REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; (ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest); (iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest); (iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and (v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the respective Classes Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-Y Certificates will evidence ownership of Principal Balance seven (7), three (3), one (1), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests (and correspondinglyInterests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-Y Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-Y Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, the applicable Exchangeable Certificates) as follows:
with respect to each REMIC II Regular Interest (i) first, to the Class H Certificates, of Certificates and (ii) the REMIC III Component of the Class G X-A, Class X-B, Class X-C, Class X-D, Class X-E or Class X-Y Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Aggregate Certificate Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) secondREMIC I Regular Interests, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B initial aggregate Uncertificated Principal Balance of the REMIC III II Regular Interest (Interests and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourththe initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) will be $1,487,599,793. The following table irrevocably sets forth the Class Designation, to the Pass-Through Rate and initial Class Principal Balance for each Class of Certificates. Class A-1 1.4790% per annum $ 57,333,000 Class A-2 2.9760% per annum $ 75,863,000 Class A-3 3.5280% per annum $ 59,936,000 Class A-4 3.4880% per annum $ 360,000,000 Class A-5 3.7520% per annum $ 386,043,000 Class A-SB 3.4640% per annum $ 102,144,000 Class A-S REMIC III Regular Interest (and correspondingly, the Variable(1) $ 104,132,000 Class A-S Certificates and the B Variable(1) $ 68,802,000 Class PST Certificates, pro rata, based on the C Variable(1) $ 52,066,000 Class A-S Percentage Interest and the D Variable(1) $ 111,570,000 Class A-S-PST Percentage Interest, respectively, in the E 3.4550% per annum $ 31,611,000 Class A-S REMIC III Regular Interest); and
(v) fifth, to the F 3.4550% per annum $ 14,876,000 Class A-1 Certificates, the G 3.4550% per annum $ 63,223,793 Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.R None None
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C22), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2014-Gc26)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates, Class A-4 Certificates and Class A-4 A-5 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) and to make payments to the respective E▇ Holders of the Class ▇-▇, ▇▇▇▇▇ III Regular Interests (▇-▇, Class A-SB, Class A-3, Class A-4, Class A-5, Class X-A, Class X-B and correspondinglyClass X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the applicable Exchangeable Certificates) as follows:Distributable Certificate Interest payable to each such Class;
(iii) to make payments to the Holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero, and seventh, upon payment in full of the Aggregate Certificate Balance of the Class A-5 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Agg
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A Certificates will evidence ownership of seven (7) classes of “regular interests” in REMIC III, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Class X-A Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, Class B Regular Interest and Class C Regular Interest and the REMIC III Components is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $1,037,956,638. The following table irrevocably sets forth the class designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S-PST Percentage S Regular Interest, respectively, in the Class B Regular Interest and Class C Regular Interest. Class A-1 1.1910% per annum $ 48,516,000 Class A-2 3.0270% per annum $ 103,340,000 Class A-3 3.6510% per annum $ 140,000,000 Class A-4 3.8960% per annum $ 170,000,000 Class A-5 Variable(1) $ 201,014,000 Class A-SB 3.6760% per annum $ 63,699,000 Class X-A Variable(1) (2) Class A-S REMIC III Regular Interest); and
(vVariable(1) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, $ 35,031,000 Class A-SB Certificates, S-PEX Component(3) Variable(1) $ 35,031,000 Class A-3 Certificates and A-S Regular Interest(3) Variable(1) $ 70,062,000 Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.B Variable(1) $ 36,329,000 Class B-PEX Component(3) Variable(1) $ 36,328,000 Class B Regular Interest Variable(1) $ 72,657,000 Class C(3) Variable(1) $ 18,164,000 Class C-PEX Component(3) Variable(1) $ 18,165,000 Class C Regular Interest Variable(1) $ 36,329,000 Class PEX(3) (4) $ 89,524,000 Class D Variable(1) $ 66,169,000 Class E Variable(1) $ 19,462,000 Class F Variable(1) $ 7,785,000 Class G Variable(1) $ 38,923,637
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-Lc14)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates will evidence ownership of seven (7), two (2), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-F Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-F Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-G Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-G Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-E, Class X-F or Class X-G Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $829,624,316. Class Designations of the Certificates, the Class PEX Components and the Class A-S-PST Percentage S Regular Interest, respectivelyClass B Regular Interest and Class C Regular Interest. The following table irrevocably sets forth the Class Designation, in Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class B Regular Interest and Class C Regular Interest. Class A-1 Certificates, the 1.4710% per annum $30,186,000 Class A-2 Certificates, 2.6780% per annum $83,309,000 Class A-3 3.0860% per annum $43,133,000 Class A-4 2.9250% per annum $155,000,000 Class A-5 3.1840% per annum $215,903,000 Class A-SB Certificates, 2.9780% per annum $53,206,000 Class A-3 Certificates and X-A Variable(1) (2) Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.X-B Variable(1) (3) Class X-E Variable(1) (4) Class X-F Variable(1) (5) Class X-G Variable(1) (6) Class A-S(7) 3.4670% per annum $27,999,000 Class A-S-PEX Component(7) 3.4670% per annum $0 Class A-S Regular Interest(7) 3.4670% per annum $27,999,000 Class B(7) 3.7190% per annum $50,815,000 Class B-PEX Component(7) 3.7190% per annum $0 Class B Regular Interest(7) 3.7190% per annum $50,815,000 Class C(7) Variable(1) $51,851,000 Class C-PEX Component(7) Variable(1) $0 Class C Regular Interest(7) Variable(1) $51,851,000 Class PEX(7) (8) $0 Class D Variable(1) $44,593,000 Class E 2.6300% per annum $27,999,000 Class F 2.6300% per annum $14,519,000 Class G 2.6300% per annum $31,111,316 Class R None None Class V None (9)
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (COMM 2015-Lc19 Mortgage Trust), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C29), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Lc20)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates will evidence ownership of seven (7), three (3), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-F Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-F Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-G Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-G Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-E, Class X-F or Class X-G Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: REMIC II Regular Interest Class of Certificates or REMIC III Regular Interest REMIC III Component of Class X-A Certificates REMIC III Component of Class X-B Certificates REMIC III Component of Class X-E Certificates REMIC III Component of Class X-F Certificates REMIC III Component of Class X-G Certificates Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $1,138,484,364. The following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S-PST Percentage S Regular Interest, respectively, in the Class A-S REMIC III B Regular Interest and Class C Regular Interest. Class X-A Variable(1) (2) Class X-B Variable(1) (3) Class X-E Variable(1) (4) Class X-F Variable(1) (5) Class X-G Variable(1) (6) Class R None None Class V None (9); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C26), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc18)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) and to make payments to the respective E▇ Holders of the Class A-▇, ▇▇▇▇▇ III Regular Interests (▇-▇, Class A-SB, Class A-3, Class A-4, Class X-A and correspondinglyClass X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the applicable Exchangeable Certificates) as follows:Distributable Certificate Interest payable to each such Class;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocat
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (COMM 2013-Lc13 Mortgage Trust)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3, Class A-4, Class X-A and Class X-B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-AB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocate
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable EC Trust Certificates) and the respective E▇ ▇▇▇▇▇ EC Trust REMIC III Regular Interests (and correspondingly, the applicable Exchangeable EC Trust Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB AB Certificates, Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) and to make payments to the respective E▇ Holders of the Class A-▇, ▇▇▇▇▇ III Regular Interests (▇-▇, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and correspondinglyClass X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the applicable Exchangeable Certificates) as follows:Distributable Certificate Interest payable to each such Class;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-E, Class X-F and Class X-G Certificates will evidence ownership of six (6), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-F Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-F Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-G Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-G Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-E, Class X-F or Class X-G Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $1,164,686,418. The following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest. Class A-1 1.5310% per annum $42,399,000 Class A-2 2.8550% per annum $54,565,000 Class A-3 3.2900% per annum $235,000,000 Class A-4 3.5400% per annum $396,130,000 Class A-SB 3.3060% per annum $87,186,000 Class X-A Variable(1) (2) Class X-E Variable(1) (3) Class X-F Variable(1) (4) Class X-G Variable(1) (5) Class A-S(6) Variable(1) $88,807,000 Class A-S-PST Percentage Interest, respectively, in the PEX Component(6) Variable(1) $0 Class A-S REMIC III Regular Interest); and
Interest(6) Variable(1) $88,807,000 Class B(6) Variable(1) $62,602,000 Class B-PEX Component(6) Variable(1) $0 Class B Regular Interest(6) Variable(1) $62,602,000 Class C(6) Variable(1) $50,955,000 Class C-PEX Component(6) Variable(1) $0 Class C Regular Interest(6) Variable(1) $50,955,000 Class PEX(6) (v7) fifth, to the $0 Class A-1 Certificates, the D Variable(1) $58,235,000 Class A-2 Certificates, E 3.0000% per annum $30,573,000 Class A-SB Certificates, F 3.0000% per annum $23,293,000 Class A-3 Certificates and G 3.0000% per annum $34,941,418 Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.R None None Class V None (8)
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C28), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C29), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Nxs1)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates and the Swap Certificates) and ), the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) and the respective Swap REMIC III Regular Interests (and correspondingly, the applicable Swap Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates, Class A-4 Certificates and Class A-4 A-5 Certificates and to the Class A-3FL REMIC III Regular Interest (and correspondingly, the Class A-3FL Certificates and the Class A-3FX Certificates, pro rata, based on the Class A-3FL Percentage Interest and the Class A-3FX Percentage Interest, respectively, in the Class A-3FL REMIC III Regular Interest), on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates and Swap REMIC III Regular Interests until such Aggregate Certificate Balances are reduced to zero.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) and to make payments to the respective E▇ Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3, Class A-4, Class A-5 and Class X-A Certificates and to the Class A-3FL REMIC III Regular Interests (Interest, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates and correspondinglySwap REMIC III Regular Interest for such Distribution Date, pro rata in proportion to the applicable Exchangeable Certificates) as follows:Distributable Certificate Interest payable to each such Class and Swap REMIC III Regular Interest;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates and to the Class A-3FL REMIC III Regular Interest, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class E A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates and to the Class A-3FL REMIC III Regular Interest, pro rata, based on their respective Aggregate Certificate Balances, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balances of the Class A-3 Certificates and the Class D A-3FL REMIC III Regular Interest have been reduced to zero, fifth, upon payment in full of the Aggregate Certificate Balances of the Class A-3 Certificates and the Class A-3FL REMIC III Regular Interest, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, sixth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero, and seventh, upon payment in full of the Aggregate Certificate Balance of the Class A-5 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates and to the Class A-3FL REMIC III Regular Interest, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates and the Class A-3FL REMIC III Regular Interest, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D CertificatesA-S, in that orderClass B, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C Regular Interests will evidence ownership of a class of “regular interests” in REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST CertificatesX-A, pro rataClass X-B, based on the Class C Percentage Interest X-C, Class X-D, Class X-E and the Class CX-PST Percentage InterestY Certificates will evidence ownership of seven (7), three (3), one (1), one (1), one (1) and one (1) class(es) of “regular interests” in REMIC III, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the all as described herein. The Class A-S Certificates and the Class PST Certificates, pro rata, based on A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Percentage Interest Regular Interest. The Class B Certificates and Class B PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A, X-B, X-C, X-D, X-E and X-Y Certificates), the Class A-S, Class B, Class C Regular Interests and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-PST Percentage Interest, respectively, A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-Y Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-Y Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S S, Class B or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E or Class X-Y Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C24), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b) and the respective E▇ ▇▇▇▇▇ III Regular Interests (amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) in the following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) firstto the holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class X-1 Certificates and Class X-2 Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class,
(ii) to the holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the aggregate Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A-1 Certificates hereunder) until the Certificate Balance of the Class A-2 Certificates has been reduced to zero,
(iv) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A-1 and Class A-2 Certificates hereunder) until the Certificate Balance of the Class A-3 Certificates has been reduced to zero,
(v) upon payment in full of the Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A-1, Class A-2 and Class A-3 Certificates hereunder) until the Certificate Balance of the Class A-4 Certificates has been reduced to zero,
(vi) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A-1, Class A-2, Class A-3 and Class A-4 Certificates hereunder) until the Certificate Balance of the Class A-5 Certificates has been reduced to zero,
(vii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately) in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(viii) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date,
(ix) upon payment in full of the Certificate Balance of the Class A Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A Certificates hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero,
(x) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xi) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date,
(xii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A and Class B Certificates hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero,
(xiii) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xiv) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date,
(xv) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A, Class B and Class C Certificates hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero,
(xvi) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xvii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date
(xviii) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A, Class B, Class C and Class D Certificates hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero,
(xix) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xx) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date,
(xxi) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A, Class B, Class C, Class D and Class E Certificates hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero,
(xxii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xxiii) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date,
(xxiv) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A, Class B, Class C, Class D, Class E and Class F Certificates hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero,
(xxv) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xxvi) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date,
(xxvii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class G CertificatesA, the Class B, Class C, Class D, Class E, Class F Certificatesand Class H Certificates hereunder), until the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance H Certificates until such Aggregate Certificate Balance is has been reduced to zero;,
(iixxviii) secondto the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xxix) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date,
(xxx) upon payment in full of the Certificate Balance of the Class H Certificates, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to holders of Class A-2 CertificatesA, Class A-SB CertificatesB, Class A-3 Certificates C, Class D, Class E, Class F, Class G and Class A-4 CertificatesH Certificates hereunder), on a pro rata basis in accordance with, and in reduction of, until the respective Aggregate Certificate Balances Balance of such Classes of Principal Balance the Class J Certificates until such Aggregate Certificate Balances are has been reduced to zero.,
(xxxi) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3, Class A-4, Class X-A and Class X-B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-AB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocat
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated by the Certificate Administrator to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and ), the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB AB Certificates, Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A and Class X-B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof is reduced to zero, second, upon payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments to the Holders of the Class A-S Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, to make payments to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Balance Certificates on Distribution Amount for such Distribution Date will be allocated (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class A-S Certificates has been reduced to zero;
(vi) to make payments to the respective Classes Holders of the Class A-S Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(vii) to make payments to the Holders of the Class B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates, to make payments to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class B Certificates has been reduced to zero;
(ix) to make payments to the Holders of the Class B Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(x) to make payments to the Holders of the Class C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates, to make payments to the Holders of the Class C Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class C Certificates has been reduced to zero;
(xii) to make payments to the Holders of the Class C Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxviii) to each Class of Principal Balance Certificates (other than the Exchangeable Control Eligible Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) in sequential order as follows:
specified in clauses (i) firstthrough (xviii) above, until all amounts of Trust Advisor Expenses (including Excess Trust Advisor Expenses) previously allocated to the Class H such Classes of Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in whether as a reduction of interest or as a reduction of the Aggregate Certificate Balance of such Class, but not previously reimbursed, have been reimbursed in full (it being understood that previously allocated Trust Advisor Expenses are not reimbursable as part of the subject reimbursement of previously allocated Collateral Support Deficits); and
(xxix) to make payments to the Holders of the Class R Certificates, up to the amount of Principal Balance Certificates until such any remaining portion of Available Distribution Amount on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Aggregate Certificate Balance is of all Classes of Subordinate Certificates has been reduced to zero;
, or the aggregate Appraisal Reduction in effect is greater than or equal to the Aggregate Certificate Balance of all Classes of Subordinate Certificates, distributions of principal pursuant to clause (ii) second, of this Section 6.5(a) will be made to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates A-1, Class A-2, Class A-3 and the Class PST A-4 Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Certificates, in reduction of the respective Aggregate Certificate Balances of such Classes of Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance of each such Class is reduced to zero. All distributions of interest, if any, made with respect to a Class of Class X Certificates on any Distribution Date, pursuant to this Section 6.5(a), shall be made, and shall be deemed to have been made, in respect of the various Class X REMIC III Regular Interests that relate to the subject Class of Class X Certificates, pro rata in accordance with the respective amounts of Distributable Interest in respect of such Class X REMIC III Regular Interests for such Distribution Date.
