REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount for all Groups from the REMIC I Distribution Account, and shall distribute it in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate will be made to the holder thereof): (i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following order: (1) To the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest; (2) To the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance of the Class MA-1 equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained); (3) To the Class AI-1 Interest the Senior Principal Distribution Amount, minus the principal amount distributed in paragraph (2), until its Certificate Balance has been reduced to zero; (4) to the Class BI-1 Interest, Accrued Certificate Interest; (5) as principal to the Class BI-1 Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero; (6) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and (7) at such time as all other classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates. (ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows: (1) to the Class ▇▇-▇, ▇▇-▇, and MB-2, Accrued Certificate Interest; (2) pro rata, so as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio); (3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2); (4) to the Class BI-2 Interest, Accrued Certificate Interest; (5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans; (6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and (7) after all Classes of Certificates are paid in full, to the Class R-1 Certificates. (iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows: (1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest; (2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio); (3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2); (4) to the Class BI-3 Interest, Accrued Certificate Interest; (5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans; (6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses previously allocated to such Class; and (7) after all classes of REMIC I Interests have been paid in full, to the Class R1 Certificates.
Appears in 1 contract
REMIC I Distributions. In accordance with Section 3.01(b)(iii3.01(d) of the Standard Terms and subject to the exceptions set forth below, on each Distribution Date, the Trustee Securities Administrator shall withdraw the aggregate Available Distribution Amount (less any amounts withdrawn pursuant to Section 3.01(b)(i) and (ii) of the Standard Terms) for all Groups the Group 1 Mortgage Loans, the Group 2 Mortgage Loans and the Group 3 Mortgage Loans from the Distribution Account for REMIC I Distribution AccountI, and shall distribute it in the following manner and order of priority to the REMIC II Distribution Certificate Account (except that payments on amounts payable to the Class R1 Certificate will Interests shall be made distributed to the holder thereofHolders of the Class R1 Interests):
(i) The Available Distribution Amount for the Pool Group 1 Mortgage Loans will shall be distributed in the following order:
(1) To first, to the Class AI-1, Class MA-1, and Class MB-1 AI-1 Interests, pro rata, Accrued Certificate Interest;Interest thereon; and
(2) To the Class MA-1 and Class MB-1 Interestssecond, pro rata, so as to keep the Certificate Balance pay principal of the Class MA-1 equal AI-1 Interests, to 0.01% the extent of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained);
(3) To the Class AI-1 Interest the Senior Principal Distribution Amount, minus Amount for the principal amount distributed in paragraph (2)Group 1 Mortgage Loans, until its the Certificate Balance thereof has been reduced to zero;
(4) to the Class BI-1 Interest, Accrued Certificate Interest;
(5) as principal to the Class BI-1 Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(6) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and
(7) at such time as all other classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates.
(ii) The Available Distribution Amount for the Pool Group 2 Mortgage Loans will shall be distributed as follows:
(1) first, pro rata, to the Class ▇▇-▇, ▇▇-▇, AI-2 Interests and MB-2the Class R1 Interests, Accrued Certificate InterestInterest thereon;
(2) pro ratasecond, so as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (except that if any such excess is a larger number than in the preceding distribution period, the least amount of pay principal shall be distributed to such REMIC I Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, R1 Interests to the extent of the Senior Principal Distribution Amount minus for the amount distributed pursuant Group 2 Mortgage Loans, until the Certificate Balance thereof has been reduced to paragraph (2);zero; and
(43) third, to pay principal to the Class BI-2 Interest, Accrued Certificate Interest;
(5) AI-2 Interests to the Class BI-2 Interest, as principal, extent of the Subordinate remaining Senior Principal Distribution Amount for the Pool Group 2 Mortgage Loans;
(6) , until the Certificate Balance thereof is reduced to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificateszero.
(iii) The Available Distribution Amount for the Pool Group 3 Mortgage Loans shall be distributed as follows:
(1) first, to the Class AI-3, Class MA-3 and Class MB-3 AI-3 Interests, pro rata, Accrued Certificate InterestInterest thereon; and
(2) second, to pay principal to the Class AI-3 Interests to the extent of the Senior Principal Distribution Amount for the Group 3 Mortgage Loans, until the Certificate Balance thereof is reduced to zero.
