REMIC Distributions. (a) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: (i) first, to the extent of the Available Funds to each Uncertificated REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of Uncertificated REMIC I Regular Interest LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Interest Deferral Amount, and such amount shall be payable to each Uncertificated REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I Regular Interest LTZZ shall be increased by such amount; (ii) to the Uncertificated REMIC I Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.), Pooling and Servicing Agreement (Lares Asset Securitization, Inc.)
REMIC Distributions. (a) Distributions on the REMIC I Regular Interests and the Class R-I Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) first, to the extent of the Available Funds Group I Interest Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider), to each Uncertificated of REMIC I Regular Interest I-1-A through I-85-B, pro rata, in an amount equal to (other than A) Uncertificated Accrued Interest for such REMIC I Regular Interest LTPfor such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the extent of the Group I Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider) remaining after distributions pursuant to clause (i) above, payments of principal shall be allocated to REMIC I Regular Interest I-1-A through I-85-B starting with the lowest numerical denomination until the Uncertificated 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;
(iii) to the REMIC I Regular Interest I-85-B, all amounts representing Prepayment Premiums in respect of the Group I Mortgage Loans received by the Securities Administrator; and
(iv) any remaining amount to the Class R Certificate (in respect of the Class R-I Interest).
(b) Distributions on the REMIC II Regular Interests and the Class R-II Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be:
(i) first, to the extent of the Group I Interest Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider), to REMIC II Regular Interest I-LTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and then, to REMIC II Regular Interest I-LTAA, the Corresponding REMIC II Marker Interests, REMIC II Regular Interest I-LTZZ, REMIC II Regular Interest I-LTP and REMIC II Regular Interest I-LTR, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interest 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 Uncertificated REMIC I II Regular Interest I-LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Accrued Interest Deferral Amount, and such amount shall be payable to each Uncertificated Corresponding REMIC I Regular II Marker Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Group I Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I II Regular Interest I-LTZZ shall be increased by such amount;
(ii) second, to the Uncertificated REMIC extent of the Group I Regular Interests, in an amount equal Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payments paid to the remainder of Supplemental Interest Trust for payment to the Available Funds for such Distribution Date Swap Provider) remaining after the distributions made pursuant to clause (i) above, first, to the REMIC II Regular Interest I-LTR until its Uncertificated Balance equals one-half the aggregate Certificate Principal 171 Balance of the Class R and Class RX Certificates, and any remaining amount to the REMIC II Regular Interests, allocated as follows:
(1) 98.00% of such remainder (other than amounts payable under clause (3) below), to REMIC II Regular Interest I-LTAA and REMIC II Regular Interest I-LTP until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero; provided, however, that the Uncertificated Balance of REMIC II Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Premium with respect to the Group I Mortgage Loans or any Distribution Date thereafter, at which point such amount shall be distributed to the REMIC II Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
Appears in 1 contract
REMIC Distributions. (a) On each Distribution Date, the following amounts, in the following order of prioritypriority and in accordance with the Remittance Report, shall be distributed by REMIC I to REMIC II III on account of the Uncertificated REMIC I Regular Interests or withdrawn from the related Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I Interest)Certificates, as the case may be:
(i) first, to the extent Holders of the Available Funds to each Uncertificated REMIC I Regular Interest (other than Uncertificated LTI-IO-1, REMIC I Regular Interest LTPLTI-IO-2, REMIC I Regular Interest LTI-IO-3 and REMIC I Regular Interest LTI-IO-4, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest LTI-1 and REMIC I Regular Interest LTI-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of the REMIC I Regular Interest LTI-P, on the Distribution Date immediately following the expiration of the latest Prepayment Change term as identified on the Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) on each Distribution Date, the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of REMIC I Regular Interest LTI-1 until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, sequentially to the Holders of REMIC I Regular Interest LTI-IO-1, REMIC I Regular Interest LTI-IO-2, REMIC I Regular Interest LTI-IO-3 REMIC I Regular Interest LTI-IO-4, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; and
(iv) to the Holders of the Class R Certificates (in respect of Component R-1), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LTI-P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LTI-P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Remittance Report, shall be distributed by REMIC III to REMIC IV on account of the REMIC III Regular Interests or withdrawn from the related Distribution Account and distributed to the Holders of the Class R Certificates, as the case may be:
(i) first, to the Holders of REMIC III Regular Interest LTIII-IO-A and REMIC Regular Interest LTIII-IO-B, 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 and then to Holders of REMIC III Regular Interest LTIII-1AA, REMIC III Regular Interest LTIII-1A1, REMIC III Regular Interest LTIII-1A2, REMIC III Regular Interest LTIII-1A3, REMIC III Regular Interest LTIII-1A4, REMIC III Regular Interest LTIII-1A5, REMIC III Regular Interest LTIII-1A6, REMIC III Regular Interest LTIII-1A7, REMIC III Regular Interest LTIII-1M1, REMIC III Regular Interest LTIII-1M2, REMIC III Regular Interest LTIII-1M3, REMIC III Regular Interest LTIII-1ZZ and REMIC III Regular Interest LTIII-1P, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III Group 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 Uncertificated REMIC I III Regular Interest LTZZ LTIII-1ZZ shall be reduced and deferred when the REMIC III Group I Overcollateralized Overcollateralization Amount is less than the REMIC III Group I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group I Regular Interest LTIII-1ZZ Maximum LTZZ Uncertificated Interest Deferral Amount, Amount and such amount shall will be payable to each Uncertificated the Holders of REMIC I III Regular Interest (other than Uncertificated LTIII-1A1, REMIC I III Regular Interest LTAALTIII-1A2, Uncertificated REMIC I III Regular Interest LTZZ and Uncertificated LTIII-1A3, REMIC I III Regular Interest LTP) LTIII-1A4, REMIC III Regular Interest LTIII-1A5, REMIC III Regular Interest LTIII-1A6, REMIC III Regular Interest LTIII-1A7, REMIC III Regular Interest LTIII-1M1, REMIC III Regular Interest LTIII-1M2 and REMIC III Regular Interest LTIII-1M3 in the same proportion as the related Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and Certificates, provided, however, that the Uncertificated Principal Balance of Uncertificated REMIC I III Regular Interest LTZZ shall be LTIII-1ZZ is increased by such amount;