(b) On each Distribution Date, the Certificate Administrator shall withdraw amounts in the Excess Liquidation Proceeds Reserve Account and shall pay the Certificateholders on such Distribution Date such amounts in the following priority:
(i) First, to reimburse the Holders of the respective Classes of the REMIC III Regular Interest Certificates (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, Unpaid Interest then owing to such Classes;
(ii) Second, to reimburse the Holders of the Principal Balance Certificates until (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, unreimbursed Collateral Support Deficits previously allocated to them, together with interest on such Collateral Support Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; and
(iii) Third, upon the reduction of the Aggregate Certificate Balance of the Principal Balance Certificates to zero, to pay any amounts remaining on deposit in such account, to the Holders of the Class R Certificates.
(c) On each Distribution Date, following application of amounts on deposit in the Excess Liquidation Proceeds Reserve Account as provided in Section 6.5(b), the Certificate Administrator shall withdraw any amounts on deposit in the TA Unused Fees Account and shall apply such amounts as follows: first, to pay any current outstanding indemnification payments and other unreimbursed expenses payable to the Trust Advisor pursuant to this Agreement; second, to reimburse the Holders of the respective Classes of the Class A, Class B, Class C, Class D and Class E Certificates to the extent of any Trust Advisor Expenses that were actually applied to reduce the Distributable Certificate Interest or Aggregate Certificate Balance of such Classes on any Distribution Date, which amounts will be allocated first as recoveries of principal of such Classes in the reverse order in which the applicable Excess Trust Advisor Expenses were allocated to reduce the respective Aggregate Certificate Balances are of such Classes and then as recoveries of interest shortfalls on such Classes (other than the Class A Certificates) in the reverse order in which the applicable Trust Advisor Expenses were allocated to reduce Distributable Certificate Interest on such Classes (other than the Class A Certificates); third, if such Distribution Date coincides with or follows the earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance of the Principal Balance Certificates, other than the Control Eligible Certificates, has been reduced to zero., to reimburse the Holders of the respective Classes of the Principal Balance Certificates (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, unreimbursed Collateral Support Deficits previously allocated to such Classes, together with interest on such Collateral Support Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; fourth, if such Distribution Date coincides with or follows the earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance of the Principal Balance Certificates, other than the Control Eligible Certificates, has been reduced to zero, to reimburse the Holders of the respecti
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof is reduced to zero, second, upon payment in full of the Aggregate Certificate Balance of the Class G A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class F A-2 Certificates has been reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-3 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata in that orderproportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxviii) to make payments to the Holders of the Class J Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxix) upon payment in full of the Aggregate Certificate Balance of the Class H Certificates, to make payments to the Holders of the Class J Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any pr
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6)
REMIC III. On As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A and Class X-B Certificates will evidence ownership of five and two classes of “regular interests”, respectively, in REMIC III, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphabetic designation set forth under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, following the distributions with respect to each REMIC II Regular Interest, the Class of Certificates and the REMIC III Component of the Class X-A Certificates or REMIC III Component of the Class X-B Certificates for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date pursuant to Section 6.5of the REMIC I Regular Interests, any Collateral Support Deficits with respect to (iii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date will be allocated to of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Principal Balance Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to will be $1,052,815,081. The following table irrevocably sets forth the Class H Certificatesdesignation, the Pass-Through Rate and initial Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in Principal Balance for each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Certificates. Class C REMIC III Regular Interest (and correspondingly, the A-1 0.6730% per annum $ 86,171,000 Class C Certificates and the A-2 1.8290% per annum $ 110,387,000 Class PST Certificates, pro rata, based on the A-3 2.8700% per annum $ 444,199,000 Class C Percentage Interest and the Class CA-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the SB 2.4450% per annum $ 96,213,000 Class A-S REMIC III Regular Interest 3.3880% per annum $ 93,437,000 Class B 3.8400% per annum $ 64,485,000 Class C Variable (and correspondingly, the 4) $ 36,849,000 Class A-S Certificates and the D Variable (1) $ 42,112,000 Class PST Certificates, pro rata, based on the E Variable (1) $ 21,057,000 Class A-S Percentage Interest and the F Variable (1) $ 19,740,000 Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
G Variable (v1) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.$ 38,165,081
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9)
REMIC III. On As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class X-A and Class X-B Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A and Class X-B Certificates will evidence ownership of five and seven “regular interests”, respectively, in REMIC III, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphabetic designation set forth under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, following the distributions with respect to each REMIC II Regular Interest, the Class of Certificates and the REMIC III Component of the Class X-A Certificates or REMIC III Component of the Class X-B Certificates for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: The Cut-off Date Pool Balance will be $1,091,143,971, and the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date pursuant to Section 6.5of the REMIC I Regular Interests, any Collateral Support Deficits with respect to the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date will be allocated to of the REMIC II Regular Interests and the initial aggregate Class Principal Balance of the respective Classes of Principal Balance Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that orderwill, in each case in reduction of case, be $1,091,143,970. The following table irrevocably sets forth the Aggregate Certificate Class designation, Pass-Through Rate and initial Class Principal Balance of the subject for each Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Certificates. Class C REMIC III Regular Interest (and correspondingly, the A-1 1.4560% per annum $ 66,527,000 Class C Certificates and the A-2 2.6840% per annum $ 118,410,000 Class PST Certificates, pro rata, based on the A-3 3.5260% per annum $ 107,908,000 Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the A-4 3.6670% per annum $ 470,955,000 Class A-S REMIC III Regular Interest Variable (and correspondingly, the 1) $ 85,928,000 Class A-S Certificates and the B Variable (1) $ 54,557,000 Class PST Certificates, pro rata, based on the C Variable (1) $ 40,918,000 Class A-S Percentage Interest and the D Variable (1) $ 25,915,000 Class A-S-PST Percentage Interest, respectively, in the E Variable (1) $ 49,101,000 Class A-S REMIC III Regular Interest); and
F Variable (v2) fifth, to the $ 17,731,000 Class A-1 Certificates, the G Variable (2) $ 16,367,000 Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.H Variable (2) $ 36,826,970
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Class PST REMIC III Regular Interests (and correspondingly, the Class A-S, Class B, Class PST and Class C Certificates, as applicable) and the Classes of Principal Balance Certificates (other than the Exchangeable Certificates) Class A-S, Class B, Class PST and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Class C Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A and Class X-B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof is reduced to zero, second, upon payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments to the Holders of the Class A-J Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, to make payments to the Holders of the Class A-J Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Balance Certificates on Distribution Amount for such Distribution Date will be allocated (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class A-J Certificates has been reduced to zero;
(vi) to make payments to the respective Classes Holders of the Class A-J Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(vii) to make payments to the Holders of the Class B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-J Certificates, to make payments to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class B Certificates has been reduced to zero;
(ix) to make payments to the Holders of the Class B Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(x) to make payments to the Holders of the Class C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates, to make payments to the Holders of the Class C Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class C Certificates has been reduced to zero;
(xii) to make payments to the Holders of the Class C Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxviii) to each Class of Principal Balance Certificates (other than the Exchangeable Control Eligible Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) in sequential order as follows:
specified in clauses (i) firstthrough (xxi) above, until all amounts of Trust Advisor Expenses (including Excess Trust Advisor Expenses) previously allocated to the Class H such Classes of Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in whether as a reduction of interest or as a reduction of the Aggregate Certificate Balance of such Class, but not previously reimbursed, have been reimbursed in full (it being understood that previously allocated Trust Advisor Expenses are not reimbursable as part of the subject reimbursement of previously allocated Collateral Support Deficits); and
(xxix) to make payments to the Holders of the Class R Certificates, up to the amount of Principal Balance Certificates until such any remaining portion of Available Distribution Amount on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Aggregate Certificate Balance is of all Classes of Subordinate Certificates has been reduced to zero;
, or the aggregate Appraisal Reduction in effect is greater than or equal to the Aggregate Certificate Balance of all Classes of Subordinate Certificates, distributions of principal pursuant to clause (ii) second, of this Section 6.5(a) will be made to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates A-1, Class A-2, Class A-3 and the Class PST A-4 Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Certificates, in reduction of the respective Aggregate Certificate Balances of such Classes of Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance of each such Class is reduced to zero. All distributions of interest, if any, made with respect to a Class of Class X Certificates on any Distribution Date, pursuant to this Section 6.5(a), shall be made, and shall be deemed to have been made, in respect of the various Class X REMIC III Regular Interests that relate to the subject Class of Class X Certificates, pro rata in accordance with the respective amounts of Distributable Interest in respect of such Class X REMIC III Regular Interests for such Distribution Date.
(b) On each Distribution Date, the Certificate Administrator shall withdraw amounts in the Excess Liquidation Proceeds Reserve Account and shall pay the Certificateholders on such Distribution Date such amounts in the following priority:
(i) First, to reimburse the Holders of the respective Classes of the REMIC III Regular Interest Certificates (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, Unpaid Interest then owing to such Classes;
(ii) Second, to reimburse the Holders of the Principal Balance Certificates until (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, unreimbursed Collateral Support Deficits previously allocated to them, together with interest on such Collateral Support Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; and
(iii) Third, upon the reduction of the Aggregate Certificate Balance of the Principal Balance Certificates to zero, to pay any amounts remaining on deposit in such account, to the Holders of the Class R Certificates.
(c) On each Distribution Date, following application of amounts on deposit in the Excess Liquidation Proceeds Reserve Account as provided in Section 6.5(b), the Certificate Administrator shall withdraw any amounts on deposit in the TA Unused Fees Account and shall apply such amounts as follows: first, to pay any current outstanding indemnification payments and other unreimbursed expenses payable to the Trust Advisor pursuant to this Agreement; second, to reimburse the Holders of the respective Classes of the Class A, Class B, Class C, Class D and Class E Certificates to the extent of any Trust Advisor Expenses that were actually applied to reduce the Distributable Certificate Interest or Aggregate Certificate Balance of such Classes on any Distribution Date, which amounts will be allocated first as recoveries of principal of such Classes in the reverse order in which the applicable Excess Trust Advisor Expenses were allocated to reduce the respective Aggregate Certificate Balances are of such Classes and then as recoveries of interest shortfalls on such Classes (other than the Class A Certificates) in the reverse order in which the applicable Trust Advisor Expenses were allocated to reduce Distributable Certificate Interest on such Classes (other than the Class A Certificates); third, if such Distribution Date coincides with or follows the earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance of the Principal Balance Certificates, other than the Control Eligible Certificates, has been reduced to zero., to reimburse the Holders of the respective Classes of the Principal Balance Certificates (in the same order of priority that the Available Distribution Amount would be applied for this purpose) for any, and to the extent of, unreimbursed Collateral Support Deficits previously allocated to such Classes, together with interest on such Collateral Support Deficits at the applicable Pass-Through Rate, in each case from the date of allocation; fourth, if such Distribution Date coincides with or follows the earlier of (x) the final Distribution Date and (y) the date that the Aggregate Certificate Balance of the Principal Balance Certificates, other than the Control Eligible Certificates, has been reduced to zero, to reimburse the Holders of the respective
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c), and Excess Liquidation Proceeds) in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-AB Certificates, Class A-5 Certificates, -138- Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-AB Certificates, in reduction of the Certificate Balance thereof, the Principal Distribution Amount for such Distribution Date until the Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance for such Distribution Date;
(iii) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 Certificates, Class A-AB Certificates and Class A-5 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date (after the distributions with respect described in clause (ii) above): first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, fifth, upon payment in full of the aggregate Certificate Balance of the Class A-4 Certificates, to the holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero and sixth, upon payment in full of the aggregate Certificate Balance of the Class A-AB Certificates and the Class A-4 Certificates, to the holders of the Class A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Senior Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed (in the case of the Class X Certificates, insofar as Realized Losses have resulted in shortfalls in the amount of interest distributed other than by reason of a reduction of the Notional Amount), plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(v) to the Holders of the Class A-J Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-5 Certificates, to the Holders of the Class A-J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-J Certificates has been reduced to zero;
(vii) to the Holders of the Class A-J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(viii) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class A-J Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(x) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xi) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(xiii) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiv) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xvi) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xix) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xx) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xxii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxiii) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxv) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxvi) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxviii) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxix) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxxi) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxv) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxviii) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxix) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xl) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xli) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xlii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xliii) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliv) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xlv) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlvi) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xlvii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xlviii) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlix) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(l) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class A-5 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB and Class A-5, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests A-1A, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-3C, A- 4D, A-ABA, A-ABB, ▇-▇▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇ and A-5F; provided that sequential payments shall be made to the REMIC II Regular Interests as set forth in clauses (i) through (vi) of Section 6.3(a).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction Holders of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(iiin order of alphabetical Class designation) secondfor any, and to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.ex
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) EC Trust Certificates and the Swap Certificates), the respective E▇ ▇▇▇▇▇ EC Trust REMIC III Regular Interests (and correspondingly, the applicable Exchangeable EC Trust Certificates) and the respective Swap REMIC III Regular Interests (and correspondingly, the applicable Swap Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB AB Certificates, Class A-3 Certificates and the Class A-4 Certificates and to the Class A-3FL REMIC III Regular Interest (and correspondingly, the Class A-3FL Certificates and the Class A-3FX Certificates, pro rata, based on the Class A-3FL Percentage Interest and the Class A-3FX Percentage Interest, respectively, in the Class A-3FL REMIC III Regular Interest), on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates and Swap REMIC III Regular Interests until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class ▇-▇, ▇▇▇▇▇ III Regular Interests (and correspondingly▇-▇, the applicable Exchangeable Certificates) as follows:
(i) firstClass A-SB, to the Class H CertificatesA-S, the Class G CertificatesB, the Class F CertificatesC, the Class E D, Class E, Class F, Class G, Class SJ-A, Class SJ-B, Class SJ-C, Class SJ-D Certificates and the Class D CertificatesA-S, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the B and Class C Regular Interests will evidence ownership of a class of “regular interests” in REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST CertificatesX-A, pro rataClass X-B, based on the Class C Percentage Interest X-C, Class X-D and the Class CX-PST Percentage InterestE Certificates will evidence ownership of seven (7), three (3), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the all as described herein. The Class A-S Certificates and the Class PST Certificates, pro rata, based on A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Percentage Interest Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A, X-B, X-C, X-D and X-E Certificates), Class A-S-PST Percentage Interest, respectivelyClass B and Class C Regular Interests and the related REMIC III Components is the date that is the Rated Final Distribution Date (or, with respect to the Regular Certificates related to the Trust Subordinate Companion Loan, the Class SJ Rated Final Distribution Date). The Holders of the Class SJ Certificates shall only be entitled to receive distributions in respect of, and shall only incur losses with respect to, the Trust Subordinate Companion Loan, which is not part of the Mortgage Pool backing the Certificates other than the Class SJ Certificates. No Class of Certificates (other than Class SJ Certificates and the Class R Certificates) has an interest in the Trust Subordinate Companion Loan. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests” The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S S, Class B or Class C Regular Interests and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-C, Class X-D or Class X-E Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C25), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C24)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) in the following amounts and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: (A) first, to the Class H A-1 and Class A-2 Certificates pro rata (with the Class A-1 allocation based upon the sum of the Aggregate Certificate Balances of the Class A-1 and Class A-3 Certificates divided by the sum of the Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D A-2 allocation based upon the Class A-2 Aggregate Certificate Balance divided by the outstanding Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates), in that order, in each case in reduction of until the Aggregate Certificate Balance of the subject Class A-1 Certificates is reduced to zero and (B) then, to the Class A-2 and Class A-3 Certificates pro rata (with respect to Class A-2 Certificates, after application of Principal Balance Certificates any amounts paid in clause (A) above) until such the Aggregate Certificate Balance of the Class A-2 and Class A-3 Certificates is reduced to zero;
(iiiii) secondupon payment in full of the Certificate Balance of the Class A-3 Certificates, to the Holders of the Class C REMIC III Regular Interest (and correspondinglyA-4 Certificates, the Class C Certificates and Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class PST A-3 Certificates), pro rata, based on until the Certificate Balance of the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, A-4 Certificates has been reduced to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)zero;
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, Holders of the Class A-S A Certificates, Class X-1 Certificates and the Class PST X-2 Certificates, pro ratarata (treating principal and interest losses separately), based to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses at one-twelfth the Class Aapplicable Pass-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); andThrough Rate;
(v) fifth, to the Holders of the Class A-1 B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Certificate Balance of the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction ofto the Holders of the Class B Certificates, the respective Aggregate Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balances Balance of such Classes of Principal Balance the Class B Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate);
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxvi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxviii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxix) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxi) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate; (xxxii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distributable Date;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof is reduced to zero, second, upon payment in full of the Aggregate Certificate Balance of the Class G A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class F A-2 Certificates has been reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-3 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata in that orderproportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A and Class X-B Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make payments to the Holders of the Class H Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class H Certificates has been reduced to zero;
(xxvii) to make payments to the Holders of the Class H Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocate
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable EC Trust Certificates) and the respective E▇ ▇▇▇▇▇ EC Trust REMIC III Regular Interests (and correspondingly, the applicable Exchangeable EC Trust Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB SB, Certificates, Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c), and Excess Liquidation Proceeds) in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 Certificates, Class A-5 Certificates and Class A-6 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, fifth, upon payment in full of the aggregate Certificate Balance of the Class A-4 Certificates, to the holders of the Class A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero, and sixth, upon payment in full of the aggregate Certificate Balance of the Class A-5 Certificates, to the holders of the Class A-6 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-6 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-6 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero; 135
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xliv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlv) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xlvi) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the 138 Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇ and A-6C; provided that sequential payments shall be made to the REMIC II Regular Interests as set forth in clauses (i) through (v) of Section 6.3(a).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;, to pay any amounts remaining on deposit in such account to the Special Servicer as additional Special Servicer Compensation.
