REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII. (1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be: (i) to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; (ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and (iii) any remaining amount to the Holders of the Class I-R-1 Certificates. (2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests. (3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be: (i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; (ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and (iii) any remaining amount to the Holders of the Class II-R-1 Certificates. (4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests. (1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be: (i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; (ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount; (iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows: (A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; (B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and (C) any remaining amount to the Holders of the Class I-R-2 Certificates. (2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests. (3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be: (i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; (ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount; (iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows: (A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; (B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and (C) any remaining amount to the Holders of the Class I-R-2 Certificates. (4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (SACO I Trust 2006-5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII I and REMIC VIII II 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Pre-Funding Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementCoverage Account). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4, in an aggregate amount equal to 1% of of, and in the same proportion as as, principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iSections 6.04(a)(3)(C) and (iiE) above, allocated as follows:
(A) 98% of on such remainder date shall be deemed distributed to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, C Certificates in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7), Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of Account, the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class C Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to
(A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distribution made pursuant to clause (i) above, to REMIC I Regular Interests I-1-A through I-45-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class R-1 Certificates.
(2) On each Distribution Date, the following amounts with respect to Loan Group II, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1II-1-A through I-45II-45-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(23) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(31) On each Distribution Date, the Interest Funds following amounts with respect to all Loan Group II and the Group II Principal Funds shall be distributedGroups, in the following order of priority, shall 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 II-R-1 R-2 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rataInterest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the REMIC II Marker Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related to Loan Group I clause (2)(ii) of the definitions thereof, remaining after the distributions distribution pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest IInterests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distribution pursuant to clause (i), to the holders of REMIC III Group I II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, pro rata, 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;
(iv) to the holders of REMIC II Regular Interests (other than REMIC III II Regular Interest IInterests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO) in an amount equal to the REMIC II Marker Allocation Percentage of the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.; and
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(iv) to the holders of REMIC III II Regular Interest II1-IOSub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser Sub WAC Allocation Percentage of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated first, so as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until keep the Uncertificated Principal Balance of such each REMIC III II Regular Interest is reduced ending with the designation “Grp” equal to zero;
(B) 20.01% of such remainder, first, to the holders aggregate Stated Principal Balance of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and Mortgage Loans in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zerorelated Loan Group; and second, to the holders of each REMIC III II Regular Interest II-ZZending with the designation “Sub”, until so that the Uncertificated Principal Balance of each such REMIC III II Regular Interest is reduced equal to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 1000.01% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.excess of
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII I and REMIC VIII II 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, Interest in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3, REMIC II Regular Interest B-4 and REMIC I Regular Interest B-5 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3, REMIC I Regular Interest B-4 and REMIC I Regular Interest B-5 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iSections 5.04(a)(3)(C) and (iiF) above, allocated as follows:
(A) 98% of on such remainder date shall be deemed distributed from to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B C Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Saco I Trust, 2005-Wm1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII VII, REMIC VIII, REMIC IX and REMIC VIII X 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group I Mortgage LoansI, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerI, any REO Property related to the Loan Group I Mortgage LoansI, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account, the Group I Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group II Mortgage LoansII, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerII, any REO Property related to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C CE Interest shall constitute the assets of REMIC V. The Class I-IO P Interest shall constitute the assets of REMIC VI. The Class III-C IO Interest shall constitute the assets of REMIC VII. The Class II-CE Interest shall constitute the assets of REMIC VIII. The Class II-P Interest shall constitute the assets of REMIC IX. The Class II-IO Interest shall constitute the assets of REMIC VIII.X.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Group I Regular Interests and the REMIC I Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) (A) from Interest Funds and Principal Funds for Subgroup I-1, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC I Regular Interests I-1-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Group I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Aq1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Aq1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII II and REMIC VIII 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 in Loan Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group I Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group I Mortgage Loans maintained by the Securities Administrator, the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Net WAC Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The assets of REMIC II shall include the Mortgage Loans in Loan Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans (other than any Prepayment Charge Waiver Amounts) subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and the REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) first, to the holders of each of the REMIC I Regular Interests I-1Interest AA, each REMIC I Regular Interest for which a Class I-A through I-45A, Class I-BM or Class I-B Certificate is a Corresponding Certificate and REMIC I Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will shall be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the a Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) second, to the holders of REMIC III Group I Regular Interests (other than REMIC III I Regular Interest I-IO) P), in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;; and
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the a Corresponding Certificate, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) third, any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on Loan Group I shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest I-P. On the Distribution Date in February 2011, $100 shall be deemed distributed in respect of REMIC I Regular Interest I-P in reduction of the REMIC III Group I Regular InterestsUncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Group II Available Funds with respect to for Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III II to REMIC IV III on account of the related REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 II-1R-1 Certificates, as the case may be:
(i) to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-ZZZ, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-ZZZ, REMIC III Regular Interest I-X and REMIC III Regular Interest II-IOX, in pro rata, an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan remainder of the Group II remaining Available Funds for such Distribution Date after the distributions made pursuant to clause (i)) above, to the holders of each Class II-1R-1 Certificates and REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO)II-1R-2, pro rata, as principal, in an amount equal to (A) reduction of the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference Certificate Principal Balance and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance, as applicable, thereof, until the Certificate Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amountand Uncertificated Principal Balance, as applicable, thereof have been reduced to zero;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% first, to each of REMIC II Regular Interest 1-Sub and REMIC II Regular Interest 2-Sub, the portion of such remainder to from the holders of REMIC III Regular Interest II-AArelated Loan Group, until so that the Uncertificated Principal Balance of each such REMIC III II Regular Interest is reduced equal to zero;0.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (other than the principal balance attributable to the Class II-1PO Certificates and Class II-2PO Certificates) over (y) the aggregate Certificate Principal Balance of the related Group II Senior Certificates (other than the Class II-1PO Certificates and Class II-2PO Certificates) (except that if any such excess is a larger number than in the preceding distribution period, the least amount of funds shall be distributed to REMIC II Regular Interests 1-Sub and 2-Sub such that the REMIC II Subordinated Balance Ratio is maintained with respect to such REMIC II Regular Interests); and
(B) 2% of such remaindersecond, first, any remaining funds from each Loan Group to the holders of each related REMIC III II Regular Interest for which ending with the designation “ZZZ” (provided that a portion of the remaining funds equal to the Class II-A, Class II-M II-1PO Certificate Principal Distribution Amount or Class II-B II-2PO Certificate is the Corresponding CertificatePrincipal Distribution Amount, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated applicable, attributable to the Corresponding Certificates for each such related Discount Mortgage Loans shall be distributed to REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest III-ZZ, until the Uncertificated Principal Balance of such PO and REMIC III II Regular Interest is reduced to zeroI-PO, respectively); and
(C) any remaining amount amount, to the Holders of the Class I-R-2 II-1R-1 Certificates.
(4e) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on Loan Group II-1 shall be deemed distributed on the in respect of REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest III-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC II Regular Interest I-P. On the Distribution Date in February 2011, $100 shall be deemed distributed in respect of REMIC II Regular Interest I-P in reduction of the Uncertificated Principal Balance thereof. On each Distribution Date, all amounts representing Prepayment Charges on Loan Group II-2 shall be deemed distributed in respect of REMIC III Group II Regular InterestsInterest II-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest II-P. On the Distribution Date in February 2011, $100 shall be deemed distributed in respect of REMIC II Regular Interest II-P in reduction of the Uncertificated Principal Balance thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 in Loan Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Yield Maintenance Agreements and the Net WAC Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II III shall include the Mortgage Loans in Loan Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group II Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest REMIC II Regular Interests and the REMIC IV Regular Interests shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) first, to the holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC I Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, REMIC I Regular Interest I-A-3, REMIC I Regular Interest I-A-4, REMIC I Regular Interest I-M-1, REMIC I Regular Interest I-M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3, REMIC I Regular Interest I-B-4 and REMIC I Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.of
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1i) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-8-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(iii) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-8-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(iiiii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interests I-1Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular interests I-8-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Aq2), Pooling and Servicing Agreement (Asset-Backed Certificates, Series 2005-He11)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansProtected Account, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerClass P Certificate Account, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II Regular Interests II. The Class C Interest shall constitute the assets of REMIC III. The REMIC III Regular Interests Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, Interest in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2) On each Distribution Date, 100% of the amounts representing Prepayment Charges on the Mortgage loans shall be deemed distributed on the to REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC III Group I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iC), (D) and (iiF) above, allocated as follows:
(Aof Section 5.04(a)(3) 98% of on such remainder date shall be deemed distributed from REMIC II to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount distributable to the Class C Interest.