(ii) second, to the Uncertificated Holders of REMIC III Group I Regular Interests, in an amount equal to the remainder of the Group I Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: to the Holders of REMIC III Regular Interest LTIII-1AA and REMIC III Regular Interest LTIII-1P, 98.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC III Regular Interest LTIII-1P shall not be reduced until the Distribution Date in February 2009 or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC III Regular Interest LTIII-1P, until $100 has been distributed pursuant to this clause; to the Holders of REMIC III Regular Interest LTIII-1A1, REMIC III Regular Interest LTIII-1A2, REMIC III Regular Interest LTIII-1A3, REMIC III Regular Interest LTIII-1A4, REMIC III Regular Interest LTIII-1A5, REMIC III Regular Interest LTIII-1A6, REMIC III Regular Interest LTIII-1A7, REMIC III Regular Interest LTIII-1M1, REMIC III Regular Interest LTIII-1M2 and REMIC III Regular Interest LTIII-1M3, 1.00% of such remainder (other than amounts payable under clause (iii) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; to the Holders of REMIC III Regular Interest LTIII-1ZZ, 1.00% of such remainder (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; then any remaining amount to the Holders of the Class R Certificates (in respect of Component R-3); and
(iii) third, to REMIC III Regular Interest LTIII-1P, 100% of the amount paid in respect of REMIC I Regular Interest LTI-P; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to a related Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC III Regular Interest LTIII-1AA and REMIC III Regular Interest LTIII-1P, in that order and (ii) REMIC III Regular Interest LTIII-1ZZ, respectively; provided that REMIC III Regular Interest LTIII-1P shall not be reduced until the Distribution Date in November 2008, at which point such amount shall be distributed to REMIC III Regular Interest LTIII-1P, until $100 has been distributed pursuant to this clause.
(c) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Remittance Report, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the related Distribution Account and distributed to the Holders of the Class R Certificates, as the case may be:
(i) first, to the Holders of REMIC II Regular Interest LTII-1, REMIC II Regular Interest LTII-2 and REMIC I Regular Interest LTII-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of the REMIC II Regular Interest LTII-P, on the Distribution Date immediately following the expiration of the latest Prepayment Change term as identified on the Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, to the Holder of REMIC I Regular Interest LTII-1 and REMIC II Regular Interest LTII-2, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; and
(iv) to the Holders of the Class R Certificates (in respect of Component R-2), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above.
(d) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Loans received during the related Prepayment Period will be distributed by REMIC II to the Holders of REMIC II Regular Interest LTII-P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LTII-P shall not reduce the Uncertificated Principal Balance thereof.
(e) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Remittance Report, shall be 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 R Certificates, as the case may be:
(i) first, to Holders of REMIC III Regular Interest LTIII-2AA, REMIC III Regular Interest LTIII-2AR1, REMIC III Regular Interest LTIII-2AR2, REMIC III Regular Interest LTIII-2MR1, REMIC III Regular Interest LTIII-2MR2, REMIC III Regular Interest LTIII-2MR3, REMIC III Regular Interest LTIII-2ZZ and REMIC III Regular Interest LTIII-2P, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC III Group 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 Regular Interest LTIII-2ZZ shall be reduced and deferred when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group II Regular Interest LTIII-2ZZ Maximum Interest Deferral Amount and such amount will be payable to the Holders of REMIC III Regular Interest LTIII-2AR1, REMIC III Regular Interest LTIII-2AR2, REMIC III Regular Interest LTIII-2MR1, REMIC III Regular Interest LTIII-2MR2, REMIC III Regular Interest LTIII-2MR3 in the same proportion as the related Overcollateralization Increase Amount is allocated to the Corresponding Certificates, provided, however, that the Uncertificated Principal Balance of REMIC III Regular Interest LTIII-2ZZ is increased by such amount;
(ii) to Holders of REMIC III Regular Interest LTIII-2SUB1, REMIC III Regular Interest LTIII-2GRP1, REMIC III Regular Interest LTIII-2SUB2, REMIC III Regular Interest LTIII-2GRP2 and REMIC III Regular Interest LTIII-2XX, PRO RATA, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) second, to the Holders of REMIC III Group II Regular Interests, in an amount equal to the REMIC III Group II Marker Allocation Percentage of the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: to the Holders of REMIC III Regular Interest LTIII-2AA and REMIC III Regular Interest LTIII-2P, 98.00% of such remainder (other than amounts payable under clause (d) below), until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC III Regular Interest LTIII-2P shall not be reduced until the Distribution Date in [February 2009] or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC III Regular Interest LTIII-2P, until $100 has been distributed pursuant to this clause; to the Holders of REMIC Regular Interest LTIII-2AR1, REMIC Regular Interest LTIII-2AR2, REMIC III Regular Interest LTIII-2MR1, REMIC III Regular Interest LTIII-2MR2, REMIC III Regular Interest LTIII-2MR3, 1.00% of such remainder (other than amounts payable under clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC III Regular Interests are reduced to zero; to the Holders of REMIC III Regular Interest LTIII-2ZZ, 1.00% of such remainder (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; then any remaining amount to the Holders of the Class R Certificates (in respect of Component R-3); and
(iv) third, to REMIC III Regular Interest LTIII-2P, 100% of the amount paid in respect of REMIC I Regular Interest LTI-P; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC III Regular Interest LTIII-2AA and REMIC III Regular Interest LTIII-2P, in that order and (ii) REMIC III Regular Interest LTIII-2ZZ, respectively; provided that REMIC III Regular Interest LTIII-2P shall not be reduced until the Distribution Date in November 2008, at which point such amount shall be distributed to REMIC III Regular Interest LTIII-2P, until $100 has been distributed pursuant to this clause.
