and Class II-b REMIC II Regular Interests. The remaining 99.9% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-a5, Class II-m1, Class II-m2, Class II-m3 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the same proportions as principal is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class B Certificates, respectively. Notwithstanding the above, principal payments on REMIC II Regular Interests that are attributable to an aggregate amount equal Excess Overcollateralization Amount shall be allocated to the Class II-Q REMIC II Group 2 Interest Loss Allocation AmountRegular Interests. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-a1, 98Class II-a2, Class II-a3, Class II-a4, Class II-a5, Class II-m1, Class II-m2, Class II-m3 and Class II-b REMIC II Regular Interests are each 0.1% of the principal balances of the Class A-1, Class A-2, Class A-3, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and 2%Class B Certificates, respectively; second, to and (ii) the Uncertificated Principal Balances principal balance of the Class II-Q REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up is equal to the principal balance of the Mortgage Loans, less an aggregate amount equal to 0.1% of the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated aggregate Certificate Principal Balances of the Class A-1, Class A-2, Class A-3, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class B Certificates. Cash of $50 will be deposited into REMIC II Regular Interest LT2-2AA, and shall be paid out on the first Distribution Date to the Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-2B through rates and allocations of interest: Pass- Allocation REMIC II Regular Initial Principal Through of Certificates Balance Rate Interest LT2------------ ------- ---- -------- II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2a1 $ 68,000.00 (2) (3),(4) II-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2a2 $ 99,838.00 (2) (3),(4) II-2AA, REMIC II Regular Interest LT2a3 $ 28,662.00 (2) (3),(4) II-2M2 and REMIC II Regular Interest LT2a4 $ 60,000.00 (2) (3),(4) II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2a5 $ 15,000.00 (2) (3),(4) II-2AA, REMIC II Regular Interest LT2m1 $ 11,293.00 (2) (3),(4) II-2M1 and REMIC II Regular Interest LT2m2 $ 15,006.00 (2) (3),(4) II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2m3 $ 9,282.00 (2) (3),(4) II-2M1 has been reduced to zero.b $ 2,321.00 (2) (3),(4) II-io $ 30,940,000.00(1) (5) (5) II-Q $ 309,093,238.68 (2) (3),(4) R-2 $ 50.00(6) 0%(6) --- __________
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-2)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificate, which is hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificate, the "REMIC I Certificates"). Cash of $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Class R-1 Certificate. Principal shall be paid on the Class I-Q REMIC I Regular Interest until paid in full, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ------- ---- I-NAS $ 27,545,000 (1) I-Q $ 247.909,000 (1) R-1 $ 50.00 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-m1, Class II-m2, Class II-b, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee shall cause on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-Q REMIC II Regular Interest Funds which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-a1, Class II-a2, Class II-m1, Class II-m2, and Principal Funds, Class II-b REMIC II Regular Interests in the following order of prioritysame proportions that the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class M-1, Class M-2, and Class B Certificates, respectively, and will be accrued and added to be distributed by REMIC I to principal on the Class II-Q REMIC II Regular Interest. Principal payments on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed held by REMIC II shall be allocated 0.01% to the Holders of the Class RII-I Certificatesa1, as the case may be:
(1) firstClass II-a2, from Interest FundsClass II-m1, to Class II-m2 and Class II-b REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I II Regular Interests. The remaining 99.99% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, allocated Class II-a2, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge same proportions as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) principal is payable with respect to the Mortgage Loans in Loan Group IClass X-0, to Xxxxx X-0, Class M-1, Class M-2 and Class B Certificates, respectively. Notwithstanding the Holders of REMIC I Regular Interest LT1Babove, its respective proportion (based principal payments on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed that are attributable to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ Excess Overcollateralization Amount shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of Class II-Q REMIC II Regular Interests, allocated as follows:
(a) with respect . Cash of $50 will be deposited into REMIC II and shall be paid out on the first Distribution Date to the Mortgage Loans in Loan Group I, to the Holders of Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-1AA, 98.00% through rates and allocations of such remainder, until the Uncertificated Principal Balance of such Uncertificated interest: Pass- Allocation Corresponding REMIC II Regular Initial Principal Through of Class of Certificates Balance Rate Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group Certificates ------------ ------- ---- -------- ------------ II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
a1 $ 19,029.60 (b2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2(3),(4) A-1 II-AI1, REMIC II Regular Interest LT2a2 $ 4,384.00 (2) (3),(4) X-0 XX-AI2, REMIC II Regular Interest LT2x0 $ 1,652.70 (2) (3),(4) M-1 II-AI3, REMIC II Regular Interest LT2m2 $ 1,515.00 (2) (3),(4) M-2 II-AI4, REMIC II Regular Interest LT2b $ 964.10 (2) (3),(4) B II-AI5, REMIC II Regular Interest LT2io $ 27,545,000.00(1) (5) (3) A-1M1, REMIC II Regular Interest LT2IO II-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
Q $ 275,426,454.60 (c2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d3),(4) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e--- R-2 $ 50.00(6) any remaining amount to the Holders of the Class R-II Certificates; and
(iii0%(6) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.--- ---
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Back Securities Trust 2003-3)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class I-NAS and Class I-Q interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificate, which is hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificate, the "REMIC I Certificates"). Cash of $50 will be deposited into REMIC I and shall be paid out on the first Distribution Date to the Class R-1 Certificate. Principal shall be paid on the Class I-Q REMIC I Regular Interest until paid in full, and then to the Class I-NAS REMIC I Regular Interest. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through Certificates Balance Rate ------------ ----------------- ------- I-NAS $57,000,000 (1) I-Q $465,308,519.35 (1) R-1 $ 50 0%(2)