(iic) secondOn each Distribution Date, the Paying Agent shall withdraw from the Excess Interest Sub-account any Excess Interest on deposit therein, and the Paying Agent shall pay such Excess Interest on such Distribution Date to the Class C REMIC III Regular Interest P Certificates (and correspondingly, even if the Certificate Balance of the Class C P Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zerozero for any reason).
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16)
REMIC III. On As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class X-A and Class X-B Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A and Class X-B Certificates will evidence ownership of five (5) and two (2) classes of “regular interests”, respectively, in REMIC III, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, following the distributions with respect to each REMIC II Regular Interest, the Class of Certificates and the REMIC III Component of the Class X-A Certificates or REMIC III Component of the Class X-B Certificates for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date pursuant to Section 6.5of the REMIC I Regular Interests, any Collateral Support Deficits with respect to (iii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date will be allocated to of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Principal Balance Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to will be $1,277,164,194. The following table irrevocably sets forth the Class H Certificatesdesignation, the Pass-Through Rate and initial Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in Principal Balance for each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates and the Class A-SFX Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B and Class X-C Certificates will evidence ownership of eight (8), three (3) and three (3) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-SFX and Class A-SFL Certificates will each evidence, among other things, ownership of a specified portion from time to time of the respective Classes Class A-SFX Regular Interest. The Class R Certificates will evidence ownership of Principal Balance (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Class X-A, X-B and X-C Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-SSFX Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-PST Percentage InterestA Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-C Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, respectivelywith respect to each REMIC II Regular Interest (i) the Class of Certificates or Class A-SFX Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B or Class X-C Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S REMIC III SFX Regular Interest will be $1,251,672,501. The following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates and the Class A-SFX Regular Interest); and
(v) fifth, to the . Class A-1 Certificates, the 1.2830% per annum $ 70,328,000 Class A-2 Certificates, 3.0360% per annum $ 95,556,000 Class A-3 3.6350% per annum $ 45,543,000 Class A-4 3.7230% per annum $ 250,000,000 Class A-5 3.9950% per annum $ 312,986,000 Class A-SB Certificates, 3.6380% per annum $ 101,757,000 Class A-3 Certificates and X-A Variable(1) (2) Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.X-B Variable(1) (3) Class X-C Variable(1) (4) Class A-S 4.1760% per annum $ 52,584,000 Class A-SFL LIBOR plus 0.95% per annum $ 10,000,000 Class A-SFX 4.1760% per annum $ 0 Class A-SFX Regular Interest 4.1760% per annum $ 10,000,000 Class B 4.3780% per annum $ 95,440,000 Class C 4.5130% per annum(1) $ 45,373,000 Class D 3.9860% per annum $ 82,923,000 Class E 3.2500% per annum $ 32,857,000 Class F 3.2500% per annum $ 18,775,000 Class G 3.2500% per annum $ 37,550,501 Class R None None Class V None (5)
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C20)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c), Excess Liquidation Proceeds and an amount equal to any Net Swap Payment that was deemed distributed in respect of the Class A-4FL Regular Interest on such Distribution the immediately preceding Master Servicer Remittance Date pursuant to Section 6.5, any Collateral Support Deficits with respect 8.32(b)) in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates, Class X Certificates and Class A-4FL Regular Interest, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-AB Certificates, in reduction of the Certificate Balance thereof, the Principal Balance Certificates on Distribution Amount for such Distribution Date will be allocated until the Certificate Balance of the Class A-AB Certificates has been reduced to the respective Classes of Planned Principal Balance for such Distribution Date;
(iii) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-AB Certificates, Class A-4 Certificates and Class A-4FL Regular Interest, in reduction of the Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date (after the distributions described in clause (ii) above): first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Certificate Balance thereof is reduced to zero, second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero and fifth, upon payment in full of the aggregate Certificate Balance of the Class A-AB Certificates, to the holders of the Class A-4 Certificates and the Class A-4FL Regular Interest, pro rata, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-A4 Certificates and the Class A-4FL Regular Interest have been reduced to zero;
(iv) to the Holders of the Class A Senior Certificates (other than the Exchangeable Class A-4FL Certificates), the Class A-4FL Regular Interest and Class X Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed (in the case of the Class X Certificates, insofar as Realized Losses have resulted in shortfalls in the amount of interest distributed other than by reason of a reduction of the Notional Amount), plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(v) to the Holders of the Class A-J Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-4 Certificates and the Class A-4FL Regular Interest, to the Holders of the Class A-J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-J Certificates has been reduced to zero;
(vii) to the Holders of the Class A-J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(viii) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class A-J Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(x) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xi) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(xiii) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiv) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xvi) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xix) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xx) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xxii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxiii) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxv) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxvi) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxviii) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxix) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxxi) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxv) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxviii) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxix) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xl) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xli) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xlii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xliii) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliv) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xlv) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlvi) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xlvii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xlviii) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlix) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(l) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates and the Class A-4FL Regular Interest have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates and the Class A-4FL Regular Interest, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-AB and Class A-4 Certificates and the Class A-4FL Regular Interest, pro rata, based on their respective ECertificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3, Class A-AB and Class A-4 Certificates and Class A-4FL Regular Interest, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests A-1, A-2, A-3, A-AB, A-4 and A-4FL.
(b) On each Distributi▇▇ ▇▇▇▇, ▇▇▇ III Regular Interests (▇▇▇▇▇▇ ▇▇▇▇t shall withdraw amounts in the Reserve Account and correspondingly, shall pay the applicable Exchangeable Certificates) as followsCertificateholders on such Distribution Date such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.t
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18)
REMIC III. On As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class X-A and Class X-B Certificates and the Class A-FX Regular Interest will evidence ownership of a class of “regular interests” in REMIC III (the Class A-FX Certificates and the Class A-FL Certificates will each evidence, among other things, ownership of a specified portion from time to time of the Class A-FX Regular Interest) and the Class X-A and Class X-B Certificates will evidence ownership of six and one class of “regular interests”, respectively, in REMIC III, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates and the Class A-FX Regular Interest is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-B Certificates is hereby irrevocably assigned the alphabetic designation set forth under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, following the distributions with respect to each REMIC II Regular Interest, the Class of Certificates or Class A-FX Regular Interest and the REMIC III Component of the Class X-A Certificates or REMIC III Component of the Class X-B Certificates for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date pursuant to Section 6.5of the REMIC I Regular Interests, any Collateral Support Deficits with respect to (iii) the initial aggregate Uncertificated Principal Balance Certificates on such Distribution Date will be allocated to of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Principal Balance Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-SFX Regular Interest will be $1,300,950,580. The following table irrevocably sets forth the Class designation, Pass-PST Percentage Interest, respectively, in Through Rate and initial Class Principal Balance for each Class of Certificates and the Class A-S REMIC III FX Regular Interest); and
(v) fifth, to the . Class A-1 Certificates, the 0.8640% per annum $ 97,008,000 Class A-2 Certificates, 1.8810% per annum $ 187,668,000 Class A-3 3.0010% per annum $ 414,057,000 Class A-FL LIBOR plus 1.0000% per annum $ 115,000,000 Class A-FX 2.9600% per annum $0 Class A-FX Regular Interest 2.9600% per annum $ 115,000,000 Class A-SB Certificates, 2.5590% per annum $ 96,932,000 Class A-3 Certificates and A-S 3.6600% per annum $ 113,833,000 Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.B 4.3110% per annum $ 66,674,000 Class C Variable (1) $ 43,907,000 Class D Variable (1) $ 26,019,000 Class E Variable (1) $ 45,533,000 Class F Variable (1) $ 22,767,000 Class G Variable (1) $ 26,019,000 Class H Variable (1) $ 45,533,580
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective EC Trust REMIC III Regular Interests (and correspondingly, the applicable EC Trust Certificates) and the Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable EC Trust Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6)
REMIC III. (a) On each Distribution Date, following the distributions deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, in an amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date,
(ii) to pay principal from the Principal Distribution Amount for such Distribution Date, first to the Holders of the Class A-1 Certificates and, second to the Holders of the Class A-2 Certificates in each case, up to an amount equal to the lesser of (1) the then-outstanding Class Principal Balance of such Class and (2) the remaining portion, if any, of such Principal Distribution Amount;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust described in Article X hereof, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balance of such Certificates for such Distribution Date and without regard to the Principal Balance Distribution Amounts for such date;
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates on for such Distribution Date pursuant Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to Section 6.5zero, any Collateral Support Deficits with respect to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates on and (B) the remaining Principal Distribution Amount for such Distribution Date will be Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay interest to the Holders of the class M Certificates up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxxii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates have been reduced to zero, to pay principal to the Holders to the Class M Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxiii) to reimburse the holders of the Class M Certificates for any Realized Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxiv) to pay interest to the Holders of the Class N Certificates up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxxv) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates have been reduced to zero, to pay principal to the Holders to the Class N Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxvi) to reimburse the holders of the Class N Certificates for any Realized Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxvii) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Premiums collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the respective Classes of Principal Balance Certificates (other than the Exchangeable Class F, G, H, J, K, L, M, and N Certificates) and then entitled to distributions of principal from the respective E▇ ▇▇▇▇▇ III Regular Interests Principal Distribution Amount for such Distribution Date an aggregate amount (and correspondinglyallocable among such Classes, if more than one, as described below) equal to the applicable Exchangeable Certificates) as follows:
lesser of (i) firstsuch Prepayment Premium and (ii) such Prepayment Premium multiplied by a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class H A Certificates, the Class G Certificatesone with the earlier payment priority), over the Class F Certificatesrelevant Discount Rate (as defined below), the Class E Certificates and the Class D Certificatesdenominator of which is equal to the excess, in that orderif any, in each case in reduction of the Aggregate Certificate Balance of Mortgage Rate for the subject prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates until entitled to distributions of principal from the Principal Distribution Amount for such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondinglyDistribution Date, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, aggregate amount described in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with, and in reduction of, with the respective Aggregate Certificate Balances relative amounts of such Classes distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Holders of such Principal Balance Certificates until such Aggregate Certificate Balances are reduced will be distributed to zerothe Holders of the Class X Certificates.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Com Mort Ps THR Cer Se 1998-Cf1)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A and Class X-B Certificates will evidence ownership of seven (7) and three (3) classes of “regular interests”, respectively, in REMIC III, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Class X-A and Class X-B Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, Class B Regular Interest and Class C Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A or Class X-B Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $1,045,873,083. The following table irrevocably sets forth the class designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S-PST Percentage S Regular Interest, respectively, in the Class B Regular Interest and Class C Regular Interest. Class A-1 1.4060% per annum $ 52,514,000 Class A-2 3.2230% per annum $ 160,623,000 Class A-3 3.9220% per annum $ 43,958,000 Class A-4 4.1360% per annum $ 183,000,000 Class A-5 4.4150% per annum $ 221,621,000 Class A-SB 3.9630% per annum $ 70,395,000 Class X-A Variable (1) (2) Class X-B Variable (1) (3) Class A-S REMIC III Regular Interest); and
Variable (v1) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, $ 100,665,000 Class A-SB Certificates, S-PEX Component(4) Variable (1) $ 0 Class A-3 Certificates and A-S Regular Interest(4) Variable (1) $ 100,665,000 Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.B Variable (1) $ 56,216,000 Class B-PEX Component(4) Variable (1) $ 0 Class B Regular Interest Variable (1) $ 56,216,000 Class C(4) Variable (1) $ 41,835,000 Class C-PEX Component(4) Variable (1) $ 0 Class C Regular Interest Variable (1) $ 41,835,000 Class PEX(4) (5) $ 0 Class D Variable (1) $ 47,064,000 Class E 3.8500% per annum $ 24,839,000 Class F 3.8500% per annum $ 10,459,000 Class G 3.8500% per annum $ 32,684,083 Class V None (6)
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificates) amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3, Class A-4, Class X-A and Class X-B Certificates and to the Class A-3FL REMIC III Regular Interest, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates and Swap REMIC III Regular Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class and Swap REMIC III Regular Interest;
(ii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates and to the Class A-3FL REMIC III Regular Interest, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-AB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class E A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates and to the Class A-3FL REMIC III Regular Interest, pro rata, based on their respective Aggregate Certificate Balances, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balances of the Class A-3 Certificates and the Class D A-3FL REMIC III Regular Interest have been reduced to zero, fifth, upon payment in full of the Aggregate Certificate Balances of the Class A-3 Certificates and the Class A-3FL REMIC III Regular Interest, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates and to the Class A-3FL REMIC III Regular Interest, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-AB, Class A-3 and Class A-4 Certificates and the Class A-3FL REMIC III Regular Interest, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xiv) upon payment in full of the Aggregate Certificate Balance of the Class C Certificates and the Class PST Certificates, to make payments to the Holders of the Class D Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class D Certificates has been reduced to zero;
(xv) to make payments to the Holders of the Class D Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xvi) to make payments to the Holders of the Class E Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xvii) upon payment in full of the Aggregate Certificate Balance of the Class D Certificates, to make payments to the Holders of the Class E Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class E Certificates has been reduced to zero;
(xviii) to make payments to the Holders of the Class E Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xix) to make payments to the Holders of the Class F Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xx) upon payment in full of the Aggregate Certificate Balance of the Class E Certificates, to make payments to the Holders of the Class F Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class F Certificates has been reduced to zero;