(v) to the Holders of REMIC III Regular Interests, in an amount equal to the remainder of the REMIC III Sub WAC Allocation Percentage of Group II Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC III Regular Interests first, so as to keep the Uncertificated Principal Balance of each REMIC III Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Group II Loans; second, to each REMIC III Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC III Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Group II Loans over (y) the current Certificate Principal Balance of the Group II Senior Certificate (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 Regular Interests such that the REMIC III Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC III Regular Interest LTIII-2XX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Trust Series 2004-3)
REMIC Distributions. (a) On each Distribution Date, the following amounts, Trustee shall be deemed to cause in the following order of priority, shall the following amounts to be distributed by REMIC I to REMIC II 2 on account of the Uncertificated REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class RR-1 Interest ), as the case may be:
(i) to Holders of REMIC 1 Regular Interest I-CE-2, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and then to Holders of REMIC 1 Regular Interest I and each of REMIC 1 Regular Interest I-1-A through I-47-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 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 1 Regular Interest I, then to REMIC 1 Regular Interests I-1-A through I-47-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second, to the extent of any Overcollateralization Release Amounts to REMIC 1 Regular Interest I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, then to REMIC 1 Regular Interests I-1-A through I-47-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero; and
(iii) to the Holders of REMIC 1 Regular Interest I-47-B, all amounts representing Prepayment Penalties in respect of the Mortgage Loans received during the related Prepayment Period.
(b) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent Holders of REMIC 2 Regular Interest LT2CE2, 100% of the Available Funds to each Uncertificated amounts received in respect of REMIC I 1 Regular Interest (other than Uncertificated I-CE-2; second, to the Holders of REMIC I 2 Regular Interest LTP)LT2IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and third, to Holders of REMIC 2 Regular Interest LT2AA, REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2M7, REMIC 2 Regular Interest LT2M8, REMIC 2 Regular Interest LT2M9, REMIC 2 Regular Interest LT2B1, REMIC 2 Regular Interest LT2P and REMIC 2 Regular Interest LT2ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of Uncertificated REMIC I 2 Regular Interest LTZZ LT2ZZ shall be reduced and deferred when the REMIC I 2 Overcollateralized Amount is less than the REMIC I 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ LT2ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount shall will be payable to each Uncertificated the Holders of REMIC I 2 Regular Interest (other than Uncertificated LT2A1, REMIC I 2 Regular Interest LTAALT2A2, Uncertificated REMIC I 2 Regular Interest LTZZ and Uncertificated LT2A3, REMIC I 2 Regular Interest LTP) LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2M7, REMIC 2 Regular Interest LT2M8, REMIC 2 Regular Interest LT2M9 and REMIC 2 Regular Interest LT2B1, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I 2 Regular Interest LTZZ LT2ZZ shall be increased by such amount;
(ii) to the Uncertificated Holders of REMIC I 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) to REMIC 2 Regular Interest LT2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 2 Regular Interest is reduced to zero provided, however, that REMIC 2 Regular Interest LT2P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Penalty or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 2 Regular Interest LT2P, until $100 has been distributed pursuant to this clause;
(B) to REMIC 2 Regular Interest LT2A1, REMIC 2 Regular Interest LT2A2, REMIC 2 Regular Interest LT2A3, REMIC 2 Regular Interest LT2M1, REMIC 2 Regular Interest LT2M2, REMIC 2 Regular Interest LT2M3, REMIC 2 Regular Interest LT2M4, REMIC 2 Regular Interest LT2M5, REMIC 2 Regular Interest LT2M6, REMIC 2 Regular Interest LT2M7, REMIC 2 Regular Interest LT2M8, REMIC 2 Regular Interest LT2M9 and REMIC 2 Regular Interest LT2B1, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero; then
(C) to REMIC 2 Regular Interest LT2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero;
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest); provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Aggregate Overcollateralization Release Amount shall be allocated to (i) REMIC 2 Regular Interest LT2AA and REMIC 2 Regular Interest LT2P and (ii) REMIC 2 Regular Interest LT2ZZ, respectively.
(iii) to REMIC 2 Regular Interest LT2P, all amounts representing Prepayment Penalties received in respect of the REMIC 1 Regular Interest I-47-B for such Distribution Date. On each Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest LT2IO shall be deemed distributed by REMIC 3 in respect of the Class SWAP-IO Interest. Such amounts shall be deemed distributed by REMIC 3 to the Supplemental Interest Trust for deposit into the Swap Account. On each Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest LT2CE2 shall be deemed distributed by REMIC 3 in respect of the Class CE-2 REMIC 3 Regular Interest. On each Distribution Date, 100% of the amounts distributed on REMIC 2 Regular Interest LT2P, including Prepayment Penalties, shall be deemed distributed by REMIC 3 in respect of the Class P REMIC 3 Regular Interest. Other amounts deemed distributed by REMIC 2 to REMIC 3 shall be deemed distributed with respect to REMIC 3 Regular Interests (other than the Class SWAP-IO Interest) so as to (i) pay the Uncertificated Accrued Interest on such REMIC 3 Regular Interests and (ii) reduce the Certificate Principal Balance or Notional Amount of each such REMIC 3 Regular Interest to the extent necessary so that it equals the Certificate Principal Balance or Notional Amount of the corresponding Class of Certificates. Any remaining amounts will be deemed distributed with respect to the Class R-3 Interest.