(iv) Subject to the exceptions described below, the portion of the Available Distribution Amount remaining for each Group shall be distributed as follows:
(1) first, to the Class BI Interests, Accrued Certificate Interest thereon;
(2) pro ratasecond, so as to keep pay principal to the Class BI Interests to the extent of the aggregate Subordinate Principal Distribution Amount for all Groups, until the Certificate Balance of the Class MA-3 Interest equal thereof is reduced to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio)zero;
(3) to the Class AI-3 Interestthird, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in sequential order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) seniority, up to the amount of Realized Losses previously allocated to such Class; and
(74) fourth, after all classes Classes of REMIC I Interests are paid in full and all losses previously allocated to any outstanding Class of Interests have been paid in full, pro rata to the holders of the Class R1 Interests). If, on any Distribution Date, the Subordinate Component Balance with respect to any Group is less than zero (each such Group, an "Affected Group"), then an amount equal to the lesser of (i) the amount necessary to make the Subordinate Component Balance equal to zero on such Distribution Date, and (ii) the aggregate amount otherwise allocable to the Subordinate Interests on such Distribution Date shall be used to make payments to the Class R1 CertificatesAI Interests related to the Affected Group (such amount, a "Crossover Amount"). In the event there is more than one Affected Group on any Distribution date, payments to the Class AI Interests related to the Affected Groups pursuant to this paragraph shall be made to such Class AI Interests pro rata based on the respective Crossover Amounts.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (Gs Mortgage Securites Corp Loan Trust 2003-9)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on On each Distribution Date, the Trustee shall withdraw be deemed to distribute to itself, as holder of the aggregate Tier I Regular Interests, the following amounts in the order set forth below:
(a) to the extent of the Available Distribution Amount for all Groups (excluding amounts included therein attributable to withdrawals from any of the Class A-5 Rounding Account, the LIBOR Certificate Reserve Fund or the Reserve Fund or collections from the REMIC Policy), for each Tier I Regular Interest, in the same priority as the Corresponding Class or Classes of Certificates relating thereto as provided in Section 4.02(a), an amount equal to the interest accrued on the aggregate principal balance of such Tier I Regular Interest at the applicable interest rate for such Tier I Regular Interest (as set forth in the definition for such Tier I Regular Interest) during the Prior Period (except for the Tier I Regular Interest P, which will accrue interest during the period from the Distribution Date in the month prior to each Distribution Date to the day prior to such Distribution Date), plus any unpaid portion of accrued interest for any prior period with interest thereon at the applicable interest for such Tier I Regular Interest, reduced by the amount of any interest shortfalls (including Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest) allocable to such Tier I Regular Interest (in the same proportion as the Corresponding Class or Class of Certificates as provided in Section 4.02(a));
(b) to the extent of the Available Distribution Amount (excluding amounts included therein attributable to withdrawals from any of the Class A-5 Rounding Account, and shall distribute it the LIBOR Certificate Reserve Fund or the Reserve Fund or collections from the Policy), an amount of principal equal to the Principal Payment Amount on such Distribution Date in the following manner and order same priority as the Corresponding Class or Classes of priority Certificates as provided in Section 4.02(a);
(c) after the principal balance of each Tier I Regular Interest is reduced to zero, to the Class R-I Certificate, all other amounts remaining in REMIC II Distribution I; provided, however, that notwithstanding the deemed distributions set forth in clauses (a), (b) and (c) above, distributions from the Certificate Account (except that payments on the Class R1 Certificate will shall only be made to the holder thereof):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following order:
(1) To the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance holders of the Class MA-1 equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans Certificates; and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.01% of the excess of provided, further, that each Realized Loss and interest shortfall (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained);
(3) To the Class AI-1 including Prepayment Interest the Senior Principal Distribution Amount, minus the principal amount distributed in paragraph (2), until its Certificate Balance has been reduced to zero;
(4) to the Class BI-1 Interest, Accrued Certificate Interest;
(5) as principal to the Class BI-1 Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(6) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and
(7) at such time as all other classes have been paid in full and all losses previously allocated have been paid in fullShortfalls, to the Class R1 Certificates.