(1) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2, Class II-b, Class II-io and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee shall cause on behalf of REMIC III. Interest on the REMIC II Regular Interests that corresponds to interest on the Mortgage Loans that is allocable to payments of principal on the Certificates (the “Turbo Amount”) will not be paid directly as principal to the REMIC II Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class II-Q REMIC II Regular Interest Funds which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2, and Principal Funds, Class II-b REMIC II Regular Interests in the following order of prioritysame proportions that the Turbo Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class M-1, Class M-2, and Class B Certificates, respectively, and will be accrued and added to be distributed by REMIC I to principal on the Class II-Q REMIC II Regular Interest. Principal payments on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed held by REMIC II shall be allocated 0.01% to the Holders of the Class RII-I Certificatesa1, as the case may be:
(1) firstClass II-a2, from Interest FundsClass II-a3, to Class II-m1, Class II-m2 and Class II-b REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I II Regular Interests. The remaining 99.99% shall be allocated to Class II-Q REMIC II Regular Interest. The aggregate amount of principal allocated to Class II-a1, allocated Class II-a2, Class II-a3, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge same proportions as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) principal is payable with respect to the Mortgage Loans in Loan Group IClass X-0, to Xxxxx X-0, Class A-3, Class M-1, Class M-2 and Class B Certificates, respectively. Notwithstanding the Holders of REMIC I Regular Interest LT1Babove, its respective proportion (based principal payments on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed that are attributable to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ Excess Overcollateralization Amount shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of Class II-Q REMIC II Regular Interests, allocated as follows:
(a) with respect . Cash of $50 will be deposited into REMIC II and shall be paid out on the first Distribution Date to the Mortgage Loans in Loan Group I, to the Holders of Class R-2 Certificate. The REMIC II Regular Interest LT2Certificates will have the following designations, initial principal balances, pass-1AA, 98.00% through rates and allocations of such remainder, until the Uncertificated Principal Balance of such Uncertificated interest: Pass- Allocation Corresponding REMIC II Regular Initial Principal Through of Class of Certificates Balance Rate Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group Certificates -------------- ----------------- ------- ------------ ------------- II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
a1 $ 20,000.05 (b2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2(3),(4) A-1 II-AI1, REMIC II Regular Interest LT2a2 $ 21,862.80 (2) (3),(4) A-2 II-AI2, REMIC II Regular Interest LT2a3 $ 2,857.90 (2) (3),(4) X-0 XX-AI3, REMIC II Regular Interest LT2x0 $ 2,585.10 (2) (3),(4) M-1 II-AI4, REMIC II Regular Interest LT2m2 $ 2,326.50 (2) (3),(4) M-2 II-AI5, REMIC II Regular Interest LT2b $ 2,068.00 (2) (3),(4) B II-1M1, REMIC II Regular Interest LT2io $ 51,700,000(1) (5) (3) A-1M2 and REMIC II Regular Interest LT2IO II-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
Q $ 516,980,799.80 (c2) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d3),(4) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e--- R-2 $ 50.00(6) any remaining amount to the Holders of the Class R-II Certificates; and
(iii0%(6) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.--- --- ______________
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The assets of REMIC II shall consist of the REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC IIIInterests.
(b) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of will be evidenced by (x) the REMIC I Regular Interests or withdrawn from (designated below), which will be uncertificated and non-transferable and are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed to the Holders of (y) the Class R-I CertificatesCertificate, which is hereby designated as the case may be:single "residual interest" in REMIC I. Distributions shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.1% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Mortgage Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Mortgage Loan Group over (y) the Certificate Principal Balance of the related Senior Certificate Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to the Class ZZZ Certificates. Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.1% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Certificate Principal Balance of the related Senior Certificate Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, the remaining Realized Losses shall be allocated to the Class ZZZ Certificate. Further, cash of $235,424.05 of amounts deposited pursuant to Section 4.04(d) in REMIC I and shall be used on the first Distribution Date to pay principal of such amount to the REMIC I Regular Interests in the same manner as principal payments on the Mortgage Loans are applied to pay principal on the REMIC I Regular Interests. $1,114.13 from amounts deposited pursuant to Section 4.04(a) will be paid as provided in footnote (2) below and Section 5.04(a). The REMIC I Regular Interests and the Class R-I Certificates will have the following designations and pass-through rates: Related Mortgage Pass-Through REMIC I Interest Initial Balance Loan Group Rate ---------------- ------------------ ----------------------- ------------ 1A $ 822.43 Mortgage Loan Group I (4) 1B $ 5,255.06 Mortgage Loan Group I (1) 2A $ 1,818.39 Mortgage Loan Group II (4) 2B $ 12,104.12 Mortgage Loan Group II (2) 3A $ 522.22 Mortgage Loan Group III (4) 3B $ 3,336.83 Mortgage Loan Group III (3) ZZZ $ 207,836,108.34 N/A (4) Class R-I $ 50.00 N/A N/A ____________________
(1) first, from Interest Funds, to REMIC The weighted average of the Net Mortgage Rates of the Group I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; andMortgage Loans.
(2) secondThe weighted average of the Net Mortgage Rates of the Group II Mortgage Loans. However, from Principal Funds, the Pass-Through Rate due on the first Distribution Date will be a fixed rate equal to the Holders weighted average of REMIC I Regular Intereststhe Net Mortgage Rates of the Group II Mortgage Loans (where, allocated in for this purpose, the following order Mortgage Loans will include a hypothetical mortgage loan having a principal balance of priority:$116,378.66 and a net coupon of 5.365% per annum and a hypothetical mortgage loan having a principal balance of $119,045.39 and a net coupon of 4.615%).
(A3) to The weighted average of the Holders Net Mortgage Rates of the Group III Mortgage Loans.
(4) The weighted average of the Net Mortgage Rates of the Mortgage Loans.