(xxi) to make payments to the Holders of the Class F Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxii) to make payments to the Holders of the Class G Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxiii) upon payment in full of the Aggregate Certificate Balance of the Class F Certificates, to make payments to the Holders of the Class G Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance of the Class G Certificates has been reduced to zero;
(xxiv) to make payments to the Holders of the Class G Certificates, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(xxv) to make payments to the Holders of the Class H Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
(xxvi) upon payment in full of the Aggregate Certificate Balance of the Class G Certificates, to make pay
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D CertificatesA-S, in that orderClass B, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C Regular Interests will evidence ownership of a class of “regular interests” in REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST CertificatesX-A, pro rataClass X-B, based on the Class C Percentage Interest X-C, Class X-D and the Class CX-PST Percentage InterestE Certificates will evidence ownership of seven (7), three (3), one (1), one (1), one (1) and one (1) class(es) of “regular interests” in REMIC III, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the all as described herein. The Class A-S Certificates and the Class PST Certificates, pro rata, based on A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Percentage Interest Regular Interest. The Class B Certificates and Class B PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A, X-B, X-C, X-D and X-E Certificates), the Class A-S, Class B, Class C Regular Interests and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-PST Percentage Interest, respectively, A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S S, Class B or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-C, Class X-D or Class X-E Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc18), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C25)
REMIC III. (a) On each Distribution Date, following the distributions with respect to the Principal Balance Certificates any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.56.11, any Collateral Support Deficits with respect the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
(i) and to make payments to the respective E▇ Holders of the Class ▇-▇, ▇▇▇▇▇ III Regular Interests (▇-▇, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and correspondinglyClass X-C Certificates, in an amount up to all Distributable Certificate Interest with respect to such Classes of Certificates for such Distribution Date, pro rata in proportion to the applicable Exchangeable Certificates) as follows:Distributable Certificate Interest payable to each such Class;
(iii) to make payments to the Holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-SB Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class G A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class F A-1 Certificates, to the Holders of the Class A-2 Certificates, the Class E Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class D A-2 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, upon payment in that orderfull of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-SB Certificates has been reduced to zero;
(iii) to make payments to the Holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto and not previously fully reimbursed, plus any unpaid interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;
(iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to make payments concurrently, to the Holders of the Class A-S Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the subject Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of Principal Balance Certificates until such the Aggregate Certificate Balance is thereof, in an amount up to the Class A-S-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(iivi) secondto make payments concurrently, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C Certificates and the Class PST A-S Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, an amount up to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B A-S Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondinglycorrespondingly to the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class A-S-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated to the Class A-S REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest
(vii) to make payments concurrently, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Class B Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class B-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class B REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(viii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class B-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in proportion to their respective percentage interests in the Class A-S B REMIC III Regular Interest); and, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(vix) fifthto make payments concurrently, to the Holders of the Class A-1 B Certificates, in an amount up to the Class A-2 B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class B Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class AB-SB PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated to the Class B REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest;
(x) to make payments concurrently, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class A-3 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, and to the Holders of the Class PST Certificates, in respect of interest, up to an amount equal to the Class C-PST Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for such Distribution Date, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xi) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class A-4 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, on a pro rata basis in accordance withreduction of the Aggregate Certificate Balance thereof, in an amount up to the Class C Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Class PST Certificates, in reduction of, of the respective Aggregate Certificate Balances Balance thereof, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Classes of Principal Balance Certificates Distribution Date (reduced by any prior distributions thereof hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until such the Aggregate Certificate Balances are Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zero.;
(xii) to make payments concurrently, to the Holders of the Class C Certificates, in an amount up to the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class C Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class C REMIC III Regular Interest (and correspondingly to the Class PST Certificates), plus interest on that amount at the Pass-Through Rate for the Class C Certificates from the date the related Collateral Support Deficit was allocated to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest;
(xiii) to make payments to the Holders of the Class D Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates for such Distribution Date;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall be deemed to distribute to itself on behalf of the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5Trustee, any Collateral Support Deficits with respect to as holder of the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Regular Interests (Interests, for the following purposes and correspondingly, in the applicable Exchangeable Certificates) as followsfollowing order of priority:
(i) first, an amount equal to Distributable Certificate Interest for the Class H A-1 Certificates, Class A-2 Certificates and Class X Certificates to REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G and REMIC III Regular Interest X, divided among such REMIC III Regular Interests in proportion to (A) in the Class G Certificatescase of the REMIC III Regular Interest A-1 and REMIC III Regular Interest A-2, the Class Accrued Certificate Interest for such Distribution Date, (B) -95- in the case of REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F Certificatesand REMIC III Regular Interest G, the Class E Certificates product of one-twelfth of the Certificate Balance of such Interest and the Class D CertificatesX Strip Rate for the related Class of Certificates and (C) in the case of REMIC III Regular Interest X, in that orderthe REMIC III Regular Interest X Interest Amount;
(ii) to the REMIC III Regular Interest A-1, in each case in reduction of the Aggregate Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is REMIC III Regular Interest A-1 has been reduced to zero;
(iiiii) second, to upon payment in full of the Class C Certificate Balance of the REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) thirdA-1, to the Class B REMIC III Regular Interest (and correspondinglyA-2, the Class B Certificates and Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular InterestInterest A-1), until the Certificate Balance of the REMIC III Regular Interest A-2 has been reduced to zero;
(iv) fourthto REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G, REMIC III Regular Interest H, REMIC Regular Interest J, REMIC III Regular Interest K, REMIC III Regular Interest L and REMIC III Regular Interest M, pro rata on the basis of their respective entitlements to reimbursement described in this clause (iv), to reimburse any Realized Losses previously allocated to REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G, REMIC III Regular Interest H, REMIC III Regular Interest J, REMIC III Regular Interest K, REMIC III Regular Interest L and REMIC III Regular Interest M as a result of the allocation of Realized Losses to the Class X Certificates plus interest on such Realized Losses compounded monthly at one-twelfth of the applicable Pass-Through Rate;
(v) to the REMIC III Regular Interest B, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(vi) upon payment in full of the Certificate Balances of the REMIC III Regular Interest A-1 and REMIC III Regular Interest A-2, to the REMIC III Regular Interest B, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1 and REMIC III Regular Interest A-2), until the Certificate Balance of the REMIC III Regular Interest B has been reduced to zero;
(vii) to the REMIC III Regular Interest B, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(viii) to the REMIC III Regular Interest C, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(ix) upon payment in full of the Certificate Balance of the REMIC III Regular Interest B, to the REMIC III Regular Interest C, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, and REMIC III Regular Interest B), until the Certificate Balance of the REMIC III Regular Interest C has been reduced to zero;
(x) to the REMIC III Regular Interest C, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xi) to the REMIC III Regular Interest D, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xii) upon payment in full of the Certificate Balance of the REMIC III Regular Interest C, to the REMIC III Regular Interest D, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B and REMIC III Regular Interest C), until the Certificate Balance of the REMIC III Regular Interest D has been reduced to zero;
(xiii) to the REMIC III Regular Interest D, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xiv) to the REMIC III Regular Interest E, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xv) upon payment in full of the Certificate Balance of the REMIC III Regular Interest D, to the REMIC III Regular Interest E, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C and REMIC III Regular Interest D), until the Certificate Balance of the REMIC III Regular Interest E has been reduced to zero;
(xvi) to the REMIC III Regular Interest E, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xvii) to the REMIC III Regular Interest F, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xviii) upon payment in full of the Certificate Balance of the REMIC III Regular Interest E, to the REMIC III Regular Interest F, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D and REMIC III Regular Interest E), until the Certificate Balance of the REMIC III Regular Interest F has been reduced to zero;
(xix) to the REMIC III Regular Interest F, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xx) to the REMIC III Regular Interest G, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxi) upon payment in full of the Certificate Balance of the REMIC III Regular Interest F, to the REMIC III Regular Interest G, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E and REMIC III Regular Interest F), until the Certificate Balance of the REMIC III Regular Interest G has been reduced to zero;
(xxii) to the REMIC III Regular Interest G, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxiii) to the REMIC III Regular Interest H, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxiv) upon payment in full of the Certificate Balance of the REMIC III Regular Interest G, to the REMIC III Regular Interest H, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F and REMIC III Regular Interest G), until the Certificate Balance of the REMIC III Regular Interest H has been reduced to zero;
(xxv) to the REMIC III Regular Interest H, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxvi) to the REMIC III Regular Interest J, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxvii) upon payment in full of the Certificate Balance of the REMIC III Regular Interest H, to the REMIC III Regular Interest J, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G and REMIC III Regular Interest H), until the Certificate Balance of the REMIC III Regular Interest J has been reduced to zero;
(xxviii) to the REMIC III Regular Interest J, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxix) to the REMIC III Regular Interest K, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxx) upon payment in full of the Certificate Balance of the REMIC III Regular Interest J to the REMIC III Regular Interest K, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G, REMIC III Regular Interest H and REMIC III Regular Interest J), until the Certificate Balance of the REMIC III Regular Interest K has been reduced to zero;
(xxxi) to the REMIC III Regular Interest K, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxxii) to the REMIC III Regular Interest L, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxxiii) upon payment in full of the Certificate Balance of the REMIC III Regular Interest K to the REMIC III Regular Interest L, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G, REMIC III Regular Interest H, REMIC III Regular Interest J and REMIC III Regular Interest K), until the Certificate Balance of the REMIC III Regular Interest L has been reduced to zero;
(xxxiv) to the REMIC III Regular Interest L, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxxv) to the REMIC III Regular Interest M, the remainder of the Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxxvi) upon payment in full of the Certificate Balance of the REMIC III Regular Interest L to the REMIC III Regular Interest M, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof deemed to be distributed to the REMIC III Regular Interest A-1, REMIC III Regular Interest A-2, REMIC III Regular Interest B, REMIC III Regular Interest C, REMIC III Regular Interest D, REMIC III Regular Interest E, REMIC III Regular Interest F, REMIC III Regular Interest G, REMIC III Regular Interest H, REMIC III Regular Interest J, REMIC III Regular Interest K and REMIC III Regular Interest L), until the Certificate Balance of the REMIC III Regular Interest M has been reduced to zero;
(xxxvii) to the REMIC III Regular Interest M, to reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xxxviii) thereafter, to the Class AR-S III Certificateholders at such time as the Certificate Balances of all Classes of REMIC III Regular Interest (Interests have been reduced to zero, and correspondingly, Realized Losses previously allocated thereto have been reimbursed to the Class A-S Certificates and Holders of the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifthInterests, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroany amounts remaining.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero and third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-3 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate);
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance H Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iixxiv) secondto the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class C REMIC III Regular Interest (and correspondinglyJ Certificates, the Class C Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest)J Certificates has been reduced to zero;
(iiixxvii) thirdto the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class B REMIC III Regular Interest (and correspondinglyK Certificates, the Class B Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)K Certificates has been reduced to zero;
(ivxxx) fourthto the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class A-S REMIC III Regular Interest (and correspondinglyL Certificates, the Class A-S Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, pro ratato reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, based plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxiv) to the Holders of the Class A-S Percentage M Certificates, Distributable Certificate Interest and for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifthL Certificates, to the Holders of the Class A-1 M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-2 Certificates, Class A-SB Certificates, Class A-3 M Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate; (xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep Series 2002-Hq)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b), the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c), the amount attributable to Additional L-3 Interest which shall be distributed in accordance with Section 6.5(d) and the amount equal to any Net Swap Payment that was deemed distributed in respect of the Class A-3-1FL Regular Interest on the immediately preceding Master Servicer Remittance Date pursuant to Section 8.30(b)) in the following amounts and order of priority:
(i) to the distributions Holders of the Class A-1 Certificates, Class A-1A Certificates, Class A-2 Certificates, Class A-3-1FL Regular Interest, Class A-3-1 Certificates, Class A-3-2 Certificates, Class A-AB Certificates, Class A-4 Certificates, Class X-1 Certificates, Class X-2 Certificates and Class X-Y Certificates, concurrently,
(A) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3-1FL Regular Interest, Class A-3-1 Certificates, Class A-3-2 Certificates, Class A-AB Certificates and Class A-4 Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, that the interest distributed to the Holders of the Class A-4 Certificates will be applied first to the Class A-4A Certificates up to their Distributable Certificate Interest Amount and then to the Class A-4B Certificates up to their Distributable Certificate Interest Amount;
(B) to the Holders of the Class A-1A Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) to the Holders of the Class X-1 Certificates, Class X-2 Certificates and Class X-Y Certificates, the Distributable Certificate Interest Amount in respect of each such Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Principal Balance Class A or Class X Certificates on such Distribution Date pursuant to Section 6.5as described above, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Available Distribution Date Amount will be allocated among the Class A Certificates and the Class X Certificates, pro rata in proportion to the respective Classes amounts of Principal Balance interest payable thereon for such Distribution Date, without regard to Loan Group, provided that interest distributed to the Holders of the Class A-4 Certificates will be applied first to the Class A 4A Certificates up to their interest entitlement and then to the Class A-4B Certificates up to their interest entitlement;