(4d) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Interests shall be distributed, pro rata, to the holders REMIC IV in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsClass P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-Wm3)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1i) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-8-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(iii) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-8-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(iiiii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interests I-1Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular interests I-8-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ec1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-8-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-8-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests I-1I-8-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, the following amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II I to REMIC III II on account of the REMIC II I Regular Interest II-Non-Swap and REMIC I Regular Interests II-8-A through II-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) to the holders of REMIC I Regular Interest II-Non-Swap and each of the REMIC II I Regular Interests II-1II-8-A through II-45II-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC II I Regular Interest II-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests II-1II-8-A through II-45II-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II I Regular Interest is reduced to zero; , provided that, for REMIC I Group II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II I Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(43) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC II I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall be distributed by REMIC III II to REMIC IV III on account of the REMIC III Group I II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III II Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the REMIC II Marker Allocation Percentage of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest IInterests IO, 1-IOSub, 1-Grp, 2-Sub, 2-Grp, XX and P), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds remaining after the distribution pursuant to clause (i), to the holders of REMIC III Group I II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, pro rata, 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;
(iv) to the holders of REMIC II Regular Interests (other than REMIC III II Regular Interest IInterests IO, 1-IOSub, 1-Grp, 2-Sub, 2-Grp, XX and P) in an amount equal to the REMIC II Marker Allocation Percentage of the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.;
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(iv) to the holders of REMIC III II Regular Interest II1-IOSub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser Sub WAC Allocation Percentage of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated first, so as follows:to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation “Sub,” 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 Loan Group over (y) the current aggregate Certificate Principal Balance of the Class A Certificates related to such Loan 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 II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining amount to REMIC II Regular Interest XX; and
(Avi) 98% of such remainder to the holders of REMIC III II Regular Interest II-AAP, until 100% of the Uncertificated Principal Balance of such amounts deemed distributed on REMIC III I Regular Interest is reduced to zero;P.
(Bd) 2% of such remainderOn each Distribution Date, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of the amounts distributed pursuant to Sections 5.04(a)(4)(C), (D) and in the same proportion as principal payments are allocated to the Corresponding Certificates for each (G) on such date shall be deemed distributed from REMIC III Regular Interest, until the Uncertificated Principal Balances of such to REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders IV in respect of the Class I-R-2 CertificatesCE Distribution Amount distributable to the Class CE Interest.
(4e) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC II Regular Interests Interest P shall be distributeddeemed distributed by REMIC III to REMIC V in respect of the Class P Interest.
(f) On each Distribution Date, pro rata, 100% of the amounts deemed distributed on REMIC II Regular Interest IO shall be deemed distributed by REMIC III to REMIC VI in respect of the Class IO Interest. Such amounts shall be deemed distributed by REMIC VI to the holders of Swap Administrator for deposit into the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsSwap Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He12)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class IR-R-1 I Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A-1, REMIC I Regular Interest II-A-2, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A-1, REMIC I Regular Interest II-A-2, REMIC I Regular Interest III-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5 and REMIC I Regular Interest M-6, in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B, REMIC I Regular Interest 3A, REMIC I Regular Interest 3B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest II-IO) Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest II-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A-1, REMIC I Regular Interest II-A-2, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5 and REMIC I Regular Interest M-6, 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest II-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class IR-R-2 I Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(4iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each 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 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 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 REMIC I Regular Interest XX.
(c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the REMIC II Regular Interests Class P Interest shall be distributed, pro rata, to the holders deemed distributed in respect of the REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(5)(C), (E) and (F) on such date shall be deemed distributed from REMIC II to REMIC III Group in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Intereststo REMIC IV in respect of the Class P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Certificates Series 2004-He1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the related Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the related Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any related REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts Fund and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II IV shall include the Group II Mortgage Loans HELOCs and all interest owing in respect of and principal due thereon, the portion of the assets in the related Distribution Account related to the Group II Mortgage LoansAccount, the portion of the assets in the related Master Servicer Collection Account related to the Group II Mortgage LoansAccount, the portion of the assets in the related Protected Accounts related to the Group II Mortgage Loans Account maintained by the Company and the related Servicer, any related REO Property related to the Group II Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts Fund and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests and the REMIC IV Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC I Regular Interests Interest I-1-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests interests I-1-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III II Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I Remittance Amount remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I REMIC II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class REMIC II Regular Interest I-M or Class M-1, REMIC II Regular Interest I-B Certificate is the Corresponding Certificate M-2, REMIC II Regular Interest I-M-3, REMIC II Regular Interest I-M-4, REMIC II Regular Interest I-M-5, REMIC II Regular Interest I-B-1, REMIC II Regular Interest I-B-2, REMIC II Regular Interest I-B-3 and REMIC II Regular Interest I-B-4 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I Remittance Amount and the Group I Principal Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class REMIC II Regular Interest I-M or Class M-1, REMIC II Regular Interest I-B Certificate is the Corresponding CertificateM-2, REMIC II Regular Interest I-M-3, REMIC II Regular Interest I-M-4, REMIC II Regular Interest I-M-5, REMIC II Regular Interest I-B-1, REMIC II Regular Interest I-B-2, REMIC II Regular Interest I-B-3 and REMIC II Regular Interest I-B-4 in an aggregate amount equal to 1% of such remainder and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII VII, REMIC VIII, REMIC IX and REMIC VIII X 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group I Mortgage LoansI, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerI, any REO Property related to the Loan Group I Mortgage LoansI, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account, the Group I Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group II Mortgage LoansII, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerII, any REO Property related to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C CE Interest shall constitute the assets of REMIC V. The Class I-IO P Interest shall constitute the assets of REMIC VI. The Class III-C IO Interest shall constitute the assets of REMIC VII. The Class II-CE Interest shall constitute the assets of REMIC VIII. The Class II-P Interest shall constitute the assets of REMIC IX. The Class II-IO Interest shall constitute the assets of REMIC VIII.X.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests I-1-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45I-60-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated on a pro rata basis between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC I Regular InterestsInterest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term relating to the Group I Mortgage Loans as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(3) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests, the REMIC II Group II Regular Interests and the REMIC II Group III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) (A) from Interest Funds and Principal Funds for Subgroup II-1, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1I-1-A through II-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Group I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII II and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerServicers, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Yield Maintenace Agreement, the Net WAC Reserve Fund, the Class A-1/A-2 Net WAC Reserve Account, the Class A-3/A-4 Net WAC Reserve Account and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and 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. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests (other than REMIC I Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) first, to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest AA, REMIC I Regular Interest A-1, REMIC I Regular Interest A-3, REMIC I Regular Interest A-5, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3, REMIC I Regular Interest B-4 and REMIC I Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, Target Amount by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will shall be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-3, REMIC I Regular Interest A-5, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestInterests, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) second, to the holders of REMIC III Group I Regular Interests (other than REMIC III I Regular Interest I-IO) P), in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest A-3, REMIC I Regular Interest A-5, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates Interests for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; , and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on the Mortgage Loans shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date in August 2010, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the REMIC III Group I Regular InterestsUncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedAvailable Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III II to REMIC IV III on account of the REMIC III Group II Regular Interests (other than REMIC II Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of the REMIC III II Regular Interests (other than REMIC II Regular Interest II-IOP), in an amount equal the same manner and priority as paid to the Corresponding Certificates,
(A) the Uncertificated Accrued Interest for such (or, in the case of REMIC III II Regular Interest C, the REMIC II Regular Interest C Distribution Amount) for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;; and
(ii) to the extent holders of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest Interests (other than REMIC III II Regular Interest II-IOP), pro rata, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (Ai) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and any remaining amount to the Holders of the Class R-2 Certificates.
(e) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class P Certificates shall be deemed distributed in respect of REMIC II Regular Interest P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest P. On the Distribution Date in August 2010, $100 shall be deemed distributed in respect of REMIC II Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(f) On each Distribution Date, (1) (i) the Uncertificated Accrued Interest for such REMIC III each of the Regular Interest Interests the ownership of which is represented by the Class A-1, Class A-2 and Class A-3 Certificates that has accrued for such Distribution DateDate at the related Uncertificated REMIC III Pass-Through Rate on the related Uncertificated Principal Balance thereof, plus (Bii) the Uncertificated Accrued Interest for the Regular Interest the ownership of which is represented by the Class A-4 Certificates that has accrued for such Distribution Date at the related Uncertificated REMIC III Pass-Through Rate on the Uncertificated Notional Amount thereof, and (iii) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest , shall be deemed distributed in respect of REMIC III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and (2) amounts distributable in reduct ion of the Certificate Principal Balance of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates shall be deemed distributed to each of the Regular Interests the ownership of which is represented by such Certificates in reduction of the related Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificatesthereof.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac9)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interest (other than REMIC I Regular Interests I-1-A through I-45-B1A, pro rata1B, in 2X, 0X, XX xxx X) XXX XXXX, xn an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class REMIC I Regular Interest I-M or Class A-2, REMIC I Regular Interest I-B Certificate is the Corresponding Certificate A-3, REMIC I Regular Interest II-A-1, REMIC I Regular Interest II-A-2, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III I Regular Interest II-IOInterests 1A, 1B, 2X, 0X, XX xxx X) in an amount xx xx xxxxxt equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders Holders of REMIC III I Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest I-A-3, REMIC I Regular Interest II-AA-1, Class REMIC I Regular Interest II-M or Class II-B Certificate is the Corresponding CertificateA-2, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders Holders of REMIC III I Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates;
(iv) to the Holders of REMIC I Regular Interest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B and REMIC I Regular Interest XX, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each 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 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 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 REMIC I Regular Interest XX.
(4c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the REMIC II Regular Interests Class P Interest shall be distributed, pro rata, to the holders deemed distributed in respect of the REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(4)(C), (D) and (F) on such date shall be deemed distributed from REMIC II to REMIC III Group in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Intereststo REMIC IV in respect of the Class P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He10)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VIIV. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan the Group I Mortgage Loans and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall be distributed by REMIC III II to REMIC IV III on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class III-R-2 R-1 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO)Interest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest II-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan the Group II Mortgage Loans and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class III-R-2 R-1 Certificates.