(c) REMIC II will be evidenced by (x) the Certificates (other than the Class R-I and Class R-II Certificates) (the "REMIC II Regular Interest LT1PCertificates"), on which are hereby designated as the "regular interests" in REMIC II and have the principal balances and accrue interest at their respective Pass-Through Rates and (y) the Class R-II Certificate, which is hereby designated as the single "residual interest" in REMIC II.
(d) Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date immediately following the expiration maturity date for the Mortgage Loan with the latest maturity date in the Trust as of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 Start-up Day has been distributed pursuant to this clause (A);
(B) with respect to designated as the Mortgage Loans in Loan Group I, to "latest possible maturity date" for the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to and the Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd2)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, I and REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The assets of REMIC II shall consist of the REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC IIIInterests.
(b) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of will be evidenced by (x) the REMIC I Regular Interests or withdrawn from (designated below), which will be uncertificated and non-transferable and are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed to the Holders of (y) the Class R-I CertificatesCertificate, which is hereby designated as the case may be:
(1) first, from Interest Funds, single "residual interest" in REMIC I. Distributions shall be deemed to be made to the REMIC I Regular Interest LT1DInterests first, in an amount equal so as to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until keep the Uncertificated Principal Balance of those each REMIC I Regular Interests are reduced Interest ending with the designation "B" equal to zero;
(C) with respect to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Mortgage Loan Group IIGroup; second, to the Holders of each REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to ending with the Holders of REMIC I Regular Interest LT1A, designation "A," so that the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes Interest is equal to 0.01% of calculating the amount excess of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, (x) the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect Stated Principal Balance of the Mortgage Loans for in the related Mortgage Loan Group over (y) the Certificate Principal Balance of the related Senior Certificate Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to the Class ZZZ Certificates. Realized Losses shall be applied after all distributions have been made on each Distribution Date shall be allocated (i) first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest ending with respect the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, firstthe related Group; second, to Uncertificated Accrued Interest payable to each REMIC II I Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to ending with the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to designation "A," so that the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II I Regular Interest, and Interest is equal to 0.01% of the excess of (iix) with respect to the aggregate Stated Principal Balance of the Mortgage Loans in the related Group over (y) the Certificate Principal Balance of the related Senior Certificate Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, the remaining Realized Losses shall be allocated to the Class ZZZ Certificate. The REMIC I Regular Interests and the Class R-I Certificates will have the following designations and pass-through rates: Related Mortgage REMIC I Interest Initial Balance Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on 1A $ 520.64 Mortgage Loan Group I (5) 1B $ 3,062.74 Mortgage Loan Group I (1) 2A $ 914.68 Mortgage Loan Group II (5) 2B $ 5,380.08 Mortgage Loan Group II (2) 3A $ 1,215.23 Mortgage Loan Group III (5) 3B $ 7,148.33 Mortgage Loan Group III (3) 4A $ 589.27 Mortgage Loan Group IV (5) 4B $ 3,466.37 Mortgage Loan Group IV (4) ZZZ $ 190,552,838.25 N/A (5) Class R-I $ 50.00 N/A N/A
(1) The weighted average of the respective Uncertificated Principal Balance Net Mortgage Rates of each such Uncertificated the Group I Mortgage Loans.
(2) The weighted average of the Net Mortgage Rates of the Group II Mortgage Loans.
(3) The weighted average of the Net Mortgage Rates of the Group III Mortgage Loans.
(4) The weighted average of the Net Mortgage Rates of the Group IV Mortgage Loans.
(5) The weighted average of the Net Mortgage Rates of all of the Mortgage Loans.
(c) REMIC II will be evidenced by (x) the Certificates (other than the Class R-I and Class R-II Certificates) (the "REMIC II Regular Interest.
(d) All Realized Losses on Certificates"), which are hereby designated as the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans "regular interests" in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2and have the principal balances and accrue interest at their respective Pass-1AA Through Rates and (y) the Class R-II Certificate, which is hereby designated as the single "residual interest" in REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd2)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Master Servicer Collection Account, the Distribution Account, the Protected Account maintained by the EMC Master Servicer, any REO Property Property, the BSSP Certificates and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) On each Distribution DateREMIC I will be evidenced by (x) the Class I-m1, Class I-m2, Class I-m3, Class I-Q and Class I-NAS interests (together, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of the "REMIC I Regular Interests or withdrawn from Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed to the Holders of (y) the Class R-I CertificatesR-1 Certificate, which is hereby designated as the case may be:
(1) first, from Interest Funds, to single "residual interest" in REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in together with the following order of priority:
(A) to Class R-1 Certificate, the Holders "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I Regular Interest LT1P, as being issued to and held by the Trustee on the Distribution Date immediately following the expiration behalf of REMIC II.
0.01 of the latest Prepayment Charge as identified principal payments on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to I and the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(C) with respect to the Related BSSP Mortgage Loans in Loan Group II, to the Holders of REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I Certificates. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, in an amount equal paid to (A) the 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 II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 1000.01% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I and the Related BSSP Mortgage Loans will be allocated to) Class I, first -m1; 0.01% of the principal payments on the Mortgage Loans in Loan Group II and the Related BSSP Mortgage Loans will be paid to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) and 0.01% of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan GroupII and the Related BSSP Mortgage Loans will be allocated to) Class I-m2; and 0.01% of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses principal payments on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C Mortgage Loans in Loan Group III and REMIC I Regular Interest LT1D shall the Related BSSP Mortgage Loans will be deemed paid to have been allocated in (and 0.01% of the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group III and the Related BSSP Mortgage Loans will be allocated to) Class I-m3. 99.99% of the principal payments on the Mortgage Loans in Loan Groups I, first, II and III and the BSSP Mortgage Loans will be paid to Uncertificated Accrued Interest payable to (and 99.99% of the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Groups I, II and III and the BSSP Mortgage Loans will be allocated to) Class I-Q and Class I-NAS, sequentially, in that order until each such class is paid in full. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through CERTIFICATES BALANCE RATE I-m1 $ 21,752.22 (1) I-m2 $ 10,272.72 (2) I-m3 $ 3,910.69 (3) I-NAS $ 36,000,000 (4) I-Q $ 323,320,415.36 (4) R-1 $ 50.00 0% (5)
(1) The pass-through rate on this class of REMIC I Regular Interests shall for any Distribution Date equal the weighted average of the Net Mortgage Rates of the Mortgage Loans in Loan Group I and the Related BSSP Mortgage Loans as of the last day of the related Due Period.