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will extent not covered by Compensating Interest), shall be distributed as follows:
(1) to the Class ▇▇-▇, ▇▇-▇deemed allocated, and MB-2, Accrued Certificate Interest;
(2) pro rata, so adjustments or distributions as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal consequence thereof shall be distributed to such REMIC I Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2);
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificatesdeemed made.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, to the Class R1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Mortgage Pass Through Cert Ser 1997 1)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount (less any amounts withdrawn pursuant to Section 3.01(b)(i) and (ii) of the Standard Terms) for all Groups the Pool 1 Mortgage Loans and the Pool 2 Mortgage Loans from the REMIC I Distribution Account, and shall distribute it in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate will be made to the holder Holder thereof):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following order:
(1) To to the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To to the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance of the Class MA-1 equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained);
(3) To to the Class AI-1 Interest Interest, the Senior Principal Distribution Amount, minus the principal amount distributed in paragraph (2), until its Certificate Balance has been reduced to zero;
(4) to the Class BI-1 Interest, Accrued Certificate Interest;
(5) as principal to the Class BI-1 Interest Interest, as principal, the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(6) to each Class or of REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests)) up to the amount of Realized Losses allocated to each such Class; and
(7) at such time as all other classes Classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates.
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows:
(1) to the Class AI-2, MA-2, and MB-2 Interests, pro ▇▇-▇▇, ▇▇-▇, and MB-2, Accrued rued Certificate Interest;
(2) to the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep cause the Certificate Balance of the Class MA-2 Interest to equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest to equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Group Pool 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C A2 Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2), until its Certificate Balance has been reduced to zero;
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans, until its Certificate Balance is reduced to zero;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as if pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificates.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 full and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses all losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, to the Class R1 R-1 Certificates until the Certificate Balance thereof is reduced to zero (but pro rata with respect to the principal to be paid on the Class R-2 and Class R-3 Certificates). If the Certificate Balance of either the Class BI-1 or Class BI-2 Interest (in either case, the "Retired Class BI Certificate") should be reduced to zero before the Class AI and Class M Certificates related to that Pool (the "Affected Pool") have been paid in full, then upon the occurrence of any future losses in the Affected Pool, principal distributions otherwise payable to the remaining Class BI Interest shall be "crossed over" to the Class AI and Class M Certificates of the Affected Pool in an amount equal to the lesser of (i) such Realized Losses and (ii) the remaining Certificate Principal Amount of the remaining Class B1 Interest.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Securities Corp Mort Pas THR Certs Ser 2002-10)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on On each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount for all Groups from be deemed to distribute to itself, as holder of the REMIC I Distribution AccountRegular Interests, and shall distribute it the following amounts in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate will be made to the holder thereof):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following orderset forth below:
(1a) To to the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance extent of the Class MA-1 Available Distribution Amount, for each REMIC I Regular Interest, an amount equal to 0.01% of the interest accrued on the aggregate Scheduled Principal Balance principal balance or notional amount of such REMIC I Regular Interest at the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.01% of the excess of applicable interest rate for such REMIC I Regular Interest (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (except that if any such excess is a larger number than as set forth in the preceding distribution perioddefinition for such REMIC I Regular Interest) during the Prior Period, plus any unpaid portion of accrued interest for any prior period with interest thereon at the least applicable interest rate for such REMIC I Regular Interest, reduced by the amount of principal shall be distributed any interest shortfalls (including Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest) allocable to such REMIC I Regular Interests such that the Subordinate Balance Ratio is maintainedInterest);
(3b) To to the Class AI-1 Interest extent of the Senior Principal Available Distribution Amount, minus Amount remaining after the principal amount distributed in paragraph distributions deemed made under clause (2a), until its Certificate Balance has been reduced to zero;the following Classes in respect of principal:
(4i) to the Class BI-1 P1-M Interest, Accrued Certificate Interestan amount equal to the Class I-PO Principal Distribution Amount;
(5ii) as principal to the Class BI-1 Interest P2-M Interest, an amount equal to the Subordinate Class II-PO Principal Distribution Amount until its Certificate Balance has been reduced to zeroAmount;
(6iii) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1Y1 Interest, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests)Y1 Principal Distribution Amount;
(iv) to the Class Y2 Interest, the Class Y2 Principal Distribution Amount;
(v) to the Class Z1 Interest, the Class Z1 Principal Distribution Amount; and
(7vi) at such time as all other classes have been paid in full and all losses previously allocated have been paid in fullto the Class Z2 Interest, the Class Z2 Principal Distribution Amount.
(c) after the principal balance of each REMIC I Regular Interest is reduced to zero, to the Class R1 R-I Certificate, all other amounts remaining in REMIC I; provided, however, that notwithstanding the deemed distributions set forth in clauses (a), (b) and (c) above, distributions from the Certificate Account shall only be made to the holders of the Certificates.