(c) The Trustee shall be deemed to cause the following allocation of losses:
(i) (A) For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls (to the extent not covered by payments by the Servicer) and any Relief Act Interest Shortfalls shall be allocated first, to REMIC 1 Regular Interest I and to the REMIC 1 Regular Interests ending with the designation “B”, pro rata based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC 1 Regular Interests ending with the designation “A”, pro rata based on, and to the extent of, one month’s interest at the then applicable respective Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances of each such REMIC 1 Regular Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb5 Trust)
REMIC Distributions. (a) On each Distribution Date, the following amounts, Trustee shall cause in the following order of priority, shall the following amounts to be distributed by REMIC I 1 to REMIC II 2 on account of the Uncertificated REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I R-1 Interest), as the case may be: With respect to the Group 1 Mortgage Loans:
(i) first, to the extent Holders of the Available Funds to each Uncertificated REMIC I Regular Interest (other than Uncertificated I, REMIC I 1 Regular Interest LTP), pro rata, I-PF and REMIC 1 Regular Interest P in an amount equal to (A) the Uncertificated Interest for each REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of Uncertificated REMIC I Regular Interest LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Interest Deferral Amount, and such amount shall be payable to each Uncertificated REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I Regular Interest LTZZ shall be increased by such amount;
(ii) to the Uncertificated Holders of REMIC 1 Regular Interest P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(iii) to the Holders of REMIC 1 Regular Interest I and REMIC 1 Regular InterestsInterest I-PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest I, until the Uncertificated Balance of REMIC 1 Regular Interest I is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest I-PF, until the Uncertificated Balance of REMIC 1 Regular Interest I-PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group 1 Mortgage Loans shall be allocated to REMIC 1 Regular Interest I and such amounts relating to the Subsequent Group 1 Mortgage Loans shall be allocated to REMIC 1 Regular Interest I-PF. With respect to the Group 2 Mortgage Loans:
(i) to the Holders of REMIC Regular Interest II, REMIC 1 Regular Interest II-PF and REMIC 1 Regular Interest P in an amount equal to (A) the Uncertificated Interest for each REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of REMIC 1 Regular Interest P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; and
(iii) to the Holders of REMIC 1 Regular Interest II and REMIC 1 Regular Interest II-PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest II, until the Uncertificated Balance of REMIC 1 Regular Interest II is reduced to zero;
(b) to the Holders of REMIC 1 Regular Interest II-PF, until the Uncertificated Balance of REMIC 1 Regular Interest II-PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group 2 Mortgage Loans shall be allocated to REMIC 1 Regular Interest II and such amounts relating to the Subsequent Group 2 Mortgage Loans shall be allocated to REMIC 1 Regular Interest II-PF.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ABFC Asset-Backed Certificates, Series 2005-Wmc1)
REMIC Distributions. (a) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) to Uncertificated REMIC I Regular Interest LT1PF, Uncertificated REMIC I Regular Interest LT1ML and Uncertificated REMIC I Regular Interest LT1P in an amount equal to (A) Uncertificated Interest for such Uncertificated REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to Uncertificated REMIC I Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Premium or any Distribution date thereafter until $100 has been distributed pursuant to this clause;
(iii) to Uncertificated REMIC I Regular Interest LT1ML and Uncertificated REMIC I Regular Interest LT1PF in an amount equal to the remainder of the of the Available Distribution Amount for such Distribution Date after the distributions pursuant to (i) and (ii) above, allocated as follows:
(1) to Uncertificated REMIC I Regular Interest LT1ML, until the Uncertificated Principal Balance of Uncertificated REMIC I Regular Interest LT1ML is reduced to zero;
(2) to Uncertificated REMIC I Regular Interest LT1PF, until the Uncertificated Principal Balance of Uncertificated REMIC I Regular Interest LT1PF is reduced to zero;
(3) any remaining amounts to the Class R Certificates (in respect of the Class R-I Interest); and
(iv) on each Distribution Date, all amounts representing Prepayment Premiums in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to Uncertificated REMIC I Regular Interest LT1P. The payment of the foregoing amounts to Uncertificated REMIC I Regular Interest LT1P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and distributed to the Holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be:
(i) first, to the extent of the Available Funds Distribution Amount to each Uncertificated REMIC I II Regular Interest (other than Uncertificated REMIC I II Regular Interest LTPLT2P), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of Uncertificated REMIC I II Regular Interest LTZZ LT2ZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ LT2ZZ Uncertificated Interest Deferral Amount, Amount and such amount shall be payable to each Uncertificated REMIC I II Regular Interest (other than Uncertificated REMIC I II Regular Interest LTAALT2AA, Uncertificated REMIC I II Regular Interest LTZZ LT2ZZ and Uncertificated REMIC I II Regular Interest LTPLT2P) in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I II Regular Interest LTZZ LT2ZZ shall be increased by such amount;
(ii) to the Uncertificated REMIC I II Regular Interests, in an amount equal to the remainder of the Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Trust 2005-2)
REMIC Distributions. (a) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) first, to the extent of the Available Funds to each Uncertificated REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTP)Interest, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution DateDate (but only to the extent of the Interest Distribution Amount), plus (B) any amounts in respect thereof remaining unpaid from previous Distribution DatesDates to the extent that equivalent amounts are distributed to the REMIC II Regular Interests. Amounts payable as Uncertificated Interest in respect of Uncertificated REMIC I Regular Interest LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Interest Deferral Amount, and such amount shall be payable to each Uncertificated REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ LTAA and Uncertificated REMIC I Regular Interest LTPLTZZ) in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I Regular Interest LTZZ shall be increased by such amount;
(ii) to the Uncertificated REMIC I Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
Appears in 1 contract
REMIC Distributions. (a) Distributions on the REMIC I Regular Interests and the Class R-I Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) first, to the extent of the Available Funds Group I Interest Remittance Amount (prior to deduction for any swap payments to the Supplemental Interest Trust for payment to the Swap Provider), to each Uncertificated of REMIC I Regular Interest I-1-A through I-42-B, pro rata, in an amount equal to (other than A) Uncertificated Accrued Interest for such REMIC I Regular Interest LTPfor such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the extent of the Group I Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any swap payments to the Supplemental Interest Trust for payment to the Swap Provider) remaining after distributions pursuant to clause (i) above, payments of principal shall be allocated to REMIC I Regular Interest I-1-A through I-42-B starting with the lowest numerical denomination until the Uncertificated 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;
(iii) to the REMIC I Regular Interest I-42-B, all amounts representing Prepayment Premiums in respect of the Group I Mortgage Loans received by the Securities Administrator; and
(iv) any remaining amount to the Class R Certificate (in respect of the Class R-I Interest).