(4d) On each Distribution Date, 100% an amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(C), (D) and (F) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Prepayment Charges Class I-C Distribution Amount distributable to the Class I-C Interest.
(e) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 6.04(b)(3)(C), (D) and (F) on such date shall be deemed distributed on from REMIC III to REMIC V in respect of the REMIC II Regular Interests shall be distributed, pro rata, Class II-C Distribution Amount distributable to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest Class II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsC Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class C Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from the Interest Funds and Principal Funds, in each case determined without regard to the related clause 2(ii) in the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts Interest Funds and Principal Funds, in each case determined without regard to the related clause 2(ii) in the definitions thereof, remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(31) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall 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 II-R-1 R-2 Certificates, as the case may be:
(i) from the Interest Funds and Principal Funds, in each case determined without regard to the related clause 2(ii) in the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rataInterest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds and Principal Funds, in each case determined without regard to the related to Loan Group I clause 2(ii) in the definitions thereof, remaining after the distributions distribution pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds funds related to Loan Group I and the Group I Principal Funds Mortgage Loans for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I II Regular Interests.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds interest shall be distributed, in the following order of priority, by deemed payable from REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for the ownership of which a is represented by the Class II-A, Class IIM and Class B Certificates at a pass-M or Class IIthrough rate equal to the lesser of (i) the Pass-B Certificate is Through Rate for the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated determined without regard to the Corresponding Certificates Net WAC Cap Rate and (ii) the Net WAC Cap Rate for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased the ownership of which is represented by the Corresponding Certificate for such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) Distribution Date, in an amount each case on a principal balance equal to the remainder Certificate Principal Balance of the Interest Funds related to Loan Group II and the Group II Principal Funds Corresponding Certificate for such Distribution Date after Date. For the distributions made pursuant to clauses (i) avoidance of doubt, principal shall be payable to, and (ii) aboveshortfalls, allocated as follows:
(A) 98% of such remainder to losses and prepayments shall be allocable to, the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests the ownership of which is represented by the Class A, Class M and Class B Certificates as such amounts are reduced to zero; payable and second, allocable to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Corresponding Certificates.
(4e) On each Distribution Date, an aggregate amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(C), (D) and (G) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Class C Distribution Amount distributable to the Class C Interest, and 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, deemed distributed from REMIC III to the holders REMIC IV in respect of the Class C Interest.
(f) On each Distribution Date, 100% of the amount deemed distributed on REMIC II Regular Interest IO shall be deemed distributed by REMIC III Group II Regular Interests (other than to REMIC III V in respect of the Class IO Interest. Such amounts shall be deemed distributed by REMIC V in respect of REMIC V Regular Interest II-IO), provided that such amounts shall not reduce IO for deposit into the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsSupplemental Interest Trust.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-6)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 in Loan Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Net WAC Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II III shall include the Mortgage Loans in Loan Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group II Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest REMIC II Regular Interests and the REMIC IV Regular Interests shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) first, to the holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC I Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BM-1, REMIC I Regular Interest I-M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3, REMIC I Regular Interest I-B-4 and REMIC I Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class REMIC I Regular Interest I-M or Class M-1, REMIC I Regular Interest I-B Certificate is the Corresponding Certificate M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3 and REMIC I Regular Interest I-B-4 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestInterests, respectively, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) second, to the holders of REMIC III Group I Regular Interests (other than REMIC III I Regular Interest I-IO) P), in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;; and
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class REMIC I Regular Interest I-M or Class M-1, REMIC I Regular Interest I-B Certificate is the Corresponding CertificateM-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3 and REMIC I Regular Interest I-B-4, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestInterests, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(Ciii) third, any remaining amount after the distributions made pursuant to clauses (i) and (ii) above to the Holders of the Class I-R-2 R-1 Certificates.;
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on Loan Group I shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest I-P. On the Distribution Date in June 2010, $100 shall be deemed distributed in respect of REMIC I Regular Interest I-P in reduction of the REMIC III Group I Regular InterestsUncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedI Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III II to REMIC IV V on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates:
(i) to the holders of the REMIC II Regular Interests, in the same manner and priority as paid to the Corresponding Certificates,
(A) the Uncertificated Accrued Interest (or, in the case may beof REMIC II Regular Interest I-C, the REMIC II Regular Interest I-C Distribution Amount) for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the holders of the REMIC II Regular Interests, in an amount equal to the remainder of the Group I Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and any remaining amount to the Holders of the Class I-R-2 Certificates.
(e) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class I-P Certificates shall be deemed distributed in respect of REMIC II Regular Interest I-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest I-P. On the Distribution Date in June 2010, $100 shall be deemed distributed in respect of REMIC II Regular Interest I-P in reduction of the Uncertificated Principal Balance thereof.
(f) On each Distribution Date, the Group II Available Funds, in the following order of priority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III to REMIC IV on account of the REMIC III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates:
(i) to the holders of REMIC III Regular Interest II1-IOSub, in REMIC III Regular Interest 1-ZZZ, REMIC III Regular Interest 2-Sub, REMIC III Regular Interest 2-ZZZ and REMIC III Regular Interest X, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for such or, in the case of REMIC III Regular Interest X, the REMIC III Regular Interest X Distribution Amount, for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan remainder of the Group II remaining Available Funds for such Distribution Date after the distributions made pursuant to clause (i)) above, to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-AR-1 Certificates, Class II-M or Class II-B as principal, in reduction of the Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amountthereof, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% first, to each REMIC III Regular Interest ending with the designation “Sub,” the portion of such remainder from the related Subgroup of Loan Group II, so that the Uncertificated Principal Balance of each such REMIC III Regular Interest is equal to 0.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Subgroup over (y) the Current Principal Amount of the Senior Certificate in such Subgroup (except that if any such excess is a larger number than in the preceding distribution period, the least amount of funds shall be distributed to such REMIC III Regular Interests such that the REMIC III Subordinated Balance Ratio is maintained); and
(B) second, any remaining funds from each Subgroup to the holders related REMIC III Regular Interest ending with the designation “ZZZ” (provided that a portion of the remaining funds equal to the Class II-PO Certificate Principal Distribution Amount attributable to the Discount Mortgage Loans will be distributed to REMIC III Regular Interest PO); and
(iv) any remaining amount after the distributions pursuant to clauses (i), (ii) and (iii) above, to the Holders of the Class II-R-1 Certificates.
(g) On each Distribution Date, all amounts representing Prepayment Charges on Loan Group II shall be deemed distributed in respect of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC III Regular Interest II-P. On the Distribution Date in June 2010, $100 shall be deemed distributed in respect of REMIC III Regular Interest II-P in reduction of the Uncertificated Principal Balance thereof.
(h) On each Distribution Date, the Group II Available Funds, in the following order of priority and in accordance with the Remittance Report, shall be deemed distributed by REMIC IV to REMIC V on account of the REMIC III IV Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-2 Certificates:
(i) to the holders of the REMIC IV Regular Interests, in the same manner and priority as paid to the Corresponding Certificates,
(A) the Uncertificated Accrued Interest (or, in the case of REMIC IV Regular Interest II-X, the REMIC IV Regular Interest II-X Distribution Amount) for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the remainder of the Group II Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, to the Class II-R-2 Certificates, as principal, in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance thereof has been reduced to zero; and
(iii) to the holders of the REMIC IV Regular Interests, in an amount equal to the remainder of the Group II Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and any remaining amount to the Holders of the Class II-R-2 Certificates.
(i) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class II-P Certificates shall be deemed distributed in respect of REMIC IV Regular Interest II-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC IV Regular Interest II-P. On the Distribution Date in June 2010, $100 shall be deemed distributed in respect of REMIC IV Regular Interest II-P in reduction of the Uncertificated Principal Balance thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac3)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest II-IO) Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders Holders of REMIC III I Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class II-M or Class II-B Certificate is the Corresponding CertificateREMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders Holders of REMIC III I Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.;
(4iv) On to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each Distribution Date, 100REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the Prepayment Charges deemed distributed on aggregate Stated Principal Balance of the REMIC II Regular Interests shall be distributed, pro rataMortgage Loans in the related Loan Group; second, to the holders of the each REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO), provided ending with the designation "A," so that such amounts shall not reduce the Uncertificated Principal Balances 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 Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 III Group II I Regular InterestsInterests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Fr3)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-6-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-6-A through I-45I-60-B, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests I-1I-6-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata PRO RATA between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, the following amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II I to REMIC III II on account of the REMIC II I Regular Interest II-Non-Swap and REMIC I Regular Interests II-6-A through II-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) to holders the Holders of REMIC I Regular Interest II-Non-Swap and each of the REMIC II I Regular Interests II-1II-6-A through II-45II-60-B, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC II I Regular Interest II-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests II-1II-6-A through II-45II-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II I Regular Interest is reduced to zero; , provided that, for REMIC I Group II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata PRO RATA between such REMIC II I Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(43) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC II I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall be distributed by REMIC III II to REMIC IV III on account of the REMIC III Group I II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III II Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the REMIC II Marker Allocation Percentage of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest IInterests IO, 1-IOSub, 1-Grp, 2-Sub, 2-Grp, XX and P), pro PRO rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds remaining after the distribution pursuant to clause (i), to the holders of REMIC III Group I II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, PRO RATA, 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;
(iv) to the holders of REMIC II Regular Interests (other than REMIC III II Regular Interest IInterests IO, 1-IOSub, 1-Grp, 2-Sub, 2-Grp, XX and P) in an amount equal to the REMIC II Marker Allocation Percentage of the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.;
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(iv) to the holders of REMIC III II Regular Interest II1-IOSub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser Sub WAC Allocation Percentage of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for both Loan Groups for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated first, so as follows:to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation "Grp" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation "Sub," 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 Loan Group over (y) the current aggregate Certificate Principal Balance of the Class A Certificates related to such Loan 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 II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining amount to REMIC II Regular Interest XX; and
(Avi) 98% of such remainder to the holders of REMIC III II Regular Interest II-AAP, until 100% of the Uncertificated Principal Balance of such amounts deemed distributed on REMIC III I Regular Interest is reduced to zero;P.