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows:
(1) to the Class ▇▇-▇, ▇▇-▇, and MB-2, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2);
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificates.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, to the Class R1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Pass THR Cert Series 1998-1)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on On each Distribution Date, the Trustee following amounts, in the following order of priority, shall withdraw the aggregate Available Distribution Amount for all Groups from be distributed by REMIC I to REMIC II on account of the REMIC I Distribution Account, Group I Regular Interests and shall distribute it in the following manner and order of priority distributed to the REMIC II Distribution Account (except that payments on holders of the Class R1 Certificate will be made to R Certificates (in respect of the holder thereof):Class R-I Interest), as the case may be:
(i) The to the extent of REMIC Available Distribution Amount for Funds relating to Loan Group 1, to the Pool 1 Mortgage Loans will be distributed in holders of each of the following order:
(1) To the Class AI-1, Class MA-1, and Class MB-1 REMIC I Group I Regular Interests, pro rata, Accrued Certificate Interestin an amount equal to (A) the Uncertificated 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;
(2ii) To to the Class MA-1 and Class MB-1 Interestsextent of REMIC Available Funds relating to Loan Group 1 remaining after the distributions made pursuant to clause (i), pro rata, so as to keep the Certificate Balance of the Class MA-1 equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (except that if any such excess is a larger number than in the preceding distribution period, the least amount payments of principal shall be distributed allocated as follows: (A) any such amounts not constituting an Overcollateralization Reduction Amount, if any, to REMIC I Regular interests I-1-A through I-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Group 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 Interests, and (B) any such that the Subordinate Balance Ratio is maintained);
(3) To the Class AI-1 Interest the Senior Principal Distribution amounts constituting an Overcollateralization Reduction Amount, minus the principal amount distributed in paragraph (2)to REMIC I Regular Interest I-OC Cash, until its Certificate the Uncertificated Balance has been thereof is reduced to zero;
(4) , and thereafter to REMIC I Regular Interest I-OC, until the Class BI-1 Interest, Accrued Certificate Interest;
(5) as principal to the Class BI-1 Uncertificated Balance of such REMIC I Regular Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been is reduced to zero;
(6) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and
(7) at such time as all other classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates.
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows:
(1iii) to the Class ▇▇holders of REMIC I Regular Interest I-▇P, ▇▇-▇, and MB-2, Accrued Certificate Interest;
(2A) pro rata, so as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance all amounts representing Prepayment Charges in respect of the Group 2 I Mortgage Loans over received during the related Prepayment Period and (yB) on the sum Distribution Date immediately following the expiration of the aggregate Certificate latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, until an amount equal to the initial Uncertificated Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount Interest has been distributed pursuant to paragraph (2);
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificatesthis clause.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, to the Class R1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (GE-WMC Asset-Backed Pass Through Certificates, Series 2005-1)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount (less any amounts withdrawn pursuant to Section 3.01(b)(i) and (ii) of the Standard Terms) for all Groups from the REMIC I Distribution Account, and shall distribute it in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate will be made to the holder thereof):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following order:
(1) To the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance of the Class MA-1 equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained);
(3) To the Class AI-1 Interest the Senior Principal Distribution Amount, minus the principal amount distributed in paragraph (2), until its Certificate Balance has been reduced to zero;
(4) to To the Class BI-1 Interest, Accrued Certificate Interest;
(5) as As principal to the Class BI-1 Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(6) to To each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and
(7) at At such time as all other classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates.