(b) Distributions on the REMIC II Regular Interests and the Class R-II Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be:
(i) first, to the extent of the Group I Interest Remittance Amount, (prior to deduction for any swap payments to the Supplemental Interest Trust for payment to the Swap Provider) to REMIC II Regular Interest I-LTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous 151 Distribution Dates; to REMIC II Regular Interest I-LTAA, the Corresponding REMIC II Marker Interests and REMIC II Regular Interest I-LTZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interest 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 Uncertificated REMIC I II Regular Interest I-LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Accrued Interest Deferral Amount, and such amount shall be payable to each Uncertificated Corresponding REMIC I Regular II Marker Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Group I Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I II Regular Interest I-LTZZ shall be increased by such amount;
(ii) second, to the Uncertificated REMIC extent of the Group I Regular Interests, in an amount equal Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any swap payments to the remainder of Supplemental Interest Trust for payment to the Available Funds for such Distribution Date Swap provider) remaining after the distributions made pursuant to clause (i) above, to the REMIC II Regular Interests, allocated as follows:
Appears in 1 contract
REMIC Distributions. (a) On each Distribution Date, the following amounts, in the following order of prioritypriority and in accordance with the Remittance Report to the extent of funds available therefor, shall be distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I Interest)Certificates, as the case may be:
(i) first, to the extent Holders of the Available Funds to each Uncertificated REMIC I Regular Interest (other than Uncertificated LTI-IO-1, REMIC I Regular Interest LTPLTI-IO-2, REMIC I Regular Interest LTI-IO-3 and REMIC I Regular Interest LTI-IO-4, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest LTI-1 and REMIC I Regular Interest LTI-P, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of the REMIC I Regular Interest LTI-P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) on each Distribution Date, the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of REMIC I Regular Interest LTI-1 until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero, and second, to the Holders of REMIC I Regular Interest LTI-IO-1, REMIC I Regular Interest LTI-IO-2, REMIC I Regular Interest LTI-IO-3 and REMIC I Regular Interest LTI-IO-4, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; and
(iv) to the Holders of the Class R Certificates (in respect of Component R-1), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest LTI-P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest LTI-P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority and in accordance with the Remittance Report to the extent of funds available therefor, 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 R Certificates, as the case may be:
(i) first, to the Holders of REMIC II Regular Interest LTII-IO-A and REMIC Regular Interest LTII-IO-B, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then to Holders of REMIC II Regular Interest LTII-AA, REMIC II Regular Interest LTII-A1, REMIC II Regular Interest LTII-A2, REMIC II Regular Interest LTII-A3, REMIC II Regular Interest LTII-A4A, REMIC II Regular Interest LTII-A4B, REMIC II Regular Interest LTII-A5A, REMIC II Regular Interest LTII-A5B, REMIC II Regular Interest LTII-M1, REMIC II Regular Interest LTII-M2, REMIC II Regular Interest LTII-M3, REMIC II Regular Interest LTII-ZZ and REMIC II Regular Interest LTII-P, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 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 Uncertificated REMIC I II Regular Interest LTZZ LTII-ZZ shall be reduced and deferred when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest LTII-ZZ Maximum LTZZ Uncertificated Interest Deferral Amount, Amount and such amount shall will be payable to each Uncertificated the Holders of REMIC I II Regular Interest (other than Uncertificated LTII-A1, REMIC I II Regular Interest LTAALTII-A2, Uncertificated REMIC I II Regular Interest LTZZ and Uncertificated LTII-A3, REMIC I II Regular Interest LTP) LTII-A4A, REMIC II Regular Interest LTII-A4B, REMIC II Regular Interest LTII-A5A, REMIC II Regular Interest LTII-A5B, REMIC II Regular Interest LTII-M1, REMIC II Regular Interest LTII-M2, REMIC II Regular Interest LTII-M3 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates and Certificates, provided, however, that the Uncertificated Principal Balance of Uncertificated REMIC I II Regular Interest LTZZ shall be LTII-ZZ is increased by such amount;
(ii) second, to the Uncertificated Holders of REMIC I II Regular Interests, in an amount equal to the remainder of the Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) 98.00% of such remainder (other than amounts payable under clause (C) below), to the Holders of REMIC II Regular Interest LTII-AA and REMIC II Regular Interest LTII-P, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero, provided, however, that the Uncertificated Principal Balance of REMIC II Regular Interest LTII-P shall not be reduced until the Distribution Date in September 2009 or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC II Regular Interest LTII-P, until $100 has been distributed pursuant to this clause;
(B) 2.00% of such remainder (other than amounts payable under clause (C) below) first, to the Holders of REMIC II Regular Interest LTII-A1, REMIC II Regular Interest LTII-A2, REMIC II Regular Interest LTII-A3, REMIC II Regular Interest LTII-A4A, REMIC II Regular Interest LTII-A4B, REMIC II Regular Interest LTII-A5A, REMIC II Regular Interest LTII-A5B, REMIC II Regular Interest LTII-M1, REMIC II Regular Interest LTII-M2 and REMIC II Regular Interest LTII-M3, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC II Regular Interests are reduced to zero; to the Holders of REMIC II Regular Interest LTII-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; then