(2) The pass-through rate on this class of REMIC I Regular Interests shall for any Distribution Date equal the weighted average of the Net Mortgage Rates of the Mortgage Loans in Loan Group II and the Related BSSP Mortgage Loans as of the last day of the related Due Period.
(3) The pass-through rate on this class of REMIC I Regular Interests shall for any Distribution Date equal the weighted average of the Net Mortgage Rates of the Mortgage Loans in Loan Group III and the Related BSSP Mortgage Loans as of the last day of the related Due Period.
(4) The pass-through rate on this class of REMIC I Regular Interests shall for any Distribution Date equal the weighted average of the Net Mortgage Rates of the Mortgage Loans in Loan Groups I, II and III and the BSSP Mortgage Loans as of the last day of the related Due Period.
(5) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-io, firstClass II-m1, Class II-m2, Class II-m3, Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2, Class II-b and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to Uncertificated Accrued and held by the Trustee on behalf of REMIC III. Interest payable from the REMIC I Regular Interests that corresponds to interest on the Mortgage Loans and the BSSP Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC II Regular Interest LT2Interests, but instead a portion of the interest payable with respect to the Class II-2AA and Q REMIC II Regular Interest LT2which equals 0.01% of the Turbo Amount (and, to the extent 0.01% of the Turbo Amount exceeds the interest payable on the Class II-2ZZ up Q REMIC II Regular Interest, a pro rata portion of the interest payable on the Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests equal to an such excess) will be payable as a reduction of the principal balances of the Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2 and Class II-b REMIC II Regular Interests in the same manner in which the Turbo Amount is allocated among the Class 1-A1, Class 1-A2, Class 2-A, Class 3-A, Class M-1, Class M-2 and Class B Certificates, respectively (and will be accrued and added to principal on the Class II-Q, Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests in the same proportion as interest payable on such REMIC II Regular Interests is used to reduce principal on other REMIC II Regular Interests as just described). Principal payments on the REMIC I Regular Interests held by REMIC II shall be allocated 99.99% to the Class II-Q, Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests, and 0.01% to the Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2, Class II-b REMIC II Regular Interests, until paid in full. The aggregate amount equal of principal allocated to the Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2 and Class II-b REMIC II Group 2 Interest Loss Allocation AmountRegular Interests shall be apportioned among such classes in the same manner as principal is payable with respect to the Class 1-A1, 98% Class 1-A2, Class 2-A, Class 3-A, Class M-1, Class M-2 and 2%Class B Certificates, respectively; . The aggregate amount of principal allocated to the Class II-Q, Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests shall be allocated and apportioned among such REMIC II Regular Interests first, to the Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests the least amount of principal necessary which can be applied to such REMIC II Regular Interests so that the ratio of the principal balance of the Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests to each other equals the respective ratios of the principal balances of the Mortgage Loans in Loan Group I and their Related BSSP Mortgage Loans, Loan Group II and their Related BSSP Mortgage Loans and Loan Group III and their Related BSSP Mortgage Loans to each other (the "Balance Ratio"), and second, to the Uncertificated Class II-Q REMIC II Regular Interests. Notwithstanding the above, principal payments on REMIC I Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-Q, Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests (allocated first to the Class II-Q REMIC II Regular Interests until paid in full, and second to the Class II-m1, Class II-m2 and Class II-m3 REMIC II Regular Interests, apportioned among such Interests such that the Balance Ratio is maintained, until paid in full). The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation REMIC II Initial Principal Balances Through of CERTIFICATES BALANCE RATE INTEREST II-m1 $ 21,752.22 (1) (3),(4) II-m2 $ 10,272.72 (1) (3),(4) II-m3 $ 3,910.69 (1) (3),(4) II-a1 $ 21,000 (2) (3),(4) II-a2 $ 178,033 (2) (3),(4) II-a3 $ 93,995 (2) (3),(4) II-a4 $ 35,783 (2) (3),(4) II-mez1 $ 10,781 (2) (3),(4) II-mez2 $ 10,421 (2) (3),(4) II-b $ 9,343 (2) (3),(4) II-Q $ 358,960,059.36 (2) (3),(4) II-io $ 36,000,000* (5) A-IO R-2 $ 50.00(6) 0%(6) --- --------------- * Notional
(1) The pass-through rate of the Class II-m1 REMIC II Regular Interest LT2shall equal the pass-2AA and through rate on the Class I-m1 REMIC I Regular Interest; the pass-through rate of the Class II-m2 REMIC II Regular Interest LT2shall equal the pass-2ZZ up to an aggregate amount equal to through rate on the Class I-m2 REMIC II Group 2 Principal Loss Allocation Amount, 98% I Regular Interest; and 2%, respectively; third, to the Uncertificated Principal Balances pass-through rate of the Class II-m3 REMIC II Regular Interest LT2shall equal the pass-2AA, through rate on the Class I-m3 REMIC I Regular Interest.
(2) The pass-through rate on this REMIC II Regular Interest LT2shall at any time of determination equal the weighted average of the pass-2B through rates of the Class I-m1, Class I-m2, Class I-m3, Class I-Q and Class I-NAS Interests -- after first subtracting from the pass-through rate of the Class I-NAS Interest 8% (for 12 months), 7% (for the next 12 months), 5% (for the next 6 months) and 4% (for the next 6 months), respectively, or, if less, the weighted average interest rate on the REMIC I Regular Interests at such time.
(3) Except as provided in note (4) below, interest will be allocated among the REMIC III Certificates in the same proportion as interest is payable on such Certificates.
(4) Any interest with respect to this REMIC II Regular Interest LT2-- in excess of the product of (i) 10,000 times the weighted average coupon of the Class II-2ZZm1, 98%Class II-m2, Class II-m3, Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2, Class II-b and Class II-Q Regular Interests, where each of Class II-a1, Class II-a2, Class II-a3, Class II-a4, Class II-mez1, Class II-mez2 and Class II-b is first subject to a cap and floor equal to the Pass-Through Rates of the Class 1% -A1, Class I-A2, Class 2-A, Class 3-A, Class M-1, Class M-2 and 1%Class B Certificates, respectively, until and the Uncertificated Principal Balance Class II-m1, Class II-m2, Class II-m3 and Class II-Q REMIC II Regular Interests are each subject to a cap equal to 0%, and (ii) the principal balance of this REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, will be allocated to the Uncertificated Principal Balances of Class B-IO Certificates. However, the Class B-IO Certificates shall be subordinated to the extent provided in Section 5.04.
(5) The Class II-io REMIC II Regular Interests shall be entitled to 8% stripped from the interest on the Class II-NAS REMIC II Regular Interest LT2for 12 months, 7% stripped from the interest on the Class II-2AA, NAS REMIC II Regular Interest LT2for the next 12 months, 5% stripped from the Class II-2M2 and NAS REMIC II Regular Interest LT2for the next 6 months, and 4% stripped from the Class II-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of NAS REMIC II Regular Interest LT2- 2M2 has been reduced to zero; for the next 6 months, and fifthnothing thereafter, but not greater than the weighted average interest rate on the REMIC I Regular Interests at such times.
(6) On each Distribution Date, amounts, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.Class R-2
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
REMIC Designations and Allocations. (a) The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II II, REMIC III and REMIC III IV shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account maintained by the Master Servicer, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(bi) On each Distribution Date, the Trustee shall cause the Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of will be evidenced by (x) the REMIC I Regular Interests or withdrawn from (designated below), which will be uncertificated and non-transferable and are hereby designated as the Distribution Account "regular interests" in REMIC I and distributed have the principal balances and accrue interest at the Pass-Through Rates equal to the Holders of those set forth in this Section 5.06(b)(i) and (y) the Class R-I CertificatesCertificate, which is hereby designated as the case may be:
(1) first, single "residual interest" in REMIC I. Distributions of principal shall be deemed to be made from Interest Funds, to REMIC I Regular Interest LT1D, 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 and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; and
(2) second, from Principal Funds, to the Holders of REMIC I Regular Interests, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT1P, received on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the related Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1BInterests in any Sub-Loan Group in Loan Group I, its respective proportion (based on its Uncertificated Principal Balance in relation first, so as to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until keep the Uncertificated Principal Balance of those each such REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Loan Group in Loan Group I; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Loan Group in Loan Group I over (y) the Current Principal Amount of the related Group I Senior Certificates in the related Sub-Loan Group in Loan Group I (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any such remaining principal to REMIC I Regular Interest I-ZZZ. Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Principal Balance of each REMIC I Regular Interest in any Sub-Loan Group in Loan Group I ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Loan Group in Loan Group I; second, to each REMIC I Regular Interest in any Sub-Loan Group in Loan Group I ending with the designation "A," so that the Uncertificated Principal Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Sub-Loan Group in Loan Group I over (y) the Current Principal Amount of the related Group I Senior Certificates in the related Sub-Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC II Regular Interest I-ZZZ. Interest from the Mortgage Loans in Loan Group II that is allocable to payments of principal on the Group II Certificates (the "Turbo Amount") will not be paid directly as principal to the REMIC I Regular Interests, but instead a portion of the interest otherwise payable with respect to the Class I-Q REMIC I Regular Interest which equals 0.1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4 and Class II-M-5 REMIC I Regular Interests in the same proportions that the Turbo Amount is allocated among the respective Classes of Certificates with the corresponding designations, and will be accrued and added to principal on the Class II-Q REMIC I Regular Interest. Principal payments on the Mortgage Loans in Loan Group II held by REMIC I shall be allocated 0.1% to the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4 and Class II-M-5 REMIC I Regular Interests. The remaining 99.9% shall be allocated to Class II-Q REMIC I Regular Interest. The aggregate amount of principal allocated to the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4 and Class II-M-5 REMIC I Regular Interests shall be apportioned among such Classes in the same proportions as principal is payable with respect to the respective Classes of Certificates with the corresponding designations. Notwithstanding the above, principal payments on REMIC I Regular Interests that are attributable to an Excess Overcollateralization Amount shall be allocated to the Class II-Q REMIC I Regular Interest. Realized losses shall be applied such that after all distributions have been made on such Distribution Date (i) the principal balances of the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4 and Class II-M-5 REMIC I Regular Interests are reduced each 0.1% of the principal balances of the respective Classes of Certificates with the corresponding designations, and (ii) the principal balance of the Class II-Q REMIC I Regular Interest is equal to zero;
(C) with respect to the principal balance of the Mortgage Loans in Loan Group II, less an amount equal to 0.1% of the Holders aggregate Certificate Principal Balances of REMIC I Regular Interest LT1Cthe Class II-A-1, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4 and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those Class II-M-5 Certificates. The REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of and the Class R-I Certificates. On each Distribution DateCertificate will have the following designations, all amounts representing Prepayment Charges in respect initial balances and pass-through rates:
(1) Sub-Loan Group I-1 I-1B $ 4,510.99
(2) Sub-Loan Group I-1 I-2A $ 527.97
(1) Sub-Loan Group I-2 I-2B $ 3,289.57
(3) Sub-Loan Group I-2 I-3A $ 1,117.18
(1) Sub-Loan Group I-3 I-3B $ 6,960.98
(4) Sub-Loan Group I-3 I-ZZZ $ 147,598,281.47
(1) N/A Allocation of Interest II-A-1 $ 137,696.00 (5) (6),(7) II-A-2 $ 34,424.00 (5) (6),(7) II-M-1 $ 4,776.00 (5) (6),(7) II-M-2 $ 4,471.00 (5) (6),(7) II-M-3 $ 7,418.00 (5) (6),(7) II-M-4 $ 5,284.00 (5) (6),(7) 104 II-M-5 $ 2,032.00 (5) (6),(7) II-Q $ 203,025,523.00 (5) (6),(7) I-P N/A N/A (8) Group I II-P N/A N/A (9) Group II Class R-I $0 N/A N/A
(1) The weighted average of the Net Rates of the Mortgage Loans received during (as of the second preceding Due Date) as adjusted (to the extent applicable) to an effective rate reflecting the accrual of interest on an actual/360 basis, weighted on the basis of the respective Stated Principal Balance of each such Mortgage Loan as of the beginning of the Due Period immediately preceding the related Prepayment Distribution Date.