(Bd) 2% of such remainderOn each Distribution Date, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of the amounts distributed pursuant to Sections 5.04(a)(4)(C), (D) and in the same proportion as principal payments are allocated to the Corresponding Certificates for each (G) on such date shall be deemed distributed from REMIC III Regular Interest, until the Uncertificated Principal Balances of such to REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders IV in respect of the Class I-R-2 CertificatesCE Distribution Amount distributable to the Class CE Interest.
(4e) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC II Regular Interests Interest P shall be distributeddeemed distributed by REMIC III to REMIC V in respect of the Class P Interest.
(f) On each Distribution Date, pro rata, 100% of the amounts deemed distributed on REMIC II Regular Interest IO shall be deemed distributed by REMIC III to REMIC VI in respect of the Class IO Interest. Such amounts shall be deemed distributed by REMIC VI to the holders of Derivative Administrator for deposit into the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsDerivative Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VIIV. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests Interest for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest ZZ shall be reduced when the REMIC I Overcollateralization Amount is less than the REMIC I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC I Regular Interest for which a Class I-A Certificate, Class I-M Certificate or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC I Regular Interest, and the Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be increased by such amount;
(ii) to the extent holders of amounts remaining REMIC I Regular Interests in an amount equal to the remainder of the Interest Funds related to the Group I Mortgage Loans and Group I Principal Funds for such Distribution Date after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: :
(A) 98% of such remainder to the holders of REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination Interest AA, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC I Regular Interest for which a Class I-A Certificate, Class I-M Certificate or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC I Regular Interest, until the Uncertificated Principal Balances of such REMIC I Regular Interests are reduced to zero; and second, to the holders of REMIC I Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iiiC) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall 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 II-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC II Regular Interests II-1-A through II-45-BInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class II-AA Certificate, Class II-M Certificate or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest II-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan the Group II Mortgage Loans and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class II-AA Certificate, Class II-M Certificate or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class III-R-2 R-1 Certificates.
(4d) On each Distribution Date, 100% an amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(C), (D) and (F) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Prepayment Charges Class I-C Distribution Amount distributable to the Class I-C Interest.
(e) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 6.04(b)(3)(C), (D) and (F) on such date shall be deemed distributed on from REMIC III to REMIC V in respect of the REMIC II Regular Interests shall be distributed, pro rata, Class II-C Distribution Amount distributable to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest Class II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsC Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2005-10)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII VII, REMIC VIII, REMIC IX and REMIC VIII X 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group I Mortgage LoansI, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerI, any REO Property related to the Loan Group I Mortgage LoansI, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, the Group I Pre-Funding Account, the Group I Interest Coverage Account any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account, the Group I Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group II Mortgage LoansII, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerII, any REO Property related to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, the Group II Pre-Funding Account, the Group II Interest Coverage Account any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C CE Interest shall constitute the assets of REMIC V. The Class I-IO P Interest shall constitute the assets of REMIC VI. The Class III-C IO Interest shall constitute the assets of REMIC VII. The Class II-CE Interest shall constitute the assets of REMIC VIII. The Class II-P Interest shall constitute the assets of REMIC IX. The Class II-IO Interest shall constitute the assets of REMIC VIII.X.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests I-1-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45I-60-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated on a pro rata basis between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC I Regular InterestsInterest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term relating to the Group I Mortgage Loans as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(3) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests, the REMIC II Group II Regular Interests and the REMIC II Group III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) (A) from Interest Funds and Principal Funds for Subgroup II-1, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1I-1-A through II-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Group I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He10)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereonAccount, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Credit Support Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class C Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, the following amounts with respect to Loan Group II, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distribution made pursuant to clause (i) above, to REMIC I Regular Interests II-1-A through II-45-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class R-1 Certificates.
(3) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(31) On each Distribution Date, the Interest Funds following amounts with respect to all Loan Group II and the Group II Principal Funds shall be distributedGroups, in the following order of priority, shall 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 II-R-1 R-2 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rataInterest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the REMIC II Marker Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related to Loan Group I clause (2)(ii) of the definitions thereof, remaining after the distributions distribution pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest I1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the extent of the REMIC II Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distribution pursuant to clause (i), to the holders of REMIC III Group I II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, pro rata, 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;
(iv) to the holders of REMIC II Regular Interests (other than REMIC III II Regular Interest I-IO) in an amount equal to the REMIC II Marker Allocation Percentage of the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class IR-2 Certificates; and
(v) to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to the REMIC II Sub WAC Allocation Percentage of the remainder of the Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, after the distributions made pursuant to clauses (i), (ii) and (iii) above, first, so as to keep the Uncertificated Principal Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation “Sub”, 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 Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates related to such Loan 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 II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); third, to REMIC II Regular Interest XX, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and fourth, any remaining amount to the Holders of the Class R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2007-1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccounts, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, the Class A-1/A-2 Net WAC Reserve Account, the Class A-1 Corridor Contract and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class C Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds, in the following order of priority, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests (other than REMIC I Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of the REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest Interests (other than REMIC III I Regular Interest I-IOP), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III I Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate REMIC II Regular Interest is the Corresponding Certificate Interest, allocated in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCorresponding Interests, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to from the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions distribution made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate REMIC II Regular Interest is the Corresponding CertificateInterest, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCorresponding Interests, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; , and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zerozero ; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC III Group I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedFunds, in the following order of priority, shall be deemed distributed by REMIC III II to REMIC IV III on account of the REMIC III Group II Regular Interests (other than REMIC II Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of the REMIC III II Regular Interests (other than REMIC II Regular Interest II-IOP), in the same manner and priority as paid to the Corresponding Certificates and, in the case of REMIC II Regular Interest C, as paid to the Class C Interest, the Uncertificated Accrued Interest (or, in the case of REMIC II Regular Interest C, the REMIC II Regular Interest C Distribution Amount) for such Distribution Date, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the holders of the REMIC II Regular Interests (other than REMIC II Regular Interest P), in an amount equal to (A) the Uncertificated Accrued remainder of the Interest for such REMIC III Regular Interest Funds and Principal Funds for such Distribution Date after the distribution made pursuant to clause (i) above, allocated in the same manner and priority as paid to the Corresponding Certificates, until the Uncertificated Principal Balances thereof have been reduced to zero, and any remaining amount to the Holders of the Class R-2 Certificates.
(e) On each Distribution Date, plus all amounts representing Prepayment Charges distributed in respect of REMIC I Regular Interest P shall be deemed to be distributed in respect of REMIC II Regular Interest P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC II Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(Bf) On each Distribution Date, for federal income tax purposes, (1) (i) the Regular Interest the ownership of which is represented by the Class A-1 Certificates shall be deemed to receive (x) accrued interest at the related Uncertificated REMIC III Pass-Through Rate on an amount equal to the then current Certificate Principal Balance of the Class A-1 Certificates and (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
Dates for such Regular Interest, and (ii) the Regular Interest the ownership of which is represented by the Class A-2 Certificates shall be deemed to receive (x) accrued interest at the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each Uncertificated REMIC III Group II Regular Interest (other than REMIC III Regular Interest IIPass-IO), pro rata, in an amount equal to (A) Through Rate on the Uncertificated Accrued Interest Notional Amount for such REMIC III Regular Interest for such Distribution Date, plus Date and (By) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of Dates for such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and (2) amounts distributable in reduction of the Uncertificated Certificate Principal Balance of REMIC III the Class A-1 Certificates shall be deemed distributed to the Regular Interest IIthe ownership of which is represented by such Certificates in reduction of the related principal balance thereof. Any amounts received on each Distribution Date by Holders of the Class A Certificates at a rate equal to the related Pass-ZZ Through Rate which is in excess of, or less than, the amounts specified above in the related clause (x) for the Regular Interests the ownership of which is represented by such Certificates shall be increased by such amount;treated in accordance with the provisions relating to Class A-1/A-2 Net WAC Pass-Through Amounts in Section 6.11.
(iiig) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in On each Distribution Date, an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses Sections 6.04(a)(3)(D), (iE) and (iiG) above, allocated as follows:
(A) 98% of on such remainder to the holders of date shall be deemed distributed from REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such to REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, IV in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount distributable on the Class C Interest.