(C) any remaining amount to the Holders of the Class R Certificates (in respect of Component R-2); and
(iii) third, to REMIC II Regular Interest LTII-P, 100% of the amount paid in respect of REMIC I Regular Interest LTI-P; provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC II Regular Interest LTII-AA and REMIC II Regular Interest LTII-P, in that order and (ii) REMIC II Regular Interest LTII-ZZ, respectively; provided that REMIC II Regular Interest LTII-P shall not be reduced until the Distribution Date in September 2009, at which point such amount shall be distributed to REMIC II Regular Interest LTII-P, until $100 has been distributed pursuant to this clause.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc. Mortgage Loan Trust 2004-5)
REMIC Distributions. (a) On Distributions on the REMIC 1 Regular Interests. Subject to Section 4.08(i), on each Distribution Date, the following amounts, Securities Administrator shall be deemed to cause in the following order of priority, shall the following amounts to be distributed by REMIC I 1 to REMIC II 2 on account of the Uncertificated REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holder of the Class R Certificates Certificate (in respect of the Class R-I R-1 Interest), as the case may be:
(i) firstWith respect to the Group 1 Mortgage Loans,
(A) to REMIC 1 Regular Interest Group 1 in an amount equal to (I) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (II) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(B) to the extent of amounts remaining after the Available Funds distributions made pursuant to each Uncertificated clause (A) above, payments of principal shall be allocated to REMIC I 1 Regular Interest Group 1, until the Uncertificated Balance thereof is reduced to zero; and
(other than Uncertificated C) any remaining amount to the Class R Certificate (in respect of the Class R-1 Interest).
(ii) With respect to the Group 2 Mortgage Loans,
(A) to REMIC I 1 Regular Interest LTPGroup 2 in an amount equal to (I) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (II) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(B) to the extent of amounts remaining after the distributions made pursuant to clause (A) above, payments of principal shall be allocated to REMIC 1 Regular Interest Group 2, until the Uncertificated Balance thereof is reduced to zero; and
(C) any remaining amount to the Class R Certificate (in respect of the Class R-1 Interest).
(b) Distributions on the REMIC 2 Regular Interests. Subject to Section 4.08(i), on each Distribution Date, the Securities Administrator shall be deemed to cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holder of the Class R Certificate (in respect of the R-2 Interest), as the case may be:
(i) to REMIC 2 Regular Interest I and each of REMIC 2 Regular Interest I-1-A through I-48-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest 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 first, to REMIC 2 Regular Interest I, then to REMIC 2 Regular Interest I-1-A through I-48-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC 2 Regular Interest is reduced to zero, provided that, for REMIC 2 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 2 Regular Interests; and
(iii) any remaining amount to the Class R Certificate (in respect of the Class R-2 Interest).
(c) Distributions on the REMIC 3 Regular Interests. Subject to Section 4.08(i), on each Distribution Date, the Securities Administrator shall be deemed to cause in the following order of priority, the following amounts to be distributed by REMIC 3 to REMIC 4 on account of the REMIC 3 Regular Interests or withdrawn from the Distribution Account and distributed to the Holder of the Class R Certificate (in respect of the Class R-3 Interest), as the case may be:
(i) to REMIC 3 Regular Interest LTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 3 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; to REMIC 3 Regular Interest LTAA, the REMIC 3 Corresponding Marker Interests and REMIC 3 Regular Interest LTZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of Uncertificated REMIC I 3 Regular Interest LTZZ shall be reduced and deferred when the REMIC I 3 Overcollateralized Amount is less than the REMIC I 3 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LTZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount shall will be payable to each Uncertificated the REMIC I Regular Interest (other than Uncertificated REMIC I Regular Interest LTAA3 Corresponding Marker Interests, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates Classes of Certificates, and the Uncertificated Principal Balance of Uncertificated REMIC I 3 Regular Interest LTZZ shall be increased by such amount;
(ii) to the Uncertificated REMIC I 3 Regular Interests, as a distribution of principal, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(1) to REMIC 3 Regular Interest LTAA, 99.00% of such remainder, until the Uncertificated Balance of such REMIC 3 Regular Interests is reduced to zero;
(2) to the REMIC 3 Corresponding Marker Interests, 0.50% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Classes of Certificates, until the Uncertificated Balances of such REMIC 3 Regular Interests are reduced to zero; then
(3) to REMIC 3 Regular Interest LTZZ, 0.50% of such remainder, until the Uncertificated Balance of such REMIC 3 Regular Interest is reduced to zero;
(4) any remaining amount to the Class R Certificate (in respect of the Class R-3 Interest) provided, however, that (i) 99.00% and (ii) 1.00% of any principal payments that are attributable to the Overcollateralization Release Amount shall be allocated to (i) REMIC 3 Regular Interest LTAA and (ii) REMIC 3 Regular Interest LTZZ, respectively.