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows:
(1) to To the Class ▇▇-▇AI-2, ▇▇-▇MA-2, and MB-2, Accrued Certificate Interest;
(2) pro Pro rata, so as to keep cause the Certificate Balance of the Class MA-2 Interest to equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest to equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Group Pool 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C A2 Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio);
(3) to To the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2);
(4) to To the Class BI-2 Interest, Accrued Certificate Interest;
(5) to To the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans;
(6) to To each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after After all Classes of Certificates are paid in full, to the Class R-1 Certificates.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep . If the Certificate Balance of either the Class MA-3 BI-1 or Class BI-2 Interest equal (in either case, the "Retired Class BI Certificate") should be reduced to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of zero before the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 AI and Class MB-3 Interests being treated as pari passu with M Certificates related to that Pool (the Class AI-3 Interests"Affected Pool") up to the amount of Realized Losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, then upon the occurrence of any future losses in the Affected Pool, principal distributions otherwise payable to the remaining Class BI Interest shall be "crossed over" to the Class R1 CertificatesAI and Class M Certificates of the Affected Pool in an amount equal to the lesser of (i) such Realized Losses and (ii) the remaining Certificate Principal Amount of the remaining Class B1 Interest.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-9)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on On each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount for all Groups from be deemed to distribute to itself, as holder of the REMIC I Distribution AccountRegular Interests, and shall distribute it the following amounts in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate will be made to the holder thereof):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following orderset forth below:
(1a) To to the Class AI-1, Class MA-1, and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance extent of the Available Distribution Amount, for each REMIC I Regular Interest, in the same priority as the Corresponding Class MA-1 or Classes of Certificates relating thereto as provided in Section 4.02(a), an amount equal to 0.01% of the interest accrued on the aggregate Scheduled Principal Balance principal balance of such REMIC I Regular Interest at the Pool 1 Mortgage Loans and to keep applicable interest rate for such REMIC I Regular Interest (as set forth in the Certificate Balance of definition for such REMIC I Regular Interest) during the Class MB-1 Interests equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III Prior Period (except that if any such excess is a larger number than for REMIC I Regular Interest U, REMIC I Regular Interest Y and REMIC I Regular Interest Z, which will accrue interest during the period from the Distribution Date in the preceding distribution periodmonth prior to each Distribution Date to the day prior to such Distribution Date), plus any unpaid portion of accrued interest for any prior period with interest thereon at the least applicable interest rate for such REMIC I Regular Interest, reduced by the amount of principal shall be distributed any interest shortfalls (including Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest) allocable to such REMIC I Regular Interests such that Interest (in the Subordinate Balance Ratio is maintainedsame proportion as the Corresponding Class or Classes of Certificates as provided in Section 4.02(a));
(3b) To to the extent of the Available Distribution Amount remaining after the distributions deemed made under clause (a), an amount of principal equal to the Principal Payment Amount on such Distribution Date in the same priority as the Corresponding Class AI-1 Interest the Senior Principal Distribution Amount, minus or Classes of Certificates as provided in Section 4.02(a);
(c) after the principal amount distributed in paragraph (2), until its Certificate Balance has been balance of each REMIC I Regular Interest is reduced to zero;
(4) to the Class BI-1 Interest, Accrued Certificate Interest;
(5) as principal to the Class BI-1 Interest the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(6) to each Class or REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests); and
(7) at such time as all other classes have been paid in full and all losses previously allocated have been paid in full, to the Class R1 Certificates.
R-I Certificate, all other amounts remaining in REMIC I; provided, however, that notwithstanding the deemed distributions set forth in clauses (iia), (b) The Available Distribution Amount for and (c) above, distributions from the Pool 2 Mortgage Loans will Certificate Account shall only be distributed as follows:
(1) made to the Class ▇▇-▇holders of the Certificates; and provided, ▇▇-▇further, that each Realized Loss and interest shortfall (including Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest), shall be deemed allocated, and MB-2, Accrued Certificate Interest;
(2) pro rata, so adjustments or distributions as to keep the Certificate Balance of the Class MA-2 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C Certificates in REMIC III (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal consequence thereof shall be distributed deemed made to such the REMIC I Regular Interests that will maintain the Subordinate Balance Ratio);
(3) corresponding to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2);
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all or Classes of Certificates are paid to which such interest shortfall or Realized Loss is allocated in full, to the Class R-1 Certificatesa manner that accords with such correspondence.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, to the Class R1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Pass THR Cert Series 1997-3)
REMIC I Distributions. In accordance with Section 3.01(b)(iii) of the Standard Terms and subject to the exceptions set forth below, on each Distribution Date, the Trustee shall withdraw the aggregate Available Distribution Amount (less any amounts withdrawn pursuant to Section 3.01(b)(i) and (ii) of the Standard Terms) for all Groups the Pool 1 Mortgage Loans and the Pool 2 Mortgage Loans from the REMIC I Distribution Account, and shall distribute it in the following manner and order of priority to the REMIC II Distribution Account (except that payments on the Class R1 Certificate Interest will be made to the holder thereofHolder of the Residual Certificates (and allocated to the Class R1 Interest) or to the Holders of the Class R1 Certificate, as applicable):
(i) The Available Distribution Amount for the Pool 1 Mortgage Loans will be distributed in the following order:
(1) To to the Class AI-1, Class MA-1, Class R1 and Class MB-1 Interests, pro rata, Accrued Certificate Interest;
(2) To to the Class R1 Interest, until the Certificate Balances of the Class R1 Interest has been reduced to zero;
(3) to the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep the Certificate Balance of the Class MA-1 equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans and to keep the Certificate Balance of the Class MB-1 Interests equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 1 Mortgage Loans over (y) the Certificate Balance of the Class A1 Certificates in REMIC III (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 Subordinate Balance Ratio is maintained);
(34) To to the Class AI-1 Interest Interest, the remaining Senior Principal Distribution Amount, minus the principal amount distributed in paragraph (2), until its Certificate Balance has been reduced to zero;
(45) to the Class BI-1 Interest, Accrued Certificate Interest;
(56) as principal to the Class BI-1 Interest Interest, as principal, the Subordinate Principal Distribution Amount until its Certificate Balance has been reduced to zero;
(67) to each Class or of REMIC I Interests, in order of seniority (with the Class AI-1, MA-1 and MB-1 being treated as if pari passu with the Class AI-1 Interests)) up to the amount of Realized Losses allocated to each such Class; and
(7) 8) at such time as all other classes Classes have been paid in full and all losses previously allocated have been paid in full, pro rata to the holders of the Class R Certificate (and allocated to the Class R1 CertificatesInterest) or to the Class R1 Certificate, as applicable).