(other than ii) (A) to the Exchangeable Certificates) holders of the Class A-1, Class A-1A, Class A-2, Class A-3-1, Class A-3-2, Class A-AB and Class A-4 Certificates and the respective E▇ ▇▇▇▇▇ III Class A-3-1FL Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:Interest,
(i1) first, to the Holders of the Class H A-AB Certificates, the Class G CertificatesLoan Group 1 Principal Distribution Amount for such Distribution Date and, after the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance A-1A Certificates until such Aggregate Certificate Balance is has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance for such Distribution Date; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1A Certificates;
(ii2) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, upon payment to the Class A-S REMIC III Regular Interest (and correspondingly, AB Certificates of the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifthabove distribution, to the Holders of the Class A-1 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-1 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance) and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(3) third, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(4) fourth, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3-1 Certificates and the Class A-3-1FL Regular Interest, pro rata, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balances of the Class A-3-1 Certificates and the Class A-3-1FL Regular Interest have been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(5) fifth, upon payment in full of the aggregate Certificate Balances of the Class A-3-1 Certificates and the Class A-3-1FL Regular Interest, to the Holders of the Class A-3-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-3-2 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates, Class A-3-1 Certificates and the Class A-3-1FL Regular Interest and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(6) sixth, upon payment in full of the aggregate Certificate Balance of the Class A-3-2 Certificates, to the Holders of the Class A-SB AB Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-3 A-2 Certificates, Class A-3-1 Certificates, Class A-3-1FL Regular Interest and Class A-3-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(7) seventh, upon payment in full of the aggregate Certificate Balance of the Class A-AB Certificates, to the Holders of the Class A-4A Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4A Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates, Class A-1 Certificates, Class A-2 Certificates, Class A-3-1 Certificates, Class A-3-1FL Regular Interest and Class A-3-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(8) eighth, upon payment in full of the aggregate Certificate Balance of the Class A-4A Certificates, to the Holders of the Class A-4B Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4B Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates, Class A-1 Certificates, Class A-2 Certificates, Class A-3-1 Certificates, Class A-3-1FL Regular Interest, Class A-3-2 Certificates and Class A-4 A-4A Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the respective Classes Class X-A, Class X-B, Class X-C and Class X-D Certificates will evidence ownership of Principal Balance seven (7), three (3), one (1) and two (2) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Components is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests (and correspondinglyInterests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-D Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, the applicable Exchangeable Certificates) as follows:
with respect to each REMIC II Regular Interest (i) first, to the Class H Certificates, of Certificates and (ii) the REMIC III Component of the Class G CertificatesX-A, the Class F CertificatesX-B, the Class E Certificates and the X-C or Class X-D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until for which such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III II Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C constitutes a Corresponding REMIC III II Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b) and the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c) on such Distribution the immediately preceding Master Servicer Remittance Date pursuant to Section 6.5, any Collateral Support Deficits with respect to 8.31(b)) in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes following amounts and order of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followspriority:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction Holders of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-1A Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X Certificates and Class X-Y Certificates, concurrently,
(A-SB ) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates, on a the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata basis in accordance with, and proportion to the Distributable Certificate Interest Amount payable in reduction ofrespect of each such Class;
(B) to the Holders of the Class A-1A Certificates, the respective Aggregate Distributable Certificate Balances Interest Amount in respect of such Classes Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) to the Holders of the Class X Certificates and Class X-Y Certificates, the Distributable Certificate Interest Amount in respect of each such Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Class A, Class X or Class X-Y Certificates on such Distribution Date as described above, the Available Distribution Amount will be allocated among the Class A Certificates, the Class X Certificates and the Class X-Y Certificates, pro rata in proportion to the respective amounts of interest payable thereon for such Distribution Date, without regard to Loan Group;
(ii) (A) to the holders of the Class A-1, Class A-1A, Class A-2, Class A-3 and Class A-4 Certificates,
(1) first, to the Holders of the Class A-1 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates until such Aggregate Certificate Balances are has been reduced to zero., the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-1 Certificates has been reduced to zero; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1A Certificates;
(2) second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(3) third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates, Class A-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(4) fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b), the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c), and the amount equal to any Net Swap Payment that was deemed distributed in respect of the Class A-3-1FL Regular Interest on the immediately preceding Master Servicer Remittance Date pursuant to Section 8.30(b)) in the following amounts and order of priority:
(i) to the distributions Holders of the Class [A-1] Certificates, Class [A-1A] Certificates, Class [A-2] Certificates, Class A-3-1FL Regular Interest, Class [A-3-1] Certificates, Class [A-3-2] Certificates, Class [A-AB] Certificates, Class [A-4] Certificates, Class [X-1] Certificates, Class [X-2] Certificates and Class [X-Y] Certificates, concurrently,
(A) to the Holders of the Class [A-1] Certificates, Class [A-2] Certificates, Class A-3-1FL Regular Interest, Class [A-3-1] Certificates, Class [A-3-2] Certificates, Class [A-AB] Certificates and Class [A-4] Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, that the interest distributed to the Holders of the Class [A-4] Certificates will be applied first to the Class [A-4A] Certificates up to their Distributable Certificate Interest Amount and then to the Class [A-4B] Certificates up to their Distributable Certificate Interest Amount;
(B) to the Holders of the Class [A-1A] Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) to the Holders of the Class [X-1] Certificates, Class [X-2] Certificates and Class [X-Y] Certificates, the Distributable Certificate Interest Amount in respect of each such Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Principal Balance Class [A] or Class [X] Certificates on such Distribution Date pursuant to Section 6.5as described above, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Available Distribution Date Amount will be allocated among the Class [A] Certificates and the Class [X] Certificates, pro rata in proportion to the respective Classes amounts of Principal Balance interest payable thereon for such Distribution Date, without regard to Loan Group, provided that interest distributed to the Holders of the Class [A-4] Certificates will be applied first to the Class [A-4A] Certificates up to their interest entitlement and then to the Class [A-4B] Certificates up to their interest entitlement;
(other than ii) (A) to the Exchangeable Certificates) holders of the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB] and Class [A-4] Certificates and the respective E▇ ▇▇▇▇▇ III Class A-3-1FL Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:Interest,
(i1) first, to the Holders of the Class H [A-AB] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class G [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class [A-AB] Certificates has been reduced to the Planned Principal Balance for such Distribution Date; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-1A] Certificates;
(2) second, upon payment to the Class [A-AB] Certificates of the above distribution, to the Holders of the Class [A-1] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class F [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class [A-1] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance) and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(3) third, upon payment in full of the aggregate Certificate Balance of the Class [A-1] Certificates, to the Holders of the Class [A-2] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class E [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-2] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(4) fourth, upon payment in full of the aggregate Certificate Balance of the Class [A-2] Certificates, to the Holders of the Class [A-3-1] Certificates and the Class D CertificatesA-3-1FL Regular Interest, in that orderpro rata, in each case in reduction of the Aggregate Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the subject Class of Principal Balance [A-1A] Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(ii) second, to the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balances of the Class C REMIC III Regular Interest (and correspondingly, the Class C [A-3-1] Certificates and the Class PST A-3-1FL Regular Interest have been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates, pro rata, based on Class [A-2] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest)[A-1A] Certificates;
(iii5) thirdfifth, to upon payment in full of the aggregate Certificate Balances of the Class B REMIC III Regular Interest (and correspondingly, the Class B [A-3-1] Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class BA-3-PST Percentage Interest, respectively, in the Class B REMIC III 1FL Regular Interest);
(iv) fourth, to the Holders of the Class [A-3-2] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-3-2] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-S REMIC III Regular Interest AB] Certificates (and correspondinglyin respect of the Planned Principal Balance), the Class A[A-1] Certificates, Class [A-2] Certificates, Class [A-3-S 1] Certificates and the Class PST A-3-1FL Regular Interest and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(6) sixth, pro rata, based on upon payment in full of the aggregate Certificate Balance of the Class A[A-3-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth2] Certificates, to the Holders of the Class A-1 [A-AB] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-2 [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-AB] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates, Class A-SB [A-2] Certificates, Class A-3 [A-3-1] Certificates, Class A-3-1FL Regular Interest and Class [A-3-2] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(7) seventh, upon payment in full of the aggregate Certificate Balance of the Class [A-AB] Certificates, to the Holders of the Class [A-4A] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-4A] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates, Class [A-1] Certificates, Class [A-2] Certificates, Class [A-3-1] Certificates, Class A-3-1FL Regular Interest and Class [A-3-2] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(8) eighth, upon payment in full of the aggregate Certificate Balance of the Class [A-4A] Certificates, to the Holders of the Class [A-4B] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-4B] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates, Class [A-1] Certificates, Class [A-2] Certificates, Class [A-3-1] Certificates, Class A-3-1FL Regular Interest, Class [A-3-2] Certificates and Class A-4 [A-4A] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc.)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) designated as “REMIC III.” The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D CertificatesA-S, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the B and Class C Regular Interests will evidence ownership of a class of “regular interests” in REMIC III Regular Interest (and correspondinglyIII, the Class C Certificates and the Class PST Certificates, pro rata, based on the X-A and Class C Percentage Interest X-B Certificates will evidence ownership of seven (7) and the Class C-PST Percentage Interest, three (3) classes of “regular interests,” respectively, in the Class C REMIC III Regular Interest);
(iii) thirdIII, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the all as described herein. The Class A-S Certificates and the Class PST Certificates, pro rata, based on A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Percentage Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A and Class X-B Certificates), the Class A-S, Class B and Class C Regular Interests and the REMIC III Components is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests.” The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests.” The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S, Class B or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A or Class X-B Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S, Class B and Class C Regular Interests will be $1,103,631,379. The following table irrevocably sets forth the Class Designation, Pass-PST Percentage InterestThrough Rate and initial Class Principal Balance for each Class of Certificates, respectively, in the Class PEX Components and the Class A-S REMIC III S, Class B and Class C Regular Interest); and
(v) fifth, to the Interests. Class A-1 Certificates, the 1.233% per annum $75,637,000 Class A-2 Certificates, 2.895% per annum $36,949,000 Class A-3 3.660% per annum $98,933,000 Class A-4 3.829% per annum $210,000,000 Class A-5 4.101% per annum $249,163,000 Class A-SB Certificates, 3.618% per annum $101,859,000 Class A-3 Certificates and X-A Variable(1) (2) Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.X-B Variable(1) (3) Class A-S(4) 4.271% per annum $36,558,000 Class A-S-PEX Component(4) 4.271% per annum $36,558,000 Class A-S Regular Interest 4.271% per annum $73,116,000 Class B Variable(1) $37,938,000 Class B-PEX Component(4) Variable(1) $37,937,000 Class B Regular Interest Variable(1) $75,875,000 Class C Variable(1) $20,003,000 Class C-PEX Component(4) Variable(1) $20,003,000 Class C Regular Interest Variable(1) $40,006,000 Class PEX(4) (5) $188,997,000 Class D 4.234% per annum $59,321,000 Class E Variable(1) $27,590,000 Class F Variable(1) $11,037,000 Class G Variable(1) $44,145,379 Class R None None Class V None (6)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C19)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) designated as “REMIC III” . The Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class D, Class E, Class F and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D CertificatesA-S, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the B and Class C Regular Interests will evidence ownership of a class of “regular interests” in REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class CX-PST Percentage InterestA Certificates will evidence ownership of six (6) classes of “regular interests”, respectively, in the Class C REMIC III Regular Interest);
(iii) thirdIII, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the all as described herein. The Class A-S Certificates and the Class PST Certificates, pro rata, based on A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Percentage Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A Certificates), the Class A-S, Class B and Class C Regular Interest and the REMIC III Components is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S, Class B or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A Certificates for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S, Class B and Class C Regular Interests will be $197,876,000. The following table irrevocably sets forth the Class designation, Pass-PST Percentage InterestThrough Rate and initial Class Principal Balance for each Class of Certificates, respectively, in the Class PEX Components and the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 CertificatesS, Class A-SB Certificates, Class A-3 Certificates B and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroC Regular Interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.4(c)) in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class X Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates), until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates and Class X Certificates, pro rata on the basis of their respective entitlements to reimbursement described in this clause (iv), to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses at the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxvi) to the Holders of the Class I Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class I Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H Certificates), until the Certificate Balance of the Class I Certificates has been reduced to zero;
(xxviii) to the Holders of the Class I Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxix) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance of the Class I Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class I Certificates), until the Certificate Balance of the Class J Certificates has been reduced to zero; 101
(xxxi) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxxii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class J Certificates), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxxv) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Certificates), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxxviii) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxix) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J, Class K and Class L Certificates), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xl) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate; and
(xli) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. 102 Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective entitlements to reimbursement, for the unreimbursed amount of Realized Losses and Expense Losses previously allocated to such Classes.
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction Holders of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced (in order of alphabetical Class designation) for any, and to zero;the extent of, Realized Losses or Expense Losses previously allocated to them; and
(ii) second, upon the reduction of the aggregate Certificate Balance of the Principal Balance Certificates to zero, to pay any amounts remaining on deposit in such account to the Special Servicer as additional Special Servicer compensation.