(d) Distributions on the REMIC 4 Regular Interests. Subject to Section 4.08(i), on each Distribution Date, 100% of the amounts distributed on the REMIC 3 Regular Interest LTIO shall be deemed distributed by REMIC 4 to REMIC 5 in respect of the Class Swap-IO REMIC 4 Regular Interest. Other amounts deemed distributed by REMIC 3 to REMIC 4 shall be deemed distributed with respect to the REMIC 4 Regular Interests (other than the Class Swap-IO REMIC 4 Regular Interest) so as to (i) pay the Uncertificated Accrued Interest on such REMIC 4 Regular Interest plus any amounts in respect thereof remaining unpaid from previous Distribution Dates and (ii) reduce the Uncertificated Balance or Notional Amount of each such REMIC 4 Regular Interest to the extent necessary so that it equals the Certificate Principal Balance or Notional Amount of the Corresponding Class of Certificates. Any remaining amounts will be deemed distributed with respect to the Class R Certificate (in respect of the Class R-3 Interest).
(e) Subject to Section 4.08(i), on each Distribution Date, 100% of the amounts distributed on the Class CE REMIC 4 Regular Interest shall be deemed distributed by REMIC 4 to XXXXX 0 in respect of the Class CE REMIC 5 Regular Interest. Such amounts shall be deemed distributed xx XXXXC 5 to the Class CE Certificates. Any remaining amounts in REMIC 5 shall be distributed to the Class R-X Certificate (in respect of the Class R-X-5 Interest).
(f) Subject to Section 4.08(i), on each Distribution Date, 100% of the amounts distributed on the Class Swap-IO REMIC 4 Regular Interest shall be deemed distributed by REMIC 4 to REMIC 5 in respect of the Class Swap-IO REMIC 5 Regular Interest. Such amounts shall be deemed distributed by REMIC 5 for deposit into the Swap Account. Any remaining amounts in REMIC 5 shall be distributed to the Class R-X Certificate (in respect of the Class R-X-5 Interest).
(g) The Securities Administrator shall be deemed to cause the following allocation of losses:
(i) For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 1 Regular Interests, the aggregate amount of any Relief Act Reductions for any Distribution Date shall be allocated (i) with respect to the Group 1 Mortgage Loans, to REMIC 1 Regular Interest Group 1 to the extent of one month's interest at the then applicable Pass-Through Rate on the Uncertificated Balance of such REMIC 1 Regular Interest; and (ii) with respect to the Group 2 Mortgage Loans, to REMIC 1 Regular Interest Group 2 to the extent of one month's interest at the then applicable Pass-Through Rate on the Uncertificated Balance of each such REMIC 1 Regular Interest.
(ii) For purposes of calculating the amount of Uncertificated Accrued Interest for the REMIC 1 Regular Interests, the aggregate amount of any Relief Act Interest Shortfalls for any Distribution Date shall be allocated first, to REMIC 2 Regular Interest I and to the REMIC 2 Regular Interests ending with the designation "B," pro rata, based on, and to the extent of, one month's interest at the then applicable respective Pass-Through Rates on the respective Uncertificated Balances of each such REMIC 1 Regular Interest, and then, to REMIC 2 Regular Interests ending with the designation "A," pro rata based on, and to the extent of, one month's interest at the then applicable respective Pass-Through Rates on the respective Uncertificated Balances of each such REMIC 2 Regular Interest.
(iii) For purposes of calculating the amount of Uncertificated Accrued Interest on the REMIC 3 Regular Interests the aggregate amount of any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date shall be allocated among REMIC 3 Regular Interest LTAA, the REMIC 3 Corresponding Marker Interests and REMIC 3 Regular Interest LTZZ, pro rata, based on, and to the extent of, one month's interest at the then applicable respective Pass-Through Rate on the respective Uncertificated Balance of each such REMIC 3 Regular Interest;
(iv) The aggregate amount of any Relief Act Interest Shortfalls allocated to the Class CE REMIC 4 Regular Interest shall be allocated to REMIC 5 in rexxxxx xx the Class CE Certificates;
(v) All Realized Losses on the Group 1 Mortgage Loans shall be allocated by the Securities Administrator on each Distribution Date to the REMIC 1 Regular Interest Group 1 until the Uncertificated Balance of such REMIC 1 Regular Interest has been reduced to zero.
(vi) All Realized Losses on the Group 2 Mortgage Loans shall be allocated by the Securities Administrator on each Distribution Date first to the REMIC 1 Regular Interest Group 2 until the Uncertificated Balance of such REMIC 1 Regular Interest has been reduced to zero.
(vii) With respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage Loans shall be allocated by the Securities Administrator on each Distribution Date first, to REMIC 2 Regular Interest I until the Uncertificated Balance of such REMIC 2 Regular Interest has been reduced to zero, and second, to REMIC 2 Regular Interest I-1-A through REMIC 2 Regular Interest I-48-B, starting with the lowest numerical denomination until such REMIC 1 Regular Interest has been reduced to zero, provided that, for REMIC 2 Regular Interests with the same numerical denomination, such Realized Losses shall be allocated, pro rata, between such REMIC 2 Regular Interests.
(viii) All Realized Losses on the Mortgage Loans shall be allocated by the Securities Administrator on each Distribution Date to the following REMIC 3 Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to (i) REMIC 3 Regular Interest LTAA and (ii) REMIC 3 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 3 Interest Loss Allocation Amount, 99% and 1%, respectively; second, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA and REMIC 3 Regular Interest LTZZ up to an aggregate amount equal to the REMIC 3 Principal Loss Allocation Amount, 99% and 1%, respectively; third, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTB1 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balance of REMIC 3 Regular Interest LTB1 has been reduced to zero, fourth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM9 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balance of REMIC 2 Regular Interest LTM9 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM8 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balance of REMIC 3 Regular Interest LTM8 has been reduced to zero; sixth to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM7 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balance of REMIC 3 Regular Interest LTM7 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM6 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%%, respectively, until the Uncertificated Balance of REMIC 3 Regular Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM5 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balances of REMIC 3 Regular Interest LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM4 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balances of REMIC 3 Regular Interest LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM3 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balances of REMIC 3 Regular Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 2 Regular Interest LTM2 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balances of REMIC 3 Regular Interest LTM2 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC 3 Regular Interest LTAA, REMIC 3 Regular Interest LTM1 and REMIC 3 Regular Interest LTZZ, 99%, 0.50% and 0.50%, respectively, until the Uncertificated Balances of REMIC 3 Regular Interest LTM1 has been reduced to zero; and
(ix) All Realized Losses on the Mortgage Loans shall be allocated by the Securities Administrator on each Distribution Date to the REMIC 4 Regular Interests such that the Uncertificated Balance or Notional Amount of each such REMIC 4 Regular Interest equals the Certificate Principal Balance or Notional Amount of the Corresponding Class of Certificates.
(x) All Realized Losses on the Class CE REMIC 4 Regular Interest shall be allocated by the Securitiex Xxxxxxstrator on each Distribution Date to REMIC 5 and the Class CE Certificates.
(h) Notwithstanding anything to the contrary contained herein, the above distributions in this Section 4.08 (other than on the Certificates) are deemed distributions, and distributions of funds from the Distribution Account shall be made only in accordance with Sections 4.01 and 4.02 hereof.
(i) The distributions described in Section 4.02(c) as being made on the Business Day prior to a Distribution Date shall be made in respect of the REMIC 1 Regular Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests, Class Swap IO and Class CE REMIC 5 Regular Interest on the Business Day on which such dxxxxxxxxions are actually made and shall not be duplicated on the related Distribution Date.
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Samples: Pooling and Servicing Agreement (ABFC 2007-Wmc1 Trust)
REMIC Distributions. (a) Distributions on the REMIC I Regular Interests and the Class R-I Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC I to REMIC II on account of the Uncertificated REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) first, to the extent of the Available Funds Group I Interest Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider), to each Uncertificated of REMIC I Regular Interest I-1-A through I-84-B, pro rata, in an amount equal to (other than A) Uncertificated Accrued Interest for such REMIC I Regular Interest LTPfor such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the extent of the Group I Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider) remaining after distributions pursuant to clause (i) above, payments of principal shall be allocated to REMIC I Regular Interest I-1-A through I-84-B starting with the lowest numerical denomination until the Uncertificated 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;
(iii) to the REMIC I Regular Interest I-84-B, all amounts representing Prepayment Premiums in respect of the Group I Mortgage Loans received by the Securities Administrator; and
(iv) any remaining amount to the Class R Certificate (in respect of the Class R-I Interest).
(b) Distributions on the REMIC II Regular Interests and the Class R-II Interest. On each Distribution Date, the following amounts, in the following order of priority, shall be deemed distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be:
(i) first, to the extent of the Group I Interest Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payment paid to the Supplemental Interest Trust for payment to the Swap Provider), to REMIC II Regular Interest I-LTIO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; to REMIC II Regular Interest I-LTAA, the Corresponding REMIC II Marker Interests, REMIC II Regular Interest I-LTZZ, REMIC II Regular Interest I-LTP and REMIC II Regular Interest I-LTR, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC II Regular Interest such 155 Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of Uncertificated REMIC I II Regular Interest I-LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Accrued Interest Deferral Amount, and such amount shall be payable to each Uncertificated Corresponding REMIC I Regular II Marker Interest (other than Uncertificated REMIC I Regular Interest LTAA, Uncertificated REMIC I Regular Interest LTZZ and Uncertificated REMIC I Regular Interest LTP) in the same proportion as the Group I Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of Uncertificated REMIC I II Regular Interest I-LTZZ shall be increased by such amount;
(ii) second, to the Uncertificated REMIC extent of the Group I Regular Interests, in an amount equal Interest Remittance Amount and Group I Principal Remittance Amount (prior to deduction for any Net Swap Payment or Swap Termination Payments paid to the remainder of Supplemental Interest Trust for payment to the Available Funds for such Distribution Date Swap Provider) remaining after the distributions made pursuant to clause (i) above, first, to the REMIC II Regular Interest I-LTR until its Uncertificated Balance equals one-half the aggregate Certificate Principal Balance of the Class R and Class RX Certificates, and any remaining amount to the REMIC II Regular Interests, allocated as follows:
(1) 98.00% of such remainder (other than amounts payable under clause (3) below), to REMIC II Regular Interest I-LTAA and REMIC II Regular Interest I-LTP until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero; provided, however, that the Uncertificated Balance of REMIC II Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Premium with respect to the Group I Mortgage Loans or any Distribution Date thereafter, at which point such amount shall be distributed to the REMIC II Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
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