(2) The weighted average of the Net Rates of the Sub-Loan Group I-1 Mortgage Loans (as of the second preceding Due Date) as adjusted (to the extent applicable) to an effective rate reflecting the accrual of interest on an actual/360 basis, weighted on the basis of the respective Stated Principal Balance of each such Mortgage Loan as of the beginning of the Due Period and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during immediately preceding the related Prepayment Period will be distributed by REMIC I Distribution Date.
(3) The weighted average of the Net Rates of the Sub-Loan Group I-2 Mortgage Loans (as of the second preceding Due Date) as adjusted (to the Holders extent applicable) to an effective rate reflecting the accrual of REMIC I Regular Interest LT1P. The payment interest on an actual/360 basis, weighted on the basis of the foregoing amounts respective Stated Principal Balance of each such Mortgage Loan as of the beginning of the Due Period immediately preceding the related Distribution Date.
(4) The weighted average of the Net Rates of the Sub-Loan Group I-3 Mortgage Loans (as of the second preceding Due Date) as adjusted (to the Holders extent applicable) to an effective rate reflecting the accrual of REMIC I Regular Interest LT1P shall not reduce interest on an actual/360 basis, weighted on the Uncertificated basis of the respective Stated Principal Balance thereof. On of each such Mortgage Loan as of the beginning of the Due Period immediately preceding the related Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account .
(5) The weighted average of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Net Mortgage Rates of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group III (as of the second preceding Due Date), to weighted on the Holders basis of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated respective Stated Principal Balance of each such Uncertificated REMIC II Regular Interest is reduced to zeroMortgage Loan as of the beginning of the Due Period immediately preceding the related Distribution Date.
(6) Except as provided in note (7) below, and interest with respect to the Mortgage Loans in Loan Group II, to the Holders of this REMIC II I Regular Interest LT2will be allocated among the Class II-2AAA-1 Class II-A-2, 98.00% of such remainderClass II-M-1, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group IClass II-M-2, to the Holders of REMIC II Regular Interest LT2Class II-AI1M-3, REMIC II Regular Interest LT2Class II-AI2M-4, REMIC II Regular Interest LT2and Class II-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, M-5 Certificates in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and interest is payable with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding those Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;.
(c7) Any interest with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
-- in excess of the product of (ci) For purposes 1,000 times the weighted average coupon of calculating the amount Class II-A-1 Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class II-M-5 and Class II-Q REMIC I Regular Interests, where each of Uncertificated Accrued Interest for the Uncertificated Class II-A-1 Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, and Class II-M-5 REMIC I Regular Interests for any Distribution Date, is first subject to a cap and floor equal to the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application Pass-Through Rates of the Relief Act incurred in respect of Class II-A-1 Class II-A-2, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, and Class II-M-5 Certificates, respectively, and the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to Class II-Q REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation is subject to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount a cap equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 20%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect the principal balance of this REMIC I Regular Interest, will be allocated to the Mortgage Loans in Loan Group IIClass B-IO Certificates. In addition, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2AInitial Overcollateralization Amount shall be allocated to the Class B-IO, REMIC II Regular Interest LT2IO Certificates on the first Distribution Date. The Class B-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and IO Certificates shall be subordinated to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interestprovided in Section 6.01.
(d) All Realized Losses on the Mortgage Loans shall 8) This interest will not bear any interest, but will be allocated by the Trustee on each Distribution Date as follows: with respect entitled to Realized Losses receive 100% of any prepayment charges on the Mortgage Loans in Loan Group II serviced by EMC Mortgage Corporation, first to REMIC I Regular Interest LT1Bthe extent not retained by EMC Mortgage Corporation as servicer in accordance with the terms of the Servicing Agreement. This interest will not represent an interest in any REMIC; it will instead represent an interest in the Trust constituted by this Agreement to receive such prepayment charges.
(9) This interest will not bear any interest, its respective proportion (based on its Uncertificated Principal Balance in relation but will be entitled to such Loan Group) receive 100% of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses any prepayment charges on the Mortgage Loans in Loan Group IIII serviced by EMC Mortgage Corporation, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance the extent not retained by EMC Mortgage Corporation as servicer in relation accordance with the terms of the Servicing Agreement. This interest will not represent an interest in any REMIC; it will instead represent an interest in the Trust constituted by this Agreement to receive such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zeroprepayment charges.
(eii) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall II will be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to evidenced by (x) the REMIC II Regular Interest LT2Interests (designated below), which will be uncertificated and non-1AA transferable and are hereby designated as the "regular interests" in REMIC II and have the principal balances and accrue interest at the Pass-Through Rates equal to those set forth in this Section 5.06(b)(ii) and (y) the Class R-II Certificate, which is hereby designated as the single "residual interest" in REMIC II. The REMIC II Regular Interest LT2Interests and the Class R-1ZZ up to an aggregate amount equal to II Certificate will have the REMIC II Group 1 Interest Loss Allocation Amountfollowing designations, 98% initial balances and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2pass-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.through rates:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2007-Sd2)
REMIC Designations and Allocations. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of the Mortgage Loans and principal due thereon, the Distribution Account, the Protected Account maintained by the Master ServicerAccounts, any REO Property Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) REMIC I will be evidenced by (x) the Class I-Q and Class I-NAS interests (together, the "REMIC I Regular Interests"), which (i) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificate, which is hereby designated as the single "residual interest" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificate, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of REMIC I as being issued to and held by the Trustee on behalf of REMIC II. Principal payments on the Mortgage Loans and Realized Losses on the Mortgage Loans will be allocated first to the Class I-Q Interests and then to the Class I-NAS Interests until the principal balance of each such class is reduced to zero. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates: Pass- REMIC I Initial Principal Through CERTIFICATES BALANCE RATE I-NAS $ 18,193,000 (1) I-Q $163,741,777 (1) R-1 $ 50.00 0%(2)
(1) The pass-through rate on this class of REMIC I Regular Interests shall for any Distribution Date equal the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the last day of the related Due Period.
(2) On each Distribution Date, amounts, if any, remaining in REMIC I after payments of interest and principal, as designated above, will be distributed to the Class R-1 Certificate.
(c) REMIC II will be evidenced by (x) the Class II-io, Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2, Class II-b and Class II-Q (the "REMIC II Regular Interests"), which are hereby designated as the "regular interests" in REMIC II and will be uncertificated and non-transferable and (y) the Class R-2 Certificate, which is hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-2 Certificate, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee shall cause the on behalf of REMIC III. Interest Funds and Principal Funds, in the following order of priority, to be distributed by REMIC I to REMIC II on account of from the REMIC I Regular Interests or withdrawn from that corresponds to interest on the Distribution Account and distributed Mortgage Loans that is allocable to payments of principal on the Certificates (the "Turbo Amount") will not be paid directly as principal to the Holders REMIC II Regular Interests, but instead a portion of the interest payable with respect to the Class II-Q REMIC II Regular Interest which equals 0.01% of the Turbo Amount will be payable as a reduction of the principal balances of the Class RII-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests in the same manner in which the Turbo Amount is allocated among the Class A-1, Class A-2, Class A-3, Class M-1, Class M-2 and Class B Certifixxxxx, xxxxxxxively (and will be accrued and added to principal on the Class II-Q REMIC II Regular Interests. Principal payments on the REMIC I Regular Interests held by REMIC II shall be allocated 99.99% to the Class II-Q REMIC II Regular Interests, and 0.01% to the Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests, until paid in full. The aggregate amount of principal allocated to the Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests shall be apportioned among such classes in the same manner as principal (other than the Turbo Amount) is payable with respect to the Class A-1, Class A-2, Class A-3, Class M-1, Class M-2 and Class B Certifixxxxx, xxxxxxxively. Notwithstanding the above, principal payments on REMIC I Regular Interests that are attributable to the Excess Overcollateralization Amount shall be allocated to the Class II-Q REMIC II Regular Interests until paid in full. Realized Losses shall be applied such that after all distributions have been made on such Distribution Date (i) the Principal Balances of the Class II-a1, Class II-a2, Class II-a3, Class II-m1, Class II-m2 and Class II-b REMIC II Regular Interests are each .01% of the Principal Balances of the Class A-1, Class A-2, Class A-3, Class M-1, Class M-2 and Class B Certificates, as respxxxxxxxx; xxx (ii) the case may be:remainder to the Class II-Q REMIC II Regular Interest. The REMIC II Certificates will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation REMIC II Initial Principal Through of CERTIFICATES BALANCE RATE INTEREST ------------ ------- ---- -------- II-a1 $7,050.00 (1) (2)(3) II-a2 $7,783.10 (1) (2)(3) II-a3 $1,000.00 (1) (2)(3) II-m1 $1,046.10 (1) (2)(3) II-m2 $591.30 (1) (2)(3) II-b $272.90 (1) (2)(3) II-Q $181,916,583.60 (1) (2)(3) II-io N/A (4) A-IO R-2 $50.00(5) 0%(5) --- --------------- * Notional
(1) firstThe pass-through rate on this REMIC II Regular Interest shall at any time of determination equal the weighted average of the pass-through rates of the Class II-Q and Class I-NAS Interests -- after first subtracting from the pass-through rate of the Class I-NAS Interest for the first 30 months, from Interest Funds, to the lesser of (i) 8% and (ii) the weighted average interest rate on the REMIC I Regular Interest LT1DInterests at such time, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Dateand after 30 months, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B and REMIC I Regular Interest LT1C 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; andno subtraction.
(2) secondExcept as provided in note (3) below, from Principal Fundsinterest will be allocated among the REMIC III Certificates in the same proportion as interest is payable on such REMIC III Certificates.
(3) Any interest with respect to this REMIC II Regular Interest in excess of the product of:
(i) 10,000 times the weighted average coupon of the Class II-a1, to the Holders of REMIC I Class II-a2, Class II-a3, Class II-m1, Class II-m2, Class II-b and Class II-Q Regular Interests, allocated in where each of Class II-a1, Class II-a2, Class II-a3 and Class II-m1, Class II-m2 and Class II-b is first subject to a cap and floor equal to the following order Pass-Through Rates of priority:the Class A-1, Class A-2, Class A-3, Class M-1, Class M-2 and Class B Certificates, xxxxxxxxxxxx, and the Class II-Q REMIC II Regular Interest is subject to a cap equal to 0%, and
(Aii) the principal balance of this REMIC II Regular Interest, will be allocated to the Holders of Class B-IO Certificates. However, the Class B-IO Certificates shall be subordinated to the extent provided in Section 5.04.
(4) The Class II-io REMIC I II Regular Interest LT1Pshall be entitled to 8%, but not greater than the weighted average interest rate on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause (A);
(B) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;at such times, stripped from the interest on the Class I-NAS REMIC II Regular Interest for 30 months and nothing thereafter.
(C5) On each Distribution Date, amounts, if any, remaining in REMIC II after payments of interest and principal, as designated above, will be distributed to the Class R-2 Certificate.
(d) The Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class B, Class A-IO and Class X-XX Xxxxxxxxates, are hereby designated as "regular interests" with respect to REMIC III (the Mortgage Loans in Loan Group II, to the Holders of "REMIC I III Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan GroupInterests") of such amount and to the Holders of REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance of those REMIC I Regular Interests are reduced to zero;
(D) to the Holders of REMIC I Regular Interest LT1D, until the Uncertificated Principal Balance of REMIC I Regular Interest LT1D is reduced to zero; and
(E) any remaining amount to the Holders of the Class R-I CertificatesR-3 Certificate is hereby designated as the single "residual interest" with respect to REMIC III. On each Distribution Date, all amounts representing Prepayment Charges amounts, if any, remaining in respect REMIC III after payments of the Mortgage Loans received during the related Prepayment Period interest and any Master Servicer Prepayment Charge Payment Amounts paid by the Master Servicer during the related Prepayment Period will principal as designated herein shall be distributed by REMIC I to the Holders of REMIC I Regular Interest LT1P. Class R-3 Certificate. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC II to REMIC III on account terms of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, from Interest Funds, to the Holders of REMIC II Regular Interest A- IO, 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 and then to Holders of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B, REMIC II Regular Interest LT2-1ZZ, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B, REMIC II Regular Interest LT2-2ZZ and REMIC II Regular Interest LT2P, 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 II Regular Interest LT2-1ZZ and REMIC II Regular Interest LT2-2ZZ shall be reduced when the sum of the REMIC II Group 1 Overcollateralized Amount and REMIC II Group 2 Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2- AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2- 1B, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, from Principal Funds to the Holders of REMIC II Regular Interests, allocated as follows:
(a) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II III Regular Interests are reduced to zero; and with respect to the Mortgage Loans set out in Loan Group II, to the Holders of REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2B, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero;
(c) with respect to the Mortgage Loans in Loan Group I, to the Holders of REMIC II Regular Interest LT2-1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and with respect to the Mortgage Loans in Loan Group II, to the Holders of REMIC II Regular Interest LT2-2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and
(d) to the Holders of REMIC II Regular Interest LT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest LT2P, 100% of the amount paid in respect of Prepayment Charges and Master Servicer Prepayment Charge Payment Amounts on REMIC I Regular Interest LT1P.
(c) For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC I Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated first: with respect to any Mortgage Loans in Loan Group I, to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder, and with respect to any Group II Loan, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such shortfall and to REMIC I Regular Interest LT1A, the remainder and second to REMIC I REMIC I Regular Interest LT1D, in each case to the extent of one month's interest at the then applicable respective Uncertificated REMIC I Pass- Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC I Regular Interest. For purposes of calculating the amount of Uncertificated Accrued Interest for the Uncertificated REMIC II Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls and shortfalls resulting from application of the Relief Act incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated (i) with respect to the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-AI1, REMIC II Regular Interest LT2-AI2, REMIC II Regular Interest LT2-AI3, REMIC II Regular Interest LT2-AI4, REMIC II Regular Interest LT2-AI5, REMIC II Regular Interest LT2-1M1, REMIC II Regular Interest LT2-1M2, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular Interest, and (ii) with respect to the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC II Regular Interest LT2A-IO, REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-AII, REMIC II Regular Interest LT2-2M1, REMIC II Regular Interest LT2-2M2, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, PRO RATA based on, and to the extent of, one month's interest at the then applicable respective Uncertificated REMIC II Pass-Through Rate on the respective Uncertificated Principal Balance of each such Uncertificated REMIC II Regular InterestSection 6.01.
(d) All Realized Losses on the Mortgage Loans shall be allocated by the Trustee on each Distribution Date as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first to REMIC I Regular Interest LT1B, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, to REMIC I Regular Interest LT1C, its respective proportion (based on its Uncertificated Principal Balance in relation to such Loan Group) of such Realized Loss and to REMIC I Regular Interest LT1A, the remainder, until the Uncertificated Principal Balance has been reduced to zero and second to REMIC I Regular Interest LT1D until the Uncertificated Principal Balance has been reduced to zero.
(e) All Realized Losses on the REMIC I Regular Interest LT1A, REMIC I Regular Interest LT1B, REMIC I Regular Interest LT1C and REMIC I Regular Interest LT1D shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Mortgage Loans in Loan Group I, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2- 1AA and REMIC II Regular Interest LT2-1ZZ up to an aggregate amount equal to the REMIC II Group 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1B and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M2 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-1AA, REMIC II Regular Interest LT2-1M1 and REMIC II Regular Interest LT2-1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-1M1 has been reduced to zero, and with respect to Realized Losses on the Mortgage Loans in Loan Group II, first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA and REMIC II Regular Interest LT2-2ZZ up to an aggregate amount equal to the REMIC II Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2B and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2B has been reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M2 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2- 2M2 has been reduced to zero; and fifth, to the Uncertificated Principal Balances of REMIC II Regular Interest LT2-2AA, REMIC II Regular Interest LT2-2M1 and REMIC II Regular Interest LT2-2ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC II Regular Interest LT2-2M1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