(c) On each Distribution Date, the Paying Agent shall withdraw from the Excess Interest Sub-account any Excess Interest on deposit therein, and the Paying Agent shall pay such Excess Interest on such Distribution Date to the Class C REMIC III Regular Interest M Certificates (and correspondingly, even if the Certificate Balance of the Class C M Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zerozero for any reason).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 and Class A-2 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero and second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xliii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇ and A-2C, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(ivSpecial Servicer as additional Special Servicer Compensation. This Section 6.5(b) fourth, shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the Class A-S REMIC III II Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroInterests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b) and the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) in the following amounts and order of priority:
(i) to the distributions Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-AB Certificates, Class A-5 Certificates, Class A-1A Certificates, Class X-1 Certificates, Class X-2 Certificates and Class X-Y Certificates, concurrently,
(A) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-AB Certificates and Class A-5 Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class;
(B) to the Holders of the Class A-1A Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) to the Holders of the Class X-1 Certificates, Class X-2 Certificates and Class X-Y Certificates, the Distributable Certificate Interest Amount in respect of each such Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Principal Balance Class A or Class X Certificates on such Distribution Date pursuant to Section 6.5as described above, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Available Distribution Date Amount will be allocated among the Class A Certificates and the Class X Certificates, pro rata in proportion to the respective Classes amounts of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondinglyinterest payable thereon for such Distribution Date, the applicable Exchangeable Certificates) as follows:without regard to Loan Group;
(iii) (A)
(1) first, to the Holders of the Class H A-AB Certificates, the Class G CertificatesLoan Group 1 Principal Distribution Amount for such Distribution Date and, after the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance A-1A Certificates until such Aggregate Certificate Balance is have been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance for such Distribution Date; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-1A Certificates;
(ii2) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, upon payment to the Class A-S REMIC III Regular Interest (and correspondingly, AB Certificates of the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifthabove distribution, to the Holders of the Class A-1 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-1 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance) and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(3) third, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-SB AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(4) fourth, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(5) fifth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(6) sixth, upon payment in full of the aggregate Certificate Balance of the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction ofto the Holders of the Class A-AB Certificates, the respective Aggregate Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balances Balance of such Classes of Principal Balance the Class A-1A Certificates until such Aggregate Certificate Balances are have been reduced to zero., the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates;
(7) seventh, upon payment in full of the aggregate Certificate Balance of the Class A-AB, to the Holders of the Class A-5 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-5 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates, Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
REMIC III. (a) On each Distribution Date, following the distributions with respect Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to amount in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes following amounts and order of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followspriority:
(i) first, to the holders of the Class H A-1, Class A-2, Class X-1 and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the holders of the Class A-1 Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date, until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance A-1 Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iiiii) secondupon payment in full of the Certificate Balance of the Class A-1 Certificates, to the holders of the Class C REMIC III Regular Interest (and correspondinglyA-2 Certificates, the Class C Certificates and Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the holders of the Class PST A-1 Certificates), pro rata, based on until the Certificate Balance of the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, A-2 Certificates has been reduced to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)zero;
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, holders of the Class A-S Certificates A Certificates, Class X-1 and the Class PST X-2 Certificates, pro rata, based rata on the Class Abasis of their respective entitlements to reimbursement described in this clause (iv), to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses compounded monthly at one-S Percentage Interest and twelfth the Class Aapplicable Pass-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); andThrough Rate;
(v) fifth, to the holders of the Class A-1 B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-SB B Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of Principal Distribution Amount for such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are Distribution Date (reduced by any portion thereof distributed to zero.the
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class H A-1 Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, the Class F Certificates, the Class E Certificates and the Class D Certificates, upon payment in that order, in each case in reduction full of the Aggregate aggregate Certificate Balance of the subject Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Balance Certificates Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until such Aggregate the aggregate Certificate Balance is of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iiiii) second, to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C A Certificates, Class X-1 Certificates and the Class PST X-2 Certificates, pro rata, based on the Class C Percentage Interest rata (treating principal and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interestinterest losses separately);
(iii) third, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based applicable Pass-Through Rate on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)such Realized Losses;
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, Holders of the Class A-S Certificates and the Class PST B Certificates, pro rata, based on the Class A-S Percentage Distributable Certificate Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); andfor such Distribution Date;
(v) fifth, to upon payment in full of the Class A-1 Certificates, Certificate Balance of the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction ofto the Holders of the Class B Certificates, the respective Aggregate Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balances Balance of such Classes of Principal Balance the Class B Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; (
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Ii Inc)
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class J Certificates, the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
REMIC III. (a) On each Distribution Date, following the distributions with deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Principal Balance Certificates on Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to and shall apply such amount for the Principal Balance Certificates on such Distribution Date will be allocated to following purposes and in the respective Classes following order of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followspriority:
(i) first, to pay interest to the Class H Certificates, Holders of the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D respective Classes of Senior Certificates, in that orderan amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each case in reduction of the Aggregate Certificate Balance of the subject such Class of Principal Balance Certificates until for such Aggregate Certificate Balance is reduced to zeroDistribution Date;
(ii) secondto pay principal: (A) from the Principal Distribution Amount for Loan Group 1 for such Distribution Date, first to the Class C REMIC III Regular Interest (and correspondingly, Holders of the Class C A-1A Certificates, second to the Holders of the Class A-1B Certificates, third to the Holders of the Class A-1C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, fourth to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, Holders of the Class A-2 Certificates, in each case, up to an amount equal to the lesser of (1) the then outstanding Class A-SB Principal Balance of such Class of Certificates and (2) the remaining portion, if any, of such Principal Distribution Amount; and (B) from the Principal Distribution Amount for Loan Group 2 for such Distribution Date, first to Holders of the Class A-2 Certificates, second to the Holders of the Class A-3 A-1A Certificates, third to the Holders of the Class A-1B Certificates and fourth to the Holders of the Class A-4 A-1C Certificates, in each case, up to an amount equal to the lesser of (1) the then outstanding Class Principal Balance of such Class of Certificates and (2) the remaining portion, if any, of such Principal Distribution Amount; provided that, if the remaining portion of the REMIC III Distribution Amount for such Distribution Date that is distributable pursuant to this clause (ii), is less than the Aggregate Principal Distribution Amount for such date, payments pursuant to subclauses (A) and (B) of this clause (ii) shall be made on a pro rata basis in accordance with the relative sizes of the Principal Distribution Amounts for the two Loan Groups for such Distribution Date;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in reduction ofany event on the final Distribution Date in connection with a termination of the Trust, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Aggregate Certificate then outstanding Class Principal Balances of such Classes of Certificates, and without regard to the Principal Balance Distribution Amounts with respect to the two Loan Groups for such date. On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates until for such Aggregate Certificate Distribution Date;
(ii) if the Class Principal Balances are of the Class A Certificates have been reduced to zero., to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized -95- Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Aggregate Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxv) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following the distributions deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, in an amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date;
(ii) to pay principal from the Principal Distribution Amount for such Distribution Date, first to the Holders of the Class A-1 Certificates and, second to the Holders of the Class A-2 Certificates in each case, up to an amount equal to the lesser of (1) the then-outstanding Class Principal Balance of such Class and (2) the remaining portion, if any, of such Principal Distribution Amount;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust described in Article X hereof, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balance of such Certificates for such Distribution Date and without regard to the Principal Balance Distribution Amounts for such date;
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates on for such Distribution Date pursuant Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to Section 6.5zero, any Collateral Support Deficits with respect to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates on and (B) the remaining Principal Distribution Amount for such Distribution Date will be Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with 84 interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay interest to the Holders of the Class M Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxxii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates have been reduced to zero, to pay principal to the Holders of the Class M Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxiii) to reimburse the Holders of the Class M Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxiv) to pay interest to the Holders of the Class N Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxxv) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates have been reduced to zero, to pay principal to the Holders of the Class N Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxvi) to reimburse the Holders of the Class N Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxvii) to pay interest to the Holders of the Class O Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxxviii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M and Class N Certificates have been reduced to zero, to pay principal to the Holders of the Class O Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxix) to reimburse the Holders of the Class O Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xl) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Premiums collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the respective Classes of Principal Balance Certificates (other than the Exchangeable Class G, H, J, K, L, M, N and O Certificates) and then entitled to distributions of principal from the respective E▇ ▇▇▇▇▇ III Regular Interests Principal Distribution Amount for such Distribution Date an aggregate amount (and correspondinglyallocable among such Classes, if more than one, as described below) equal to the applicable Exchangeable Certificates) as follows:lesser of
(i) firstsuch Prepayment Premium and (ii) such Prepayment Premium multiplied by a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class H A Certificates, the Class G Certificatesone with the earlier payment priority), over the Class F Certificatesrelevant Discount Rate (as defined below), the Class E Certificates and the Class D Certificatesdenominator of which is equal to the excess, in that orderif any, in each case in reduction of the Aggregate Certificate Balance of Mortgage Rate for the subject prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates until entitled to distributions of principal from the Principal Distribution Amount for such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondinglyDistribution Date, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, aggregate amount described in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with, and in reduction of, with the respective Aggregate Certificate Balances relative amounts of such Classes distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Holders of such Principal Balance Certificates until such Aggregate Certificate Balances are reduced will be distributed to zerothe Holders of the Class X Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following the distributions with respect Trustee shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class X Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates), until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates and Class X Certificates, pro rata, to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate);
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxvi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxviii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxix) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxi) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxviii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxix) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xl) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xli) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distributable Date;
(xlii) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M and Class N Certificates), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xliii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xliv) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xlv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class O Certificates), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlvi) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xlvii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class.
(b) On each Distribution Date, the Trustee shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroSpecial Servicer as additional Special Servicer Compensation.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the respective Classes Class X-A, Class X-B, Class X-C and Class X-D Certificates will evidence ownership of Principal Balance seven (7), three (3), one (1) and two (2) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Components is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests (and correspondinglyInterests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-D Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, the applicable Exchangeable Certificates) as follows:
with respect to each REMIC II Regular Interest (i) first, to the Class H Certificates, of Certificates and (ii) the REMIC III Component of the Class G CertificatesX-A, the Class F CertificatesX-B, the Class E Certificates and the X-C or Class X-D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until for which such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III II Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C constitutes a Corresponding REMIC III II Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; -148-
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xliv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlv) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xlvi) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇ and A-4C, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stan Dean Wit Cap Com Mort Ps THR CRTS Ser 2003-Top13)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds) in the respective E▇ ▇▇▇▇▇ III Regular Interests (following amounts and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates, Class X-1 Certificates, Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-AB Certificates, in reduction of the Certificate Balance thereof, the Principal Distribution Amount for such Distribution Date until the Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance for such Distribution Date;
(iii) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-AB Certificates and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date (after the distributions described in clause (ii) above): first, to the Holders of the Class H A-1 Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Certificate Balance thereof is reduced to zero, the Class F Certificatessecond, the Class E Certificates and the Class D Certificates, upon payment in that order, in each case in reduction full of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Balance Certificates Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until such the Aggregate Certificate Balance is of the Class A-2 Certificates has been reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-AB Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero, fifth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 and Class A-AB Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iiiv) secondto the Holders of the Class A Senior Certificates, the Class X-1 Certificates and the Class X-2 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed (in the case of the Class X Certificates, insofar as Realized Losses have resulted in shortfalls in the amount of interest distributed other than by reason of a reduction of the Notional Amount), plus interest at the applicable Pass-Through Rate on such Realized Losses;
(v) to the Holders of the Class A-M Certificates, the Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-M Certificates has been reduced to zero;
(vii) to the Holders of the Class A-M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(viii) to the Holders of the Class A-J Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class A-M Certificates, to the Holders of the Class A-J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion of the Principal Distribution Amount distributed to the Holders of the Class A Senior and Class A-M Certificates), until the Certificate Balance of the Class A-J Certificates has been reduced to zero;
(x) to the Holders of the Class A-J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xi) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class A-J Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(xiii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiv) to the Holders of the Class C REMIC III Regular Certificates, Distributable Certificate Interest for such Distribution Date;
(and correspondinglyxv) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates and has been reduced to zero;
(xvi) to the Class PST Certificates, pro rata, based on Holders of the Class C Percentage Interest Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvii) to the Holders of the Class C-PST Percentage InterestD Certificates, respectively, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class C REMIC III Regular InterestCertificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(iiixix) thirdto the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xx) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class B REMIC III Regular Interest (and correspondinglyE Certificates, the Class B Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)E Certificates has been reduced to zero;
(ivxxii) fourthto the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxiii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class A-S REMIC III Regular Interest (and correspondinglyF Certificates, the Class A-S Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST F Certificates has been reduced to zero;
(xxv) to the Holders of the Class F Certificates, pro ratato reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, based plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxvi) to the Holders of the Class A-S Percentage G Certificates, Distributable Certificate Interest and for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance of the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifthF Certificates, to the Holders of the Class A-1 G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-2 Certificates, Class A-SB Certificates, Class A-3 G Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(xxviii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxix) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxxi) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxii) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxv) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxviii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxix) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xl) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xli) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xlii) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xliii) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliv) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xlv) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero; (xlvi) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Top24)
REMIC III. (a) On each Distribution Date, following the distributions with respect Trustee shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class X Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates), until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates and Class X Certificates , pro rata, to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate);
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxvi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxviii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxix) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxi) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxxii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxxv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxxviii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxix) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, and Class K, Class L, Class M Certificates), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xl) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xli) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distributable Date;
(xlii) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M and Class N Certificates), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xliii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xliv) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distributable Date;
(xlv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class O Certificates), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlvi) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate; and
(xlvii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, for the unreimbursed amount of Realized Losses and Expense Losses previously allocated to such Classes.
(b) On each Distribution Date, the Trustee shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses or Expense Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroSpecial Servicer as additional Special Servicer compensation.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 and Class A-2 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero and second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xliii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1 and Class A-2 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-2C and A-2D, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(ivSpecial Servicer as additional Special Servicer Compensation. This Section 6.5(b) fourth, shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the Class A-S REMIC III II Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroInterests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent on behalf of the Trustee shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to Excess Interest which shall be distributed in accordance with Section 6.4(c)) in the following amounts and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) firstto the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class X Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates), until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates and Class X Certificates, pro rata on the basis of their respective entitlements to reimbursement described in 90 100 this clause (iv), to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate);
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, 91 101 Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance H Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iixxv) secondto the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses compounded monthly at one-twelfth the Pass-Through Rate;
(xxvi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution date; 92 102 (xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class C REMIC III Regular Interest (and correspondinglyJ Certificates, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
Principal Distribution Amount for such Distribution Date (iii) third, reduced by a any portion thereof distributed to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to Holders of the Class A-S REMIC III Regular Interest (, Class B, Class C, Class D, Class E, Class F, Class G and correspondinglyClass H Certificates), until the Certificate Balance of the Class A-S J Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following the distributions deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the REMIC Distribution Subaccount the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, pro rata up to an amount equal to Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date;
(ii) to pay principal (a) from the Principal Distribution Amount with respect to Loan Group 1 for such Distribution Date, first to the Holders of the Class A-1A Certificates, second to the holders of the Class A-1B Certificates and third to the holders of the Class A-2 Certificates, in each case up to an amount equal to the lesser of (1) the then outstanding Class Principal Balance of each such Class of Certificates and (2) the remaining portion, if any, of such Principal Distribution Amount; and (b) from the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits Amount with respect to Loan Group 2 for such Distribution Date, first to the holders of the Class A-2 Certificates, second to the holders of the Class A-1A Certificates, third to the holders of Class A-1B Certificates, in each case, up to an amount equal to the lesser of (i) the then-outstanding aggregate Certificate Balance of such Class of Certificates and (ii) the remaining portion of such Principal Distribution Amount;
(iii) to reimburse the Holders of the Class A Certificates, pro rata, for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amounts in respect of such Class of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective outstanding Class Principal Balances of such Classes of Certificates, and without regard to the Principal Balance Distribution Amounts for such date.
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates on for such Distribution Date will be Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to zero, to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay to the Holders of the Residual Certificates representing the Class R-III Interests the balance, if any, of the REMIC III Distribution Amount for such Distribution Date;
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the REMIC Distribution Subaccount that represent Prepayment Premiums collected in respect of Loan Group 1 during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, as follows: to the Holders of the respective Class or Classes of Principal Balance Certificates (other than the Exchangeable Class E, Class F, Class G, Class J, Class K and Class L Certificates) and then entitled to distributions of principal from the respective E▇ ▇▇▇▇▇ III Regular Interests Principal Distribution Amount for such Distribution Date in respect of Loan Group 1 (and correspondinglyother than, if applicable, the applicable Exchangeable Class A-2 Certificates), an aggregate amount (allocable among such Classes, if more than one, as described below) as follows:
(i) first, equal to the amount of the Prepayment Premium, multiplied by the lesser of (A) a fraction, expressed as a decimal, the numerator of which is equal to the excess, if any, of the then-current Pass-Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of two or more Classes of Class H A Certificates, the Class G Certificatesone with the earliest payment priority), over the Class F Certificatesrelevant Discount Rate (as defined below), the Class E Certificates and the Class D Certificatesdenominator of which is equal to the excess, in that orderif any, in each case in reduction of the Aggregate Certificate Balance of Mortgage Rate for the subject prepaid Group 1 Loan, over the relevant Discount Rate and (B) 0.25. If there is more than one Class of Principal Balance Certificates until (other than the Class A-2 Certificates) entitled to distributions of principal from the Principal Distribution Amount for Loan Group 1 for such Aggregate Certificate Balance Distribution Date, the aggregate amount described in the preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with the relative sizes of such distributions of principal. Any portion of such Prepayment Premium that is reduced to zero;
(ii) second, not so distributed to the Class C REMIC III Regular Interest (and correspondingly, Holders of such Principal Balance Certificates will be distributed to the Holders of the Class C Certificates and IO Certificates. Notwithstanding the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectivelyforegoing, in the Class C REMIC III Regular Interest);
(iii) third, to event that the Class B REMIC III Regular Interest (and correspondinglyA-2 Certificates are then entitled to distributions of principal from the Principal Distribution Amount in respect of Loan Group 1, then any Principal Prepayment collected with respect to a Group 1 Loan will be allocated between the Class B Certificates and the Class PST Certificates, pro rata, based IO Certificates in accordance with the formula set forth above. Any Prepayment Premium collected with respect to a Group 2 Loan during any Collection Period will be distributed on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
following Distribution Date (iva) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, Holders of the Class A-2 Certificates, out of such Prepayment Premium, an amount equal to the present value calculated on a monthly basis (discounted at the applicable Discount Rate plus 0.75%) of the positive differential, if any, between (i) the Pass-Through Rate on the Class A-SB A-2 Certificates and (ii) the applicable Discount Rate plus 0.75%, in each case, from the Distribution Date occurring in the month following such prepayment until the Class Principal Balance of the Class A-2 Certificates would have been reduced to zero had the related Principal Prepayment not occurred given the then current Class Principal Balance of all outstanding Classes of Certificates and assuming that any then outstanding REMIC Mortgage Loans pay off on their respective Maturity Dates, multiplied by the Certificate Balance of the Class A-2 Certificates on each such Distribution Date based on the foregoing assumptions; and (b) to the Holders of the Class IO Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances remainder of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroPrepayment Premium.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xl) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇ and A-4C, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2003-Top 11)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-E, Class X-F and Class X-G Certificates will evidence ownership of seven (7), three (3), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the respective Classes Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of Principal Balance a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Interest Only Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates Regular Interest, the Class B Regular Interest, the Class C Regular Interest and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class PST X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-F Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-F Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-G Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-G Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, pro rataClass PEX Component and/or Class A-S Regular Interest, based on Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-E, Class X-F or Class X-G Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) and the Class A-S Percentage Regular Interest, Class B Regular Interest and Class C Regular Interest will be $1,047,828,035. The following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates, the Class PEX Components and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest. Class A-1 1.7300% per annum $ 50,293,000 Class A-2 3.0050% per annum $ 7,934,000 Class A-3 3.3620% per annum $ 36,418,000 Class A-4 3.1900% per annum $ 240,000,000 Class A-5 3.4510% per annum $ 309,207,000 Class A-SB 3.2780% per annum $ 89,627,000 Class A-S(7) 3.8360% per annum $ 79,897,000 Class A-S-PST Percentage Interest, respectively, in the PEX Component(7) 3.8360% per annum $ 0 Class A-S REMIC III Regular Interest); and
Interest(7) 3.8360% per annum $ 79,897,000 Class B(7) Variable(1) $ 45,842,000 Class B-PEX Component(7) Variable(1) $ 0 Class B Regular Interest(7) Variable(1) $ 45,842,000 Class C(7) 3.8940% per annum $ 68,109,000 Class C-PEX Component(7) 3.8940% per annum $ 0 Class C Regular Interest(7) 3.8940% per annum $ 68,109,000 Class PEX(7) (v) fifth, to the 8) $ 0 Class A-1 Certificates, the D 3.7680% per annum $ 44,533,000 Class A-2 Certificates, E 2.8690% per annum $ 26,196,000 Class A-SB Certificates, F 2.8690% per annum $ 17,027,000 Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.G 2.8690% per annum $ 32,745,035
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27)
REMIC III. On For each Distribution Date, following the principal amounts, rates of interest and timing of distributions on each REMIC III Regular Interest to REMIC IV shall be as follows: (A) such items with respect to the Principal Balance Certificates Class PA-1, Class PA-2, Class PA-3, Class PA-4 Class PA-5 and Class PA-6 Interests shall be identical to the principal amounts, interest distributions and timing of distributions on the Class QA-1, Class QA-2, Class QA-3, Class QA-4, Class QA-5 and Class QA-6 Interests, except that all calculations of interest on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Regular Interests shall be made at the Reduced Weighted Average Net Loan Rate, reduced (and correspondinglyI) pro rata, the applicable Exchangeable Certificates) as follows:
(i) first, to based on interest accrued on the Class H CertificatesQA-1N, Class QA-2N, Class QA-3N, Class QA-4N, Class QA-5N, Class QA-6N and Class Q3N Interests pursuant to clause (i)(B) above by the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction amount of the Aggregate Certificate Balance reduction in (I) of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
clause (iii)(B), and (II) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest amount of interest accrued pursuant to this clause (A) and the Class following clauses (B) and (C), by Net Prepayment Interest Shortfalls for such Distribution Date, and increased by any class X-PST Percentage InterestIO Carryover Amounts, respectivelypro rata based on reductions previously allocated pursuant subclause (I) of this clause (A), in (B) the Class C REMIC III Regular Interest);
(iii) third, P3N Interest shall receive distributions of interest equal to the amount distributable on the Class B REMIC III Regular Q3N Interest (and correspondinglyincluding Class X-IO Carryover Amounts allocable thereto), the Class B Certificates and the Class PST Certificates, reduced pro rata, based on the Class B Percentage Interest amount of interest accrued pursuant to this clause (B) and the Class B-PST Percentage Interestpreceding clause (A) and following clause (C), respectively, in by Net Prepayment Interest Shortfalls for such Distribution Date; and (C) the Class B REMIC III Regular Interest);
(iv) fourth, to Q4N Interest shall receive the Class AZ-S IO REMIC III Regular Amount (as reduced by Net Prepayment Interest (Shortfalls) and correspondingly, the any Class AZ-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.IO
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Painewebber Mort Accept Corp Iv New South Home Eq Tr 1999-1)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xliv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlv) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xlvi) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-3C, A-4A, A-4B, A-4C and A-4D, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;, to pay any amounts remaining on deposit in such account to the Special Servicer as additional Special Servicer Compensation. This Section 6.5(b) shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the REMIC II Regular Interests.
(iic) secondOn each Distribution Date, the Paying Agent shall withdraw from the Excess Interest Sub-account any Excess Interest on deposit therein, and the Paying Agent shall pay such Excess Interest on such Distribution Date to the Class C REMIC III Regular Interest P Certificates (and correspondingly, even if the Certificate Balance of the Class C P Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zerozero for any reason).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Sec Inc Trust 2004 Top14)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xliii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-3C, A-4A and A-4B, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust Series 2004-Top15)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xliii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-3C, A-4A, A-4B and A-4C, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(ivSpecial Servicer as additional Special Servicer Compensation. This Section 6.5(b) fourth, shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the Class A-S REMIC III II Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroInterests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mort Sec Tru 2003-Top12)
REMIC III. (a) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xliii) to the Holders of the Class P Certificates, Distributable Certificate Interest for such Distribution Date;
(xliv) upon payment in full of the Certificate Balance of the Class O Certificates, to the Holders of the Class P Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class P Certificates has been reduced to zero;
(xlv) to the Holders of the Class P Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xlvi) to the Holders of the Class Q Certificates, Distributable Certificate Interest for such Distribution Date;
(xlvii) upon payment in full of the Certificate Balance of the Class P Certificates, to the Holders of the Class Q Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class Q Certificates has been reduced to zero;
(xlviii) to the Holders of the Class Q Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xlix) to the Holders of the Class S Certificates, Distributable Certificate Interest for such Distribution Date;
(l) upon payment in full of the Certificate Balance of the Class Q Certificates, to the Holders of the Class S Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class S Certificates has been reduced to zero;
(li) to the Holders of the Class S Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(lii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇, A-4A, A-4B, A-4C and A-4D, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Trustee shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c), Excess Liquidation Proceeds, and an amount equal to any Net Swap Payment that was deemed distributed in respect of the Class A-2 Regular Interest on such Distribution the immediately preceding Master Servicer Remittance Date pursuant to Section 6.5, any Collateral Support Deficits with respect 8.30(b)) in the following amounts and order of priority:
(i) to the Holders of the Class A-1 Certificates, Class A-2 Regular Interest, Class A-3 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) first, to the Holders of the Class A-1 Certificates, the Principal Balance Certificates on Distribution Amount for such Distribution Date will be allocated until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the respective Classes holders of the Class A-2 Regular Interest, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Regular Interest has been reduced to zero; and third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Regular Interest, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates (other than the Exchangeable Class A-2 Certificates) the Class A-2 Regular Interest, and in respect of interest only, the Class X-1 Certificates and Class X-2 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-3 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate; and (xl) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC III Certificates and the Class A-2 Regular Interest have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC III Certificates and the Class A-2 Regular Interest, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2 Regular Interest and Class A-3 Certificates, pro rata, based on their respective ECertificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2 Regular Interest and Class A-3 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇, ▇-▇▇, ▇-▇▇ ▇▇▇ ▇▇-▇ III Regular Interests in lieu of the distributions described in Section 6.3(a)(ii).
(and correspondinglyb) On each Distribution Date, the applicable Exchangeable Certificates) as followsPaying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2001-Top4)
REMIC III. (a) On each Distribution Date, following the deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, in an amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date;
(ii) to pay principal from the Principal Distribution Amount for such Distribution Date, first to the Holders of the Class A-1 Certificates and, second to the Holders of the Class A-2 Certificates in each case, up to an amount equal to the lesser of (1) the then-outstanding Class Principal Balance of such Class and (2) the remaining portion, if any, of such Principal Distribution Amount;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust described in Article X hereof, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balance of such Certificates for such Distribution Date and without regard to the Principal Distribution Amounts for such date;
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to zero, to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay interest to the Holders of the Class M Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxxii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates have been reduced to zero, to pay principal to the Holders of the Class M Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxiii) to reimburse the Holders of the Class M Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxiv) to pay interest to the Holders of the Class N Certificates, up to an amount equal to all Distributable Certificate Interest in respect of the interest in the REMIC regular interest evidenced by such Class N Certificates for such Distribution Date;
(xxxv) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates have been reduced to zero, to pay principal to the Holders of the Class N Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class 96 Principal Balance of the interest in the REMIC regular interest evidenced by such Class N Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(i) to reimburse the Holders of the Class N Certificates for any Realized Losses and Expense Losses previously deemed allocated to the interest in the REMIC regular interest evidenced by such Class N Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxvi) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Yield Maintenance Charges collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the following Classes of Certificates. The product of the Base Interest Fraction and the aggregate amount of such Yield Maintenance Charges will be allocated for distribution to Classes then entitled to receive principal distributions on the related Distribution Date (other than the Class H, J, K, L, M and N Certificates). The product of (a) the amount of principal distributed to each Class as a percentage of the principal distributed to all Classes multiplied by (b) the Base Interest Fraction and multiplied by (c) the amount of Yield Maintenance Charges collected, will be distributed to each such Class. The remainder of such Yield Maintenance Charges will be distributed to the Class X Certificates. On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Premiums collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the following Classes of Certificates. Twenty-five percent (25%) of the Prepayment Premiums collected during any Collection Period will be allocated for distribution to Classes entitled to receive principal distributions on the related Distribution Date on a pro rata basis, based on the amount of principal distributed to each such Class as a percentage of the amount of principal distributed to all classes. The remainder of such Prepayment Premiums will be allocated to the Class X Certificates.
(d) All of the foregoing distributions to be made from the Distribution Account on any Distribution Date with respect to the Principal Balance REMIC III Certificates shall be deemed made from the payments deemed made to REMIC III in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:6.3.
(i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zeroSECTION 6.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Heller Financial Commercial Mort Asset Corp Series 1999 Ph 2)
REMIC III. (a) On each Distribution Date, following the distributions deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, in an amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date,
(ii) to pay principal from the Principal Distribution Amount for such Distribution Date, first to the Holders of the Class A1 Certificates and, second to the Holders of the Class A2 Certificates in each case, up to an amount equal to the lesser of (1) the then-outstanding Class Principal Balance of such Class and (2) the remaining portion, if any, of such Principal Distribution Amount;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust described in Article X hereof, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balance of such Certificates for such Distribution Date and without regard to the Principal Balance Distribution Amounts for such date;
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates on for such Distribution Date pursuant Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to Section 6.5zero, any Collateral Support Deficits with respect to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates on and (B) the remaining Principal Distribution Amount for such Distribution Date will be Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with 84 interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificate for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Premiums collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the respective Classes of Principal Balance Certificates (other than the Exchangeable Class F, G, H, J, K and L Certificates) and then entitled to distributions of principal from the respective E▇ ▇▇▇▇▇ III Regular Interests Principal Distribution Amount for such Distribution Date an aggregate amount (and correspondinglyallocable among such Classes, if more than one, as described below) equal to the applicable Exchangeable Certificates) as follows:
lesser of (i) firstsuch Prepayment Premium and (ii) such Prepayment Premium multiplied by a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class H A Certificates, the Class G Certificatesone with the earlier payment priority), over the Class F Certificatesrelevant Discount Rate (as defined below), the Class E Certificates and the Class D Certificatesdenominator of which is equal to the excess, in that orderif any, in each case in reduction of the Aggregate Certificate Balance of Mortgage Rate for the subject prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates until entitled to distributions of principal from the Principal Distribution Amount for such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondinglyDistribution Date, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, aggregate amount described in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with, and in reduction of, with the respective Aggregate Certificate Balances relative amounts of such Classes distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Holders of such Principal Balance Certificates until such Aggregate Certificate Balances are reduced will be distributed to zerothe Holders of the Class X Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: (A) first, to the Class A-1 and Class A-2 Certificates pro rata (with the Class A-1 allocation based upon the sum of the Aggregate Certificate Balances of the Class A-1 and Class A-3 Certificates divided by the sum of the Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates, and the Class A-2 allocation based upon the Class A-2 Aggregate Certificate Balance divided by the outstanding Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates), until the Aggregate Certificate Balance of the Class A-1 Certificates is reduced to zero and (B) then, to the Class A-2 and Class A-3 Certificates pro rata until the Aggregate Certificate Balance of the Class A-2 and Class A-3 Certificates is reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-3 Certificates), until the Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata, to reimburse any Realized Losses previously allocated thereto plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate);
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxvi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxviii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxix) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxxi) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxxviii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxix) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates), until the Certificate Balance of the Class N Certificates has been reduced to zero; (xl) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate; (xli) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class.
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;, to pay any amounts remaining on deposit in such account to the Special Servicer as additional Special Servicer Compensation.
(iic) secondOn each Distribution Date, the Paying Agent shall withdraw from the Excess Interest Sub-account any Excess Interest on deposit therein, and the Paying Agent shall pay such Excess Interest on such Distribution Date to the Class C REMIC III Regular Interest N Certificates (and correspondingly, even if the Certificate Balance of the Class C N Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zerozero for any reason).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2001-Top1)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
(xli) upon payment in full of the Certificate Balance of the Class N Certificates, to the Holders of the Class O Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class O Certificates has been reduced to zero;
(xlii) to the Holders of the Class O Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; and
(xliii) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. -148- Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to the Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus one month's interest on such Realized Losses at the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, ▇-▇▇, A-3C, A-4A, A-4B and A-4C, in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Liquidation Proceeds which shall be distributed in accordance with Section 6.5(b), the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c), and the amount equal to any Net Swap Payment that was deemed distributed in respect of the Class A-3-1FL Regular Interest on the immediately preceding Master Servicer Remittance Date pursuant to Section 8.30(b)) in the following amounts and order of priority:
(i) to the distributions Holders of the Class [A-1] Certificates, Class [A-1A] Certificates, Class [A-2] Certificates, Class A-3-1FL Regular Interest, Class [A-3-1] Certificates, Class [A-3-2] Certificates, Class [A-AB] Certificates, Class [A-4] Certificates, Class [X-1] Certificates, Class [X-2] Certificates and Class [X-Y] Certificates, concurrently,
(A) to the Holders of the Class [A-1] Certificates, Class [A-2] Certificates, Class A-3-1FL Regular Interest, Class [A-3-1] Certificates, Class [A-3-2] Certificates, Class [A-AB] Certificates and Class [A-4] Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata in proportion to the Distributable Certificate Interest Amount payable in respect of each such Class; provided, that the interest distributed to the Holders of the Class [A-4] Certificates will be applied first to the Class [A-4A] Certificates up to their Distributable Certificate Interest Amount and then to the Class [A-4B] Certificates up to their Distributable Certificate Interest Amount;
(B) to the Holders of the Class [A-1A] Certificates, the Distributable Certificate Interest Amount in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Principal Balance Class [A] or Class [X] Certificates on such Distribution Date pursuant as described above, the Available Distribution Amount will be allocated among the Class [A] Certificates and the Class [X] Certificates, pro rata in proportion to Section 6.5the respective amounts of interest payable thereon for such Distribution Date, without regard to Loan Group, provided that interest distributed to the Holders of the Class [A-4] Certificates will be applied first to the Class [A-4A] Certificates up to their interest entitlement and then to the Class [A-4B] Certificates up to their interest entitlement;
(A) to the holders of the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB] and Class [A-4] Certificates and the Class A-3-1FL Regular Interest,
(1) first, to the Holders of the Class [A-AB] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class [A-AB] Certificates has been reduced to the Planned Principal Balance for such Distribution Date; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any Collateral Support Deficits portion thereof distributed to the Holders of the Class [A-1A] Certificates;
(2) second, upon payment to the Class [A-AB] Certificates of the above distribution, to the Holders of the Class [A-1] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class [A-1] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance) and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(3) third, upon payment in full of the aggregate Certificate Balance Certificates on of the Class [A-1] Certificates, to the Holders of the Class [A-2] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-2] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be allocated reduced by any portion thereof distributed to the respective Classes Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(4) fourth, upon payment in full of the aggregate Certificate Balance of the Class [A-2] Certificates, to the Holders of the Class [A-3-1] Certificates and the Class A-3-1FL Regular Interest, pro rata, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balances of the Class [A-3-1] Certificates and the Class A-3-1FL Regular Interest have been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates, Class [A-2] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(5) zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates (in respect of the Planned Principal Balance), Class [A-1] Certificates, Class [A-2] Certificates, Class [A-3-1] Certificates and the Class A-3-1FL Regular Interest and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates;
(8) eighth, upon payment in full of the aggregate Certificate Balance of the Class [A-4A] Certificates, to the Holders of the Class [A-4B] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-1A] Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-4B] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates, Class [A-1] Certificates, Class [A-2] Certificates, Class [A-3-1] Certificates, Class A-3-1FL Regular Interest, Class [A-3-2] Certificates and Class [A-4A] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] Certificates; and
(B) to the Holders of the Class [A-1A] Certificates, the Loan Group 2 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class [A-4B] Certificates has been reduced to zero, the Loan Group 1 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class [A-1A] Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount will be reduced by any portion thereof distributed to the Holders of the Class [A-AB] Certificates, Class [A-1] Certificates, Class [A-2] Certificates, Class [A-3-1] Certificates, Class A-3-1FL Regular Interest, Class [A-3-2] Certificates, Class [A-4A] Certificates and Class [A-4B] Certificates;
(iii) to the Holders of the Class [A] Certificates (other than the Exchangeable Class [A-3-1FL] Certificates), Class [X-1] Certificates, Class [X-2] Certificates, Class [X-Y] Certificates and Class A-3-1FL Regular Interest, pro rata (treating principal and interest losses separately) in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses; provided, that such amounts in respect of the Class [A-4] Certificates will be allocated first to the Class [A-4A] Certificates until such Realized Losses previously allocated thereto are reimbursed together with all applicable interest at the applicable Pass-Through Rate and then to the Class [A-4B] Certificates until such Realized Losses previously allocated thereto are reimbursed together with all applicable interest at the applicable Pass-Through Rate;
(iv) to the Holders of the Class [A-J] Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A Certificates (other than the Class [A-3-1FL] Certificates) and the respective E▇ ▇▇▇▇▇ III Class A-3-1FL Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
(i) firstInterest, to the Holders of the Class H [A-J] Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance [A-J] Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iivi) secondto the Holders of the Class [A-J] Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class [B] Certificates, Distributable Certificate Interest for such Distribution Date,
(viii) upon payment in full of the Certificate Balance of the Class [A-J] Certificates, to the Holders of the Class C REMIC III Regular Interest [B] Certificates, the Principal Distribution Amount for such Distribution Date (and correspondinglyreduced by any prior distributions to Holders of Class [A] Certificates (other than the Class [A-3-1FL] Certificates), the Class C A-3-1FL Regular Interest and Class [A-J] Certificates and hereunder), until the Certificate Balance of the Class PST [B] Certificates has been reduced to zero,
(ix) to the Holders of the Class [B] Certificates, pro ratato reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, based plus one month's interest at the applicable Pass-Through Rate on such Realized Losses
(x) to the Holders of the Class C Percentage [C] Certificates, Distributable Certificate Interest and for such Distribution Date,
(xi) upon payment in full of the Certificate Balance of the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest);
(iii) third[B] Certificates, to the Holders of the Class B REMIC III Regular Interest [C] Certificates, the Principal Distribution Amount for such Distribution Date (and correspondinglyreduced by any prior distributions to Holders of Class [A] Certificates (other than Class [A-3-1FL] Certificates), the Class B A-3-1FL Regular Interest, Class [A-J] Certificates and Class [B] Certificates hereunder), until the Certificate Balance of the Class PST [C] Certificates has been reduced to zero,
(xii) to the Holders of the Class [C] Certificates, pro ratato reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, based plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xiii) to the Holders of the Class B Percentage [D] Certificates, Distributable Certificate Interest and for such Distribution Date,
(xiv) upon payment in full of the Certificate Balance of the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth[C] Certificates, to the Holders of the Class [D] Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to Holders of Class [A] Certificates (other than Class [A-3-S REMIC III Regular Interest (and correspondingly1FL] Certificates), the Class A-3-1FL Regular Interest, Class [A-S J] Certificates, Class [B] Certificates and Class [C] Certificates hereunder), until the Certificate Balance of the Class PST [D] Certificates has been reduced to zero,
(xv) to the Holders of the Class [D] Certificates, pro ratato reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, based plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xvi) to the Holders of the Class A-S Percentage [E] Certificates, Distributable Certificate Interest and for such Distribution Date
(xvii) upon payment in full of the Certificate Balance of the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth[D] Certificates, to the Holders of the Class A-1 [E] Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to Holders of Class A-2 [A] Certificates (other than Class [A-3-1FL] Certificates), the Class A-3-1FL Regular Interest, Class [A-J] Certificates, Class A-SB [B] Certificates, Class A-3 [C] Certificates and Class A-4 Certificates[D] Certificates hereunder), on a pro rata basis in accordance with, and in reduction of, until the respective Aggregate Certificate Balances Balance of such Classes of Principal Balance the Class [E] Certificates until such Aggregate Certificate Balances are has been reduced to zero.,
(xviii) to the Holders of the Class [E] Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xix) to the Holders of the Class [F] Certificates, Distributable Certificate Interest for such Distribution Date,
(xx) upon payment in full of the Certificate Balance of the Class [E] Certificates, to the Holders of the Class [F] Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to Holders of Class [A] Certificates (other than Class [A-3-1FL] Certificates), the Class A-3-1FL Regular Interest, Class [A-J] Certificates, Class [B] Certificates, Class [C] Certificates, Class [D] Certificates and Class [E] Certificates hereunder), until the Certificate Balance of the Class [F] Certificates has been reduced to zero,
(xxi) to the Holders of the Class [F] Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xxii) to the Holders of the Class [G] Certificates, Distributable Certificate Interest for such Distribution Date,
(xxiii) upon payment in full of the Certificate Balance of the Class [F] Certificates, to the Holders of the Class [G] Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to Holders of Class [A] Certificates (other than Class [A-3-1FL] Certificates), the Class A-3-1FL Regular Interest, Class [A-J] Certificates, Class [B] Certificates, Class [C] Certificates, Class [D] Certificates, Class [E] Certificates and Class [F] Certificates hereunder), until the Certificate Balance of the Class [G] Certificates has been reduced to zero,
(xxiv) to the Holders of the Class [G] Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses,
(xxv) to the Holders of the Class [H] Certificates, Distributable Certificate Interest for such Distribution Date,
(xxvi) upon payment in full of the Certificate Balance of the Class [G] Certificates, to the Holders of the Class [H] Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions to Holders of Class [A] Certificates (other than Class [A-3-1FL] Certificates), the Class A-3-1FL Regular Interest, Class [A-J] Certificates, Class [B] Certificates, Class [C] Certificates, Class [D] Certificates, Class [E] Certificates, Class [F] Certificates and Class [G] Certificates hereu
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c) and Excess Liquidation Proceeds) in the following amounts and order of priority:
(i) to the distributions Holders of the Class A-1 Certificates, Class A-1A Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates and Class X Certificates, concurrently,
(A) to the Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates, the Distributable Certificate Interest in respect of each such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 1), pro rata in proportion to the Distributable Certificate Interest payable in respect of each such Class;
(B) to the Holders of the Class A-1A Certificates, the Distributable Certificate Interest in respect of such Class for such Distribution Date (which shall be payable from amounts in the Available Distribution Amount attributable to Loan Group 2);
(C) to the Holders of the Class X Certificates, the Distributable Certificate Interest in respect of such Class for such Distribution Date; provided, however, that if the portion of Available Distribution Amount attributable to either Loan Group is insufficient to pay in full the total amount of interest to be distributed with respect to any of the Principal Balance Class A Senior Certificates or the Class X Certificates on such Distribution Date pursuant as described above, the Available Distribution Amount will be allocated among all those Classes pro rata in proportion to Section 6.5the respective amounts of interest payable thereon for such Distribution Date, without regard to Loan Group;
(ii) concurrently:
(A) to the Holders of the Class A-1, Class A-2, Class A-3, Class A-AB Certificates and Class A-4 Certificates: first to the Holders of the Class A-AB Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to the Planned Principal Balance for such Distribution Date; the portion of the Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any Collateral Support Deficits portion thereof distributed to the Holders of the Class A-1A Certificates; second upon payment to the Class A-AB Certificates of the above distribution, to the Holders of the Class A-1 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-1 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance) and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; third upon payment in full of the aggregate Certificate Balance Certificates on of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be allocated reduced by any portion thereof distributed to the respective Classes Holders of Principal Balance the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; fourth upon payment in full of the aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; fifth upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-AB Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-AB Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates (in respect of the Planned Principal Balance), Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; sixth upon payment in full of the aggregate Certificate Balance of the Class A-AB and Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-AB Certificates, Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class A-1A Certificates; and
(B) to the Holders of the Class A-1A Certificates, the Loan Group 2 Principal Distribution Amount for such Distribution Date and, after the Certificate Balance of the Class A-4 Certificates has been reduced to zero, the Loan Group 1 Principal Distribution Amount for such Distribution Date, until the aggregate Certificate Balance of the Class A-1A Certificates has been reduced to zero, the portion of the Loan Group 1 Principal Distribution Amount will be reduced by any portion thereof distributed to the Holders of the Class A-AB, Class A-1, Class A-2, Class A-3, and Class A-4 Certificates;
(iii) to the Holders of the Class A Senior Certificates and Class X Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed (in the case of the Class X Certificates, insofar as Realized Losses have resulted in shortfalls in the amount of interest distributed other than by reason of a reduction of the Exchangeable Notional Amount), plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(iv) to the Holders of the Class A-M Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 and Class A-1A Certificates, to the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondinglyHolders of the Class A-M Certificates, the applicable Exchangeable Certificates) as follows:Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-M Certificates has been reduced to zero;
(ivi) firstto the Holders of the Class A-M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(vii) to the Holders of the Class A-J Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class A-M Certificates, to the Holders of the Class A-J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-J Certificates has been reduced to zero;
(ix) to the Holders of the Class A-J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(x) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class A-J Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(xii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xiii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(xv) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xvi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xviii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xix) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xxi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xxiv) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxv) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxvii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxviii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Class G CertificatesPrincipal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance H Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iixxx) secondto the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxi) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class C REMIC III Regular Interest (and correspondinglyJ Certificates, the Class C Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest)J Certificates has been reduced to zero;
(iiixxxiii) thirdto the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxiv) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class B REMIC III Regular Interest (and correspondinglyK Certificates, the Class B Certificates and Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)K Certificates has been reduced to zero;
(ivxxxvi) fourthto the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at the applicable Pass-Through Rate on such Realized Losses;
(xxxvii) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Class A-S REMIC III Regular Interest (and correspondingly, Holders of the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class A-2 Certificates, Class A-SB Certificates, Class A-3 L Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(xxxix) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus one month's interest at th
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq7)
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to Excess Interest which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to the distributions with respect Holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: first, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Balance thereof is reduced to zero; second, upon payment in full of the aggregate Certificate Balance of the Class A-1 Certificates, to the holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero; third, upon payment in full of the aggregate Certificate Balance of the ClassA-2 Certificates, to the Holders of the Class A-3 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero; and fourth, upon payment in full of the aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata (treating principal and interest losses separately), to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(iv) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(v) upon payment in full of the Certificate Balance of the Class A-4 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate);
(vii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(x) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xiii) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xvi) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xix) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxv) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class J Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the Pass-Through Rate;
(xxviii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class K Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class K Certificates has been reduced to zero;
(xxx) to the Holders of the Class K Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxi) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxii) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxiii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxiv) to the Holders of the Class M Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxv) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class M Certificates has been reduced to zero;
(xxxvi) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate;
(xxxvii) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxviii) upon payment in full of the Certificate Balance of the Class M Certificates, to the Holders of the Class N Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class N Certificates has been reduced to zero;
(xxxix) to the Holders of the Class N Certificates, to reimburse any Realized Losses previously allocated thereto and not previously fully reimbursed, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate; and
(xl) to the Holders of the Class R-III Certificates at such time as the Certificate Balances of all Classes of REMIC Regular Certificates have been reduced to zero, and Realized Losses previously allocated to each Holder have been reimbursed to the Holders of the REMIC Regular Certificates, any amounts remaining on deposit in the Distribution Account. Notwithstanding the foregoing, on each Distribution Date occurring on or after the earliest date, if any, upon which the Certificate Balances of all the Classes of Subordinate Certificates have been reduced to zero or the aggregate Appraisal Reduction in effