Common use of REMIC II Distributions Clause in Contracts

REMIC II Distributions. 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) from REMIC Available Funds (exclusive of any Prepayment Charges), to the holders of REMIC II Regular Interest IO and REMIC II Regular Interest P, pro rata, in an amount equal to (A) the Uncertificated 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; (ii) to the extent of the REMIC II Marker Allocation Percentage of REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distribution pursuant to clause (i) above, to the holders of REMIC II Regular Interest AA, each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 Interest in respect of REMIC II Regular Interest ZZ shall be reduced and deferred when the REMIC II Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Interest Deferral Amount, and such amount shall be payable to the holders of each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates, and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount; (iii) to the extent of the REMIC II Sub WAC Allocation Percentage of any REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distribution pursuant to clause (i) above, to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated 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; (iv) to the extent of the REMIC II Marker Allocation Percentage of any REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distributions pursuant to clauses (i), (ii) and (iii) above, to the holders of REMIC II Regular Interests (other than REMIC II Regular Interests IO, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), allocated as follows: (A) 98.00% of such remainder, to the holders of REMIC II Regular Interest AA, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and (B) 2.00% of such remainder, first, to the holders of each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balance of each such REMIC II Regular Interest is reduced to zero, and second, to the holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; (v) to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to the REMIC II Sub WAC Allocation Percentage of the remainder of the REMIC Available Funds (exclusive of any Prepayment Charges) for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iii) above, first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group, second, to each REMIC II Regular Interest ending with the designation “Sub,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current aggregate Certificate Principal Balance of the Class A Certificates related to such Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained), and third, any remaining amount to REMIC II Regular Interest XX, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; (vi) from REMIC Available Funds remaining after the distributions made pursuant to clauses (i), (ii), (iii), (iv) and (v) above, to the holders of REMIC II Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans distributed on REMIC I Regular Interest P, and (B) 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, any such remaining funds, until an amount equal to the initial Uncertificated Balance of such REMIC I Regular Interest has been distributed pursuant to this clause; and (vii) any remaining REMIC Available Funds to the Holders of the Class R Certificates (in respect of the Class R-II Interest).

REMIC II Distributions. On In accordance with Section 3.01(d) of the Standard Terms and subject to the exceptions set forth below and to Section 3.02, on each Distribution Date, the following amountsSecurities Administrator shall withdraw the aggregate Available Distribution Amount from the Certificate Account, and shall distribute it in the following manner and 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) from to each Class of REMIC Available Funds (exclusive of any Prepayment Charges)Certificates that are Senior Certificates, Accrued Certificate Interest thereon, pro rata in proportion to the holders amount of REMIC II Regular Accrued Certificate Interest IO and REMIC II Regular Interest P, pro rata, in an amount equal owing to (A) the Uncertificated Interest for each such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution DatesClass; (ii) to the extent of the REMIC II Marker Allocation Percentage of REMIC remaining Available Funds (exclusive of any Prepayment Charges) remaining after the distribution pursuant to clause (i) aboveDistribution Amount, to the holders Class A-1 and Class A-2 Certificates, in reduction of REMIC II Regular Interest AA, each REMIC II Regular Interest for which a their respective Class A or Subordinate Certificate is a Corresponding Certificate and REMIC II Regular Interest ZZPrincipal Balances, pro rata, in proportion to the Class Principal Balance of each such Class, in an amount equal up to (A) the Uncertificated Interest for each such REMIC II Regular Interest Senior Principal Distribution Amount 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 REMIC II Regular Interest ZZ shall be reduced and deferred when until the REMIC II Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Interest Deferral Amount, and such amount shall be payable to the holders Class Principal Balance of each REMIC II Regular Interest for which a such Class A or Subordinate Certificate is a Corresponding Certificate in the same proportion as the Overcollateralization Increase Amount is allocated reduced to the Corresponding Certificates, and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amountzero; (iii) to the extent of the REMIC II Sub WAC Allocation Percentage remaining Available Distribution Amount and subject to the prior distribution of any REMIC Available Funds (exclusive amounts described under Section 3.01(e) below, to the Classes of any Prepayment Charges) remaining after Subordinate Certificates, in their order of seniority the distribution pursuant to clause sum of (i) above, to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XXAccrued Certificate Interest, pro rata, in an on the basis of the amount equal owing to (A) the Uncertificated Interest for each such REMIC II Regular Interest Class, and (ii) their pro rata shares, based on their outstanding Certificate Balances, of the Subordinate Principal Distribution Amount, as applicable; provided, however, that on any Distribution Date on which the Subordination Level for any class of Subordinate Certificates is less than its Subordination Level as of the Closing Date, the portion of the Subordinate Principal Prepayment Amount otherwise allocable to the Class or Classes of Subordinate Certificates junior to such Class will be allocated pro rata to the most senior Class of Subordinate Certificates for which the Subordination Level on such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution DatesDate is less than the Subordination Level as of the Closing Date and all Classes of Subordinate Certificates senior thereto; (iv) to each Class of Certificates, in the order of their seniority, the amount of any unreimbursed Realized Losses previously allocated to such Certificates; and (v) after all of the other Classes of Certificates (other than the Residual Certificates) have been paid in full, the remainder, if any, which is expected to be zero, of the Available Distribution Amount (other than any Fair Market Value Excess remaining after an optional termination of the Trust Estate) to the Class RC Certificates to the extent such remainder is applicable to REMIC I and otherwise to the Class R Certificates. On each Distribution Date on or after the Credit Support Depletion Date, to the extent of the REMIC II Marker Allocation Percentage Available Distribution Amount on such Distribution Date, distributions shall be made to the Senior Certificates, in respect of interest (pro rata according to Accrued Certificate Interest for such Distribution Date) and then with respect to principal (pro rata according to their respective outstanding Class Principal Balances); and the remainder (other than any REMIC Available Funds (exclusive of any Prepayment Charges) Fair Market Value Excess remaining after the distributions pursuant to clauses (ioptional termination of the Trust Estate), (ii) and (iii) aboveif any, which is expected to be zero, of the Available Distribution Amount shall be distributed to the holders of REMIC II Regular Interests (other than REMIC II Regular Interests IO, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), allocated as follows: (A) 98.00% of such remainder, the Class RC Certificates to the holders of extent such remainder is applicable to REMIC II Regular Interest AA, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and (B) 2.00% of such remainder, first, I and otherwise to the holders of each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balance of each such REMIC II Regular Interest is reduced to zero, and second, to the holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; (v) to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to the REMIC II Sub WAC Allocation Percentage holder of the remainder of the REMIC Available Funds (exclusive of any Prepayment Charges) for such Class R Certificates. On each Distribution Date after on which the distributions made pursuant to clauses (i), (ii) and (iii) above, first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group, second, to each REMIC II Regular Interest ending with the designation “Sub,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current aggregate Certificate Principal Balance of the Senior Certificates has been reduced to zero, any amounts distributable pursuant to this Section 3.01(a) shall be allocated, as to each applicable Class A Certificates related of Subordinate Certificates, in proportion to such Loan Group (except that if Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount. On each Distribution Date on which the Senior Certificates remain outstanding, any such excess is a larger number than in the preceding distribution period, the least amount of principal amounts distributable pursuant to this Section 3.01(a) shall be distributed in proportion to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained), and third, any remaining amount to REMIC II Regular Interest XX, until the Uncertificated Balance aggregate Certificate Principal Balances of such REMIC II Regular Interest is reduced to zero; (vi) from REMIC Available Funds remaining after the distributions made pursuant to clauses (i), (ii), (iii), (iv) and (v) above, to the holders of REMIC II Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans distributed on REMIC I Regular Interest P, and (B) 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, any such remaining funds, until an amount equal to the initial Uncertificated Balance of such REMIC I Regular Interest has been distributed pursuant to this clause; and (vii) any remaining REMIC Available Funds to the Holders of the Class R Certificates (in respect of the Class R-II Interest)Certificates.

REMIC II Distributions. 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) from to the extent of REMIC Available Funds (exclusive of any Prepayment Charges)Funds, to the holders of REMIC II Regular Interest IO and REMIC II Regular Interest P, pro rata, in an amount equal to (A) the Uncertificated 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; (ii) to the extent of the REMIC II Marker Allocation Percentage of REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distribution distributions pursuant to clause (i) above, to i),to the holders of REMIC II Regular Interest AA, each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate A-1, REMIC II Regular Interest A-2a, REMIC II Regular Interest A-2b, REMIC II Regular Interest A-2c, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4, REMIC II Regular Interest B-5 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 Interest in respect of REMIC II Regular Interest ZZ shall be reduced and deferred when the REMIC II Overcollateralized Amount is less than the REMIC II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Interest Deferral Amount, Amount and such amount shall be payable to the holders of each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding Certificate A-1, REMIC II Regular Interest A-2a, REMIC II Regular Interest A-2b, REMIC II Regular Interest A-2c, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4 and REMIC II Regular Interest B-5 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates, and the Uncertificated Balance of the REMIC II Regular Interest ZZ shall be increased by such amount; (iii) to the extent of the REMIC II Sub WAC Allocation Percentage of any REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distribution pursuant to clause (i) above), to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated 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; (iv) to the extent of the REMIC II Marker Allocation Percentage of any REMIC Available Funds (exclusive of any Prepayment Charges) remaining after the distributions pursuant to clauses (i), (ii) and (iii) above), to the holders of REMIC II Regular Interests (other than REMIC II Regular Interests IO, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), allocated as follows: (Aa) 98.00% of such remainder, to the holders of REMIC II Regular Interest AA, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and,; (Bb) 2.00% of such remainder, first, to the holders of each REMIC II Regular Interest for which a Class A or Subordinate Certificate is a Corresponding CertificateA-1, REMIC II Regular Interest A-2a, REMIC II Regular Interest A-2b, REMIC II Regular Interest A-2c, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4 and REMIC II Regular Interest B-5, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balance Balances of each such REMIC II Regular Interest is Interests are reduced to zero, and second, to the holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and (c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-II Interest); (v) to the holders of REMIC II Regular Interest 1-Sub, REMIC II Regular Interest 1-Grp, REMIC II Regular Interest 2-Sub, REMIC II Regular Interest 2-Grp and REMIC II Regular Interest XX, in an amount equal to the REMIC II Sub WAC Allocation Percentage of the remainder of the REMIC Available Funds (exclusive of any Prepayment Charges) for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iii) above, first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “Grp” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group, ; second, to each REMIC II Regular Interest ending with the designation “Sub,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current aggregate Certificate Principal Balance of the Class A Certificates related to such Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained), ; and third, any remaining amount to REMIC II Regular Interest XX, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;; and (vi) from REMIC Available Funds remaining after the distributions made pursuant to clauses (i), (ii), (iii), (iv) and (v) above, to the holders of REMIC II Regular Interest P, (A) all amounts representing Prepayment Charges in respect 100% of the Mortgage Loans amounts deemed distributed on REMIC I Regular Interest I-P and REMIC I Regular Interest II-P’ provided, and (B) on however, that the Uncertificated Balance of REMIC II Regular Interest P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, any such remaining funds, until an amount equal to the initial Uncertificated Balance of such REMIC I Regular Interest has been distributed pursuant to this clause; and (vii) any remaining REMIC Available Funds to the Holders of the Class R Certificates (in respect of the Class R-II Interest).