(4h) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC II Regular Interests Interest P shall be distributed, pro rata, deemed distributed by REMIC III to the holders REMIC V in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsClass P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the related Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the related Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the related Protected Accounts related to the Group I Mortgage Loans Account maintained by the Company and the related Servicer, any related REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts Fund and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II IV shall include the Group II Mortgage Loans HELOCs and all interest owing in respect of and principal due thereon, the portion of the assets in the related Distribution Account related to the Group II Mortgage LoansAccount, the portion of the assets in the related Master Servicer Collection Account related to the Group II Mortgage LoansAccount, the portion of the assets in the related Protected Accounts related to the Group II Mortgage Loans Account maintained by the Company and the related Servicer, any related REO Property related to the Group II Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts Fund and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests and the REMIC IV Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Group I Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC I Regular Interests Interest I-1-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests interests I-1-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Group I Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III II Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I Remittance Amount remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I REMIC II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class REMIC II Regular Interest I-M or Class M-1, REMIC II Regular Interest I-B Certificate is the Corresponding Certificate M-2, REMIC II Regular Interest I-M-3, REMIC II Regular Interest I-M-4, REMIC II Regular Interest I-M-5, REMIC II Regular Interest I-B-1, REMIC II Regular Interest I-B-2, REMIC II Regular Interest I-B-3 and REMIC II Regular Interest I-B-4 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I Remittance Amount and the Group I Principal Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class REMIC II Regular Interest I-M or Class M-1, REMIC II Regular Interest I-B Certificate is the Corresponding CertificateM-2, REMIC II Regular Interest I-M-3, REMIC II Regular Interest I-M-4, REMIC II Regular Interest I-M-5, REMIC II Regular Interest I-B-1, REMIC II Regular Interest I-B-2, REMIC II Regular Interest I-B-3 and REMIC II Regular Interest I-B-4 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall be distributed by REMIC III IV to REMIC IV III on account of the REMIC III Group II IV Regular Interests or withdrawn from the Group II Distribution Account and distributed to the Holders holders of the Class III-R-2 S Certificates, as the case may be:
(i) to the holders of each REMIC III IV Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO)Collection Amount, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III IV Regular 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 III IV Regular Interest II-ZZ shall be reduced when the REMIC III Group II IV Overcollateralization Amount is less than the REMIC III Group II IV Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II REMIC IV Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III IV Regular Interest for which a Class II-A, Class REMIC IV Regular Interest II-M or Class M-1, REMIC IV Regular Interest II-B Certificate is the Corresponding Certificate M-2, REMIC IV Regular Interest II-M-3, REMIC IV Regular Interest II-M-4, REMIC IV Regular Interest II-M-5, REMIC IV Regular Interest II-M-6, REMIC IV Regular Interest II-M-7, REMIC IV Regular Interest II-M-8, REMIC IV Regular Interest II-M-9, REMIC IV Regular Interest II-B-1 and REMIC IV Regular Interest II-B-2 in the same proportion as the Group II Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III IV Regular Interest II-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group II IV Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to Interests, the remainder of the Interest Funds related to Loan Group II and the Group II Available Principal Funds Payment Amount for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) aboveDate, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III IV Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III IV Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III IV Regular Interest for which a Class II-A, Class REMIC IV Regular Interest II-M or Class M-1, REMIC IV Regular Interest II-B Certificate is the Corresponding CertificateM-2, REMIC IV Regular Interest II-M-3, REMIC IV Regular Interest II-M-4, REMIC IV Regular Interest II-M-5, REMIC IV Regular Interest II-M-6, REMIC IV Regular Interest II-M-7, REMIC IV Regular Interest II-M-8, REMIC IV Regular Interest II-M-9, REMIC IV Regular Interest II-B-1 and REMIC IV Regular Interest II-B-2 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III IV Regular Interest, until the Uncertificated Principal Balances of such REMIC III IV Regular Interests are reduced to zero; and second, to the holders of REMIC III IV Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III IV Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders holders of the Class II-S Certificates.
(e) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(i), (iii) and (vii) on such date shall be deemed distributed from REMIC III to REMIC V in respect of the Class I-R-2 CertificatesC Interest.
(4f) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC II Regular Interests Interest IO shall be distributed, pro rata, deemed distributed by REMIC III to REMIC VI in respect of the Class IO Interest. Such amounts shall be deemed distributed by REMIC VI to the holders of Swap Administrator for deposit into the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsSwap Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 in Loan Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group I Mortgage Loans, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Yield Maintenance Agreement and the Net WAC Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II III shall include the Mortgage Loans in Loan Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets funds in the Distribution Account related to the Group II Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in and the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerServicers, and any REO Property related Property, in each case, with respect to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest REMIC II Regular Interests and the REMIC IV Regular Interests shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) first, to the holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC I Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-3, REMIC I Regular Interest I-A-4, REMIC I Regular Interest I-M-1, REMIC I Regular Interest I-M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3, REMIC I Regular Interest I-B-4 and REMIC I Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will shall be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class REMIC I Regular Interest I-M or Class A-3, REMIC I Regular Interest I-B Certificate is the Corresponding Certificate A-4, REMIC I Regular Interest I-M-1, REMIC I Regular Interest I-M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3 and REMIC I Regular Interest I-B-4 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestInterests, respectively, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) second, to the holders of REMIC III Group I Regular Interests (other than REMIC III I Regular Interest I-IO) P), in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;; and
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class REMIC I Regular Interest I-M or Class A-3, REMIC I Regular Interest I-B Certificate is the Corresponding CertificateA-4, REMIC I Regular Interest I-M-1, REMIC I Regular Interest I-M-2, REMIC I Regular Interest I-M-3, REMIC I Regular Interest I-B-1, REMIC I Regular Interest I-B-2, REMIC I Regular Interest I-B-3 and REMIC I Regular Interest I-B-4, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates Interests for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(Ciii) third, any remaining amount after the distributions made pursuant to clauses (i) and (ii) above to the Holders of the Class I-R-2 R-1 Certificates.;
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on Loan Group I shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest I-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC I Regular Interest I-P in reduction of the REMIC III Group I Regular InterestsUncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedI Available Funds, in the following order of prioritypriority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III II to REMIC IV V on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates:
(i) to the holders of the REMIC II Regular Interests (other than REMIC II Regular Interest I-P), in the same manner and priority as paid to the Corresponding Certificates,
(A) the Uncertificated Accrued Interest (or, in the case may beof REMIC II Regular Interest I-C, the REMIC II Regular Interest I-C Distribution Amount) for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the holders of the REMIC II Regular Interests (other than REMIC II Regular Interest I-P), in an amount equal to the remainder of the Group I Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and any remaining amount to the Holders of the Class I-R-2 Certificates.
(e) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class I-P Certificates shall be deemed distributed in respect of REMIC II Regular Interest I-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC II Regular Interest I-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC II Regular Interest I-P in reduction of the Uncertificated Principal Balance thereof.
(f) On each Distribution Date, the Group II Available Funds for Loan Group II-1, in the following order of priority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III to REMIC IV on account of the related REMIC III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-1-R-1 Certificates:
(i) to the holders of REMIC III Regular Interest II1-IOSub, in REMIC III Regular Interest 1-ZZZ, REMIC III Regular Interest 2-Sub, REMIC III Regular Interest 2-ZZZ and REMIC III Regular Interest X, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan remainder of the Group II remaining Available Funds for Subgroup II-1-A for such Distribution Date after the distributions made pursuant to clause (i)) above, to the holders of each REMIC III Group II Regular Interest (other than Class II-1-R-1 Certificates, REMIC III Regular Interest IIII-1-IO)R-2 and REMIC III Regular Interest II-1-R-3, pro rata, as principal, in an amount equal to (A) reduction of the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference Certificate Principal Balance and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balances, as applicable, thereof, until the Certificate Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amountand Uncertificated Principal Balances, as applicable, thereof have been reduced to zero;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Group II Available Funds related to for Loan Group II and the Group II Principal Funds II-1 for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% first, to REMIC III Regular Interest 1-Sub and REMIC III Regular Interest 2-Sub, the portion of such remainder from the related Subgroup of Loan Group II-1, so that the Uncertificated Principal Balance of each such REMIC III Regular Interest is equal to 0.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Subgroup (other than the principal balance attributable to the Class II-1-PO Certificates) over (y) the aggregate Certificate Principal Balance of the Group II Senior Certificates in such Subgroup (other than the Class II-1-PO Certificates) (except that if any such excess is a larger number than in the preceding distribution period, the least amount of funds shall be distributed to REMIC III Regular Interests 1-Sub, 2-Sub, and 3-Sub pursuant to this section 6.07 (f)(iii) and Section 6.07 (g)(iii) such that the REMIC III Subordinated Balance Ratio is maintained with respect to such REMIC III Regular Interests); and
(B) second, any remaining funds from each Subgroup in Loan Group II-1 to the related REMIC III Regular Interest ending with the designation “ZZZ” (provided that a portion of the remaining funds equal to the Class II-1-PO Certificate Principal Distribution Amount attributable to the Discount Mortgage Loans shall be distributed to REMIC III Regular Interest PO); and
(iv) any remaining amount after the distributions pursuant to clauses (i), (ii) and (iii) above, to the Holders of the Class II-1-R-1 Certificates.
(g) On each Distribution Date, the Group II Available Funds for Loan Group II-2, in the following order of priority and in accordance with the Remittance Report, shall be deemed distributed by REMIC III to REMIC IV on account of the related REMIC III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-1-R-1 Certificates:
(i) to the holders of REMIC III Regular Interest II3-AASub and REMIC III Regular Interest 3-ZZZ, until pro rata, 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;
(ii) to the extent of the remainder of the Group II Available Funds for Loan Group II-2 for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) first, to REMIC III Regular Interest 3-Sub, the portion of such remainder, so that the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced equal to zero;
(B) 20.1% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the Loan Group II-2 over (y) the aggregate Certificate Principal Balance of the Group II Senior Certificates in such remainderLoan Group (except that if any such excess is a larger number than in the preceding distribution period, first, the least amount of funds shall be distributed to the holders of each such REMIC III Regular Interest for which a Class IIInterests 1-ASub, Class II2-M or Class IISub and 3-B Certificate Sub pursuant to this Section 6.07 (g)(ii) and Section 6.07 (f)(iii) such that the REMIC III Subordinated Balance Ratio is the Corresponding Certificate, in an aggregate amount equal maintained with respect to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero); and and
(B) second, any remaining funds to the holders of REMIC III Regular Interest II3-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zeroZZZ; and
(Ciii) any remaining amount after the distributions pursuant to clauses (i) and (ii) above, to the Holders of the Class III-1-R-2 R-1 Certificates.
(4h) On each Distribution Date, 100% of the all amounts representing Prepayment Charges on Loan Group II-1 shall be deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest III-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC III Regular Interest I-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC III Regular Interest I-P in reduction of the Uncertificated Principal Balance thereof. On each Distribution Date, all amounts representing Prepayment Charges on Loan Group II-2 shall be deemed distributed in respect of REMIC III Regular Interest II-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC III Regular Interest II-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC III Regular Interest II-P in reduction of the Uncertificated Principal Balance thereof.
(i) On each Distribution Date, the Group II Available Funds, in the following order of priority and in accordance with the Remittance Report, shall be deemed distributed by REMIC IV to REMIC V on account of the REMIC IV Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-1-R-2 Certificates:
(i) to the holders of the REMIC IV Regular Interests (other than REMIC IV Regular Interest II-1-P, REMIC III Regular Interest II-2-P and REMIC IV Regular Interest II-1-R-3) in the same manner and priority as paid to the Corresponding Certificates,
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the remainder of the Group II Available Funds for Subgroup II-1-A for such Distribution Date after the distributions made pursuant to clause (i) above, to the Class II-1-R-2 Certificates and REMIC IV Regular InterestsInterest II-1-R-3, pro rata, as principal, in reduction of the Certificate Principal Balance and Uncertificated Principal Balance, as applicable, thereof, until the Certificate Principal Balance and Uncertificated Principal Balance, as applicable, thereof have been reduced to zero; and
(iii) to the holders of the REMIC IV Regular Interests (other than REMIC IV Regular Interest II-1-P, REMIC IV Regular Interest II-2-P and REMIC IV Regular Interest II-1-R-3), in an amount equal to the remainder of the Group II Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and
(iv) any remaining amount to the Holders of the Class II-1-R-2 Certificates.
(j) On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class II-1-P Certificates shall be deemed distributed in respect of REMIC IV Regular Interest II-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC IV Regular Interest II-1-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC IV Regular Interest II-1-P in reduction of the Uncertificated Principal Balance thereof. On each Distribution Date, all amounts representing Prepayment Charges distributed in respect of the Class II-2-P Certificates shall be deemed distributed in respect of REMIC IV Regular Interest II-2-P, provided that such amounts shall not reduce the Uncertificated Principal Balance of REMIC IV Regular Interest II-2-P. On the Distribution Date in September 2010, $100 shall be deemed distributed in respect of REMIC IV Regular Interest II-2-P in reduction of the Uncertificated Principal Balance thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac6)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII II and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Pre-Funding Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementCoverage Account). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IVII. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIIIIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% an amount equal to the amounts distributed pursuant to Sections 6.04(a)(3)(C), (D) and (F) on such date shall be deemed distributed from REMIC II to REMIC III in respect of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, Class C Distribution Amount distributable to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular InterestsClass C Interest.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iSections 6.04(a)(3)(C) and (iiD) above, allocated as follows:
(A) 98% of on such remainder date shall be deemed distributed to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, C Certificates in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-8)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class IR-R-1 I Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class IREMIC I Regular Interest III-M or Class I-B Certificate is the Corresponding Certificate A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7, in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B, REMIC I Regular Interest 3A, REMIC I Regular Interest 3B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest IIAA, I-IO) A-1, I-A-0, XX-X, XXX-X, X-0, X-0, X-0, X-0, X-0, X-6, M-7 and ZZ, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest II-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7, 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the related Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest II-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(4iv) to the Holders of REMIC I Regular Interests 1A, 1B, 2A, 2B, 3A, 3B and XX, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each 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 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 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 REMIC I Regular Interest XX.
(c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the REMIC II Regular Interests Class P Interest shall be distributed, pro rata, to the holders deemed distributed in respect of the REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(4)(C), (D) and (E) on such date shall be deemed distributed from REMIC II to REMIC III Group in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Intereststo REMIC IV in respect of the Class P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-He5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-5-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-5-A through I-45I-60-B, pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests I-1I-5-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata PRO RATA between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC I Regular InterestsInterest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(31) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedfollowing amounts, in the following order of priority, shall 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III II Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest I-IOInterests IO and P), pro rataPRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders Holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I II Regular Interests (other than REMIC III II Regular Interest I-IOInterests IO and P) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III II Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M A Certificate or Class I-B M Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, until the Uncertificated Principal Balances of such REMIC III II Regular Interests are reduced to zero; and second, to the holders of REMIC III II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 Certificates; and
(iv) to the holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(3)(C), (D) and (G) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(2e) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC I II Regular Interests Interest P shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, deemed distributed by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders V in respect of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular P Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4f) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC II Regular Interests Interest IO shall be distributed, pro rata, deemed distributed by REMIC III to REMIC VI in respect of the Class IO Interest. Such amounts shall be deemed distributed by REMIC VI to the holders of Derivative Administrator for deposit into the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsDerivative Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII I and REMIC VIII II 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Pre-Funding Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementCoverage Account). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, Interest in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iC), (D) and (iiF) above, allocated as follows:
(Aof Section 5.04(a)(3) 98% of on such remainder date shall be deemed distributed to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B C Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-Wm2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII VII, REMIC VIII, REMIC IX and REMIC VIII X 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group I Mortgage LoansI, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerI, any REO Property related to the Loan Group I Mortgage LoansI, any proceeds of the foregoing and any other assets related to the Loan Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account, the Group I Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group II Mortgage LoansII, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerII, any REO Property related to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Loan Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, the Group II Pre-Funding Account, the Group II Interest Coverage Account any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C CE Interest shall constitute the assets of REMIC V. The Class I-IO P Interest shall constitute the assets of REMIC VI. The Class III-C IO Interest shall constitute the assets of REMIC VII. The Class II-CE Interest shall constitute the assets of REMIC VIII. The Class II-P Interest shall constitute the assets of REMIC IX. The Class II-IO Interest shall constitute the assets of REMIC VIII.X.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interests I-1-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group I, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45I-60-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated on a pro rata basis between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC I Regular InterestsInterest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term relating to the Group I Mortgage Loans as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(3) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests, the REMIC II Group II Regular Interests and the REMIC II Group III Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) (A) from Interest Funds and Principal Funds for Subgroup II-1, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1I-1-A through II-45I-60-B, on a pro ratarata basis, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Group I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterest AA, pro rataREMIC Regular Interest A-1, REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M- 1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders Holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest I-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest A-1, REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest I-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the Class P Interest shall be deemed distributed in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC III Group I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses Sections 5.04(a)(3)(C), (iD) and (iiE) above, allocated as follows:
(A) 98% of on such remainder date shall be deemed distributed from REMIC II to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesCE Distribution Amount distributable to the Class CE Interest.
(4e) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Interests shall be distributed, pro rata, to the holders REMIC IV in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsClass P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-He4)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccounts, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, Class A-1/A-2 Net WAC Reserve Account and the Group I Supplemental Interest Trust, the Group I Class A-1 Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementCorridor Contract). The REMIC I Regular Interests and 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. The Class I-C Interest shall constitute the assets of REMIC V. The Class IB-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIIIIV.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds, in the following order of priority, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-BInterests, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, Target Amount by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate REMIC II Regular Interest is the Corresponding Certificate Interest in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interestthe Corresponding Interests, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to from the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions distribution made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A1) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B2) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate REMIC II Regular Interest is the Corresponding CertificateInterest, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interestthe Corresponding Interests, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; , and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(Ciii) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedFunds, in the following order of priority, shall be deemed distributed by REMIC III II to REMIC IV III on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of the REMIC III II Regular Interests, in the same manner and priority as paid to the Corresponding Certificates and, in the case of REMIC II Regular Interest IIB-IO, in an amount equal to the Class B-IO Interest,
(A) the Uncertificated Accrued Interest for such (or, in the case of REMIC III II Regular Interest B-IO, the REMIC II Regular Interest B-IO Distribution Amount) for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;; and
(ii) to the extent holders of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rataInterests, in an amount equal to (A) the Uncertificated Accrued remainder of the Interest for such REMIC III Regular Interest Funds and Principal Funds for such Distribution Date after the distribution made pursuant to clause (i) above, allocated in the same manner and priority as paid to the Corresponding Certificates, and any remaining amount to the Holders of the Class R-2 Certificates.
(d) On each Distribution Date, plus for federal income tax purposes, (B1) (i) the Regular Interest the ownership of which is represented by the Class A-1 Certificates shall be deemed to receive (x) accrued interest at the related Uncertificated REMIC III Pass-Through Rate on an amount equal to the then current Certificate Principal Balance of the Class A-1 Certificates and (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC III Dates for such Regular Interest, (ii) the Regular Interest II-ZZ the ownership of which is represented by the Class A-2 Certificates shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of deemed to receive (x) accrued interest at the amount of such difference and (y) the Group II Maximum related Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class IIPass-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in Through Rate on an amount equal to the remainder then current Certificate Notional Amount of the Interest Funds related to Loan Group II Class A-2 Certificates and the Group II Principal Funds (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates for such Distribution Date after the distributions made pursuant to clauses (i) Regular Interests, and (ii2) above, allocated as follows:
(A) 98% amounts distributable in reduction of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Certificate Principal Balance of such REMIC III the Class A-1 Certificates shall be deemed distributed to the Regular Interest the ownership of which is reduced to zero;
(B) 2% represented by such Certificates in reduction of such remainder, first, to the holders of related principal balance thereof. Any amounts received on each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Distribution Date by Holders of the Class IA Certificates in excess of, or less than, the amounts specified in the foregoing for the Regular Interests the ownership of which is represented by such Certificates shall be treated in accordance with the provisions relating to Class A-1/A-2 Net WAC Pass-R-2 CertificatesThrough Amounts in Section 5.09.
(4e) On each Distribution Date, 100% an amount equal to the amounts distributed pursuant to Sections 5.04(a)(3)(C), (D) and (F) on such date shall be deemed distributed from REMIC III to REMIC IV in respect of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, Class B-IO Distribution Amount distributable to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest IIClass B-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsIO Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccounts, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, Fund and any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC II. The Class C Interest shall constitute assets of REMIC III. The REMIC III Regular Interests Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1b) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds, in the following order of priority, shall be deemed distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests (other than REMIC I Regular Interest P) or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of the REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest Interests (other than REMIC III I Regular Interest I-IOP), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III I Regular 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 III I Regular Interest I-ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Group REMIC I Regular Interest ZZ Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest (other than REMIC I Regular Interest P) for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate Certificate, allocated in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to from the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions distribution made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 9898.00% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 22.00% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; , and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges shall be deemed distributed on the in respect of REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC III Group I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(3d) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses Sections 6.04(a)(3)(C), (iD) and (iiF) above, allocated as follows:
(A) 98% of on such remainder date shall be deemed distributed from REMIC II to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount distributable on the Class C Interest.
(4e) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Interests shall be distributed, pro rata, to the holders REMIC IV in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsClass P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac5)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansProtected Account, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerClass P Certificate Account, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, the Cap Contract, any related Cap Contract Payment Amounts and any Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration AgreementAmounts). The REMIC I Regular Interests and shall constitute the assets of REMIC II Regular Interests II. The Class C Interest shall constitute the assets of REMIC III. The REMIC III Regular Interests Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the following amounts from Interest Funds with respect to Loan Group I and the Group I Principal Funds, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to the holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, Interest (other than REMIC I Regular Interest P) in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III I Regular Interest I-IOP) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III I Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III I Regular Interest for which a Class I-AA-1, Class I-M or Class I-B Certificate is the Corresponding CertificateREMIC I Regular Interest A-2, REMIC I Regular Interest A-3, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest B-1, REMIC I Regular Interest B-2, REMIC I Regular Interest B-3 and REMIC I Regular Interest B-4 in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III I Regular Interest, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, to the holders of REMIC III I Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates.
(2) On each Distribution Date, 100% of the amounts representing Prepayment Charges on the Mortgage loans shall be deemed distributed on the to REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC III Group I Regular InterestsInterest P in reduction of the Uncertificated Principal Balance thereof.
(3c) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made amounts distributed pursuant to clauses (iC), (D) and (iiF) above, allocated as follows:
(Aof Section 5.04(a)(3) 98% of on such remainder date shall be deemed distributed from REMIC II to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders respect of the Class I-R-2 CertificatesC Distribution Amount distributable to the Class C Interest.
(4d) On each Distribution Date, 100% of the Prepayment Charges amounts deemed distributed on the REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Interests shall be distributed, pro rata, to the holders REMIC IV in respect of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular InterestsClass P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-9)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII VII, REMIC VIII, REMIC IX and REMIC VIII X 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group I Mortgage LoansI, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerI, any REO Property related to the Loan Group I Mortgage LoansI, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Yield Maintenance Agreement, the Group I Derivative Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Loan Group II Mortgage LoansII, the portion of the assets in the Master Servicer Collection Protected Account related to the Loan Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related ServicerII, any REO Property related to the Loan Group II Mortgage LoansII, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Yield Maintenance Agreement, the Group II Derivative Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The Class I-C CE Interest shall constitute the assets of REMIC V. The Class I-IO P Interest shall constitute the assets of REMIC VI. The Class III-C IO Interest shall constitute the assets of REMIC VII. The Class II-CE Interest shall constitute the assets of REMIC VIII. The Class II-P Interest shall constitute the assets of REMIC IX. The Class II-IO Interest shall constitute the assets of REMIC VIII.X.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III on account of the REMIC I Regular Interest I-Non-Swap and REMIC I Regular Interests I-8-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of REMIC I Regular Interest I-Non-Swap and each of the REMIC I Regular Interests I-1I-8-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I-Non-Swap, until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to REMIC I Regular Interests I-1I-8-A through I-45I-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC I Regular InterestsInterest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term relating to the Group I Mortgage Loans as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(3) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interest II-Non-Swap and REMIC II Regular Interests II-8-A through II-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 R-2 Certificates, as the case may be:
(i) to the holders of REMIC II Regular Interest II-Non-Swap and each of the REMIC II Regular Interests II-1II-8-A through II-45II-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC II Regular Interest II-Non-Swap, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, and second, to REMIC II Regular Interests II-1II-8-A through II-45II-60-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rataInterest P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of the REMIC II Regular Interests.
(1) Interest P. On each the Distribution Date, Date immediately following the Interest Funds with respect expiration of the latest Prepayment Charge term relating to Loan Group I and the Group I Principal Funds II Mortgage Loans as identified on the Mortgage Loan Schedule, $100 shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and deemed distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser P in reduction of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificatesthereof.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He1)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV and REMIC VIII V 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of Account, the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Collateral Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class C Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.V.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests I-1-A through I-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts Interest Funds and Principal Funds for Loan Group I, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions distribution made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, the following amounts with respect to Loan Group II, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R-1 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to holders of each of the REMIC I Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of Interest Funds and Principal Funds for Loan Group II, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distribution made pursuant to clause (i) above, to REMIC I Regular Interests II-1-A through II-45-B, starting with the lowest numerical denomination, until the Uncertificated Principal Balances of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Group II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class R-1 Certificates.
(3) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(31) On each Distribution Date, the Interest Funds following amounts with respect to all Loan Group II and the Group II Principal Funds shall be distributedGroups, in the following order of priority, shall 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 II-R-1 R-2 Certificates, as the case may be:
(i) from Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, to the holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rataInterest IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the REMIC II Marker Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups, in each case determined without regard to the related to Loan Group I clause (2)(ii) of the definitions thereof, remaining after the distributions distribution pursuant to clause (i), to the holders of each REMIC III Group I II Regular Interest (other than REMIC III II Regular Interest IInterests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III II Regular 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 III II Regular Interest I-ZZ shall be reduced when the REMIC III Group I II Overcollateralization Amount is less than the REMIC III Group I II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III II Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III II Regular Interest, and the Uncertificated Principal Balance of REMIC III II Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders extent of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder II Sub WAC Allocation Percentage of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date all Loan Groups, in each case, determined without regard to the related clause (2)(ii) of the definitions thereof, remaining after the distributions made distribution pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second), to the holders of REMIC III II Regular Interest I1-ZZSub, until the Uncertificated Principal Balance of such REMIC III II Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I1-R-2 Certificates.
(Grp, REMIC II Regular Interest 2) On each Distribution Date-Sub, 100% of the Prepayment Charges deemed distributed on the REMIC I II Regular Interests shall be distributedInterest 2-Grp and REMIC II Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iiiiv) to the holders of REMIC III Group II Regular Interests (other than REMIC III II Regular Interest IIInterests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO) in an amount equal to the REMIC II Marker Allocation Percentage of the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups, in each case determined without regard to the related clause (2)(ii) of the definitions thereof, for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iiiii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2007-2)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII V and REMIC VIII VI 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccounts, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Derivative Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Derivative Administration Agreement). The REMIC I Regular Interests and shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests Class CE Interest shall constitute the assets of REMIC IV. The Class I-C P Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds following amounts with respect to Loan Group I and the Group I Principal FundsI, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests I-1-A through I-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC I Regular Interests I-1-A through I-45I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45I-60-B B, starting with the lowest numerical denomination denomination, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; , provided that, for REMIC I Group I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, the following amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributedII, in the following order of priority, shall be distributed by REMIC II I to REMIC III II on account of the REMIC II I Regular Interests II-1-A through II-60-B or withdrawn from the Distribution Account and distributed to the Holders of the Class II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate in the same proportion as the Group I Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders of REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group II and the Group II Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest II-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(4) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC II Regular Interests shall be distributed, pro rata, to the holders of the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest II-IO) Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest II-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest M-7 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest II-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(4iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each 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 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 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 REMIC I Regular Interest XX.
(c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the REMIC II Regular Interests Class P Interest shall be distributed, pro rata, to the holders deemed distributed in respect of the REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(5)(C), (D) and (E) on such date shall be deemed distributed from REMIC II to REMIC III Group in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Intereststo REMIC IV in respect of the Class P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset-Backed Certificates Series 2004-He3)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class IR-R-1 I Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7A, REMIC I Regular Interest M-7B and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class IREMIC I Regular Interest III-M or Class I-B Certificate is the Corresponding Certificate A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7A and REMIC I Regular Interest M-7B in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B, REMIC I Regular Interest 3A, REMIC I Regular Interest 3B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest IIAA, I-IO) in A-1, I-A-0, XX-X, XXX-X, X-0, X-0, X-0, X-0, X-0, X-6, X-0X, X-0X xxx XX, xx an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest II-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, REMIC I Regular Interest III-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6, REMIC I Regular Interest M-7A and REMIC I Regular Interest M-7B, 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the related Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest II-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(4iv) On to the Holders of REMIC I Regular Interests 1A, 1B, 2A, 2B, 3A, 3B and XX, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each Distribution Date, 100REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the Prepayment Charges deemed distributed on aggregate Stated Principal Balance of the REMIC II Regular Interests shall be distributed, pro rataMortgage Loans in the related Loan Group; second, to the holders of the each REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO), provided ending with the designation "A," so that such amounts shall not reduce the Uncertificated Principal Balances Balance of each such REMIC I Regular Interest is equal to 0.01% of the REMIC III Group II Regular Interests.excess of (x) the aggregate Stated
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He6)
REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III and REMIC VIII 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 Group I Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group I Mortgage LoansAccount, the portion of the assets in the Master Servicer Collection Account related to the Group I Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group I Mortgage Loans maintained by the Company and the related ServicerAccount, any REO Property related to the Group I Mortgage LoansProperty, any proceeds of the foregoing and any other assets related to the Group I Mortgage Loans subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Interest Rate Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The assets of REMIC II shall include the Group II Mortgage Loans and all interest owing in respect of and principal due thereon, the portion of the assets in the Distribution Account related to the Group II Mortgage Loans, the portion of the assets in the Master Servicer Collection Account related to the Group II Mortgage Loans, the portion of the assets in the Protected Accounts related to the Group II Mortgage Loans maintained by the Company and the related Servicer, any REO Property related to the Group II Mortgage Loans, any proceeds of the foregoing and any other assets related to the Group II Mortgage Loans subject to this Agreement (other than the Group II Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group II Supplemental Interest Trust, the Group II Interest Rate Swap Agreement, the Group II Swap Account and any rights or obligations in respect of the Swap Administration Agreement). The REMIC I Regular Interests and REMIC II Regular Interests shall constitute the assets of REMIC IIIII. The Class CE Interest shall constitute the assets of REMIC III Regular Interests and the Class P Interest shall constitute the assets of REMIC IV. The Class I-C Interest shall constitute the assets of REMIC V. The Class I-IO Interest shall constitute the assets of REMIC VI. The Class II-C Interest shall constitute the assets of REMIC VII. The Class II-IO Interest shall constitute the assets of REMIC VIII.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Fundsfollowing amounts, in the following order of priority, shall be distributed by REMIC I to REMIC III II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class I-R-1 Certificates, as the case may be:
(i) to holders Holders of each of the REMIC I Regular Interests I-1Interest AA, REMIC Regular Interest I-A through I-45A-1, REMIC I Regular Interest I-BA-2, pro rataREMIC I Regular Interest II-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5, REMIC I Regular Interest M-6 and REMIC I Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests; and
(iii) any remaining amount to the Holders of the Class I-R-1 Certificates.
(2) On each Distribution Date, amounts representing Prepayment Charges on the Group I Mortgage loans shall be deemed distributed to the REMIC I Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, 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 II-R-1 Certificates, as the case may be:
(i) to holders of each of the REMIC II Regular Interests II-1-A through II-45-B, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC II Regular Interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC II Regular Interest is reduced to zero; provided that, for REMIC II Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC II Regular Interests; and
(iii) any remaining amount to the Holders of the Class II-R-1 Certificates.
(4) On each Distribution Date, amounts representing Prepayment Charges on the Group II Mortgage loans shall be deemed distributed to the REMIC II Regular Interests, pro rata, provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC II Regular Interests.
(1) On each Distribution Date, the Interest Funds with respect to Loan Group I and the Group I Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest I-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group I remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group I Regular Interest (other than REMIC III Regular Interest I-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III I Regular Interest I-ZZ shall be reduced when the REMIC III Group I Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group I Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the holders Holders of each REMIC III I Regular Interest for which a Class I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, Class I-M or Class I-B Certificate is the Corresponding Certificate REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5 and REMIC I Regular Interest M-6, in the same proportion as the Group I Extra Principal Distribution Overcollateralization Increase Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III I Regular Interest I-ZZ shall be increased by such amount;
(iiiii) to the holders of REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO) in an amount equal to the remainder of the Interest Funds related to Loan Group I and the Group I Principal Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the holders of REMIC III Regular Interest I-AA, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero;
(B) 2% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class I-A, Class I-M or Class I-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular Interest, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; and second, to the holders of REMIC III Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class I-R-2 Certificates.
(2) On each Distribution Date, 100% of the Prepayment Charges deemed distributed on the REMIC I Regular Interests shall be distributedInterest 1A, REMIC I Regular Interest 1B, REMIC I Regular Interest 2A, REMIC I Regular Interest 2B and REMIC I Regular Interest XX, pro rata, to the holders of the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), provided that such amounts shall not reduce the Uncertificated Principal Balances of the REMIC III Group I Regular Interests.
(3) On each Distribution Date, the Interest Funds with respect to Loan Group II and the Group II Principal Funds shall be distributed, in the following order of priority, by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class I-R-2 Certificates, as the case may be:
(i) to the holders of REMIC III Regular Interest II-IO, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of the Interest Funds related to Loan Group II remaining after the distributions pursuant to clause (i), to the holders of each REMIC III Group II Regular Interest (other than REMIC III Regular Interest II-IO), pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC III Regular 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 III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Group II Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate in the same proportion as the Group II Extra Principal Distribution Amount is allocated to the Corresponding Certificates for each such REMIC III Regular Interest, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount;
(iii) to the holders Holders of REMIC III Group II I Regular Interests (other than REMIC III Regular Interest II-IO) Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Interest Funds related to Loan Group II and the Group II Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98to the Holders of REMIC I Regular Interest AA, 98.00% of such remainder to the holders of REMIC III Regular Interest II-AAremainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero;
(B) 2to the Holders of REMIC I Regular Interest I-A-1, REMIC I Regular Interest I-A-2, REMIC I Regular Interest II-A, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I Regular Interest M-3, REMIC I Regular Interest M-4, REMIC I Regular Interest M-5 and REMIC I Regular Interest M-6, 1.00% of such remainder, first, to the holders of each REMIC III Regular Interest for which a Class II-A, Class II-M or Class II-B Certificate is the Corresponding Certificate, in an aggregate amount equal to 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates for each such REMIC III Regular InterestCertificates, until the Uncertificated Principal Balances of such REMIC III I Regular Interests are reduced to zero; and second, ;
(C) to the holders Holders of REMIC III I Regular Interest II-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III I Regular Interest is reduced to zero; andthen
(CD) any remaining amount to the Holders of the Class I-R-2 R-1 Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC I Regular Interest AA and REMIC I Regular Interest ZZ, respectively.
(4iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Interest Funds and Principal Funds for all Loan Groups for such Distribution Date after the distributions made pursuant to clause (ii) above, first, so as to keep the Uncertificated Principal Balance of each 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 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 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate related to such Loan 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 REMIC I Regular Interest XX.
(c) On each Distribution Date, 100% of the all amounts representing Prepayment Charges deemed distributed on in respect of the REMIC II Regular Interests Class P Interest shall be distributed, pro rata, to the holders deemed distributed in respect of the REMIC III Group II Regular Interests (other than REMIC III I Regular Interest II-IO)P, provided that such amounts shall not reduce the Uncertificated Principal Balances Balance of REMIC I Regular Interest P. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed distributed in respect of REMIC I Regular Interest P in reduction of the Uncertificated Principal Balance thereof.
(d) On each Distribution Date, an amount equal to the amounts distributed pursuant to Sections 5.04(a)(5)(C), (D) and (E) on such date shall be deemed distributed from REMIC II to REMIC III Group in respect of the Class CE Distribution Amount distributable to the Class CE Interest.
(e) On each Distribution Date, 100% of the amounts deemed distributed on REMIC I Regular Interest P shall be deemed distributed by REMIC II Regular Intereststo REMIC IV in respect of the Class P Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Certificates Series 2004-He2)