(ii) The Available Distribution Amount for the Pool 2 Mortgage Loans will be distributed as follows:
(1) to the Class ▇▇-▇, ▇▇-▇, and MB-2MB-2 Interests, pro rata, Accrued Certificate Interest;
(2) to the Class MA-1 and Class MB-1 Interests, pro rata, so as to keep cause the Certificate Balance of the Class MA-2 Interest to equal to 0.010.1% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-2 Interest to equal to 0.010.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Group Pool 2 Mortgage Loans over (y) the sum of the aggregate Certificate Balance of the Class A2-A, A2-B and A2-C A2 Certificates in REMIC III (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 that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-2 Interest, the Senior Principal Distribution Amount minus the amount distributed pursuant to paragraph (2), until its Certificate Balance has been reduced to zero;
(4) to the Class BI-2 Interest, Accrued Certificate Interest;
(5) to the Class BI-2 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 2 Mortgage Loans, until its Certificate Balance is reduced to zero;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-2 and Class MB-2 being treated as if pari passu with the Class AI-2) up to the amount of Realized Losses allocated to each such Class; and
(7) after all Classes of Certificates are paid in full, to the Class R-1 Certificates.
(iii) The Available Distribution Amount for the Pool 3 Mortgage Loans shall be distributed as follows:
(1) to the Class AI-3, Class MA-3 full and Class MB-3 Interests, pro rata, Accrued Certificate Interest;
(2) pro rata, so as to keep the Certificate Balance of the Class MA-3 Interest equal to 0.01% of the aggregate Scheduled Principal Balance of the Pool 2 Mortgage Loans and to keep the Certificate Balance of the Class MB-3 Interest equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Pool 3 Mortgage Loans over (y) the Certificate Balance of the Class A3 Certificates issued by REMIC III (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 Regular Interests that will maintain the Subordinate Balance Ratio);
(3) to the Class AI-3 Interest, the Senior Principal Distribution Amount minus the amount distributed in paragraph (2);
(4) to the Class BI-3 Interest, Accrued Certificate Interest;
(5) to the Class BI-3 Interest, as principal, the Subordinate Principal Distribution Amount for the Pool 3 Mortgage Loans;
(6) to each Class of REMIC I Interests in order of seniority (with the Class MA-3 and Class MB-3 Interests being treated as pari passu with the Class AI-3 Interests) up to the amount of Realized Losses all losses previously allocated to such Class; and
(7) after all classes of REMIC I Interests have been paid in full, pro rata to the holders of the Class R Certificate (and allocated to the Class R1 CertificatesInterest) or to the Class R1 Certificate, as applicable). If the Certificate Balance of either the Class BI-1 or Class BI-2 Interest should be reduced to zero before the Class AI and Class M Certificates related to that Pool (the "Affected Pool") have been paid in full, then upon the occurrence of any further losses in the Affected Pool, principal distributions otherwise payable to the remaining Class BI Interest shall be "crossed over" to the Class AI and Class M Certificates of the Affected Pool in an amount equal to the lesser of (i) such Realized Losses and (ii) the remaining Certificate Principal Amount of the remaining Class B1 Interest.
Appears in 1 contract
Sources: Trust Agreement (Gs Mortgage Securities Corp Mort Pas Thru CRTS Sries 2003-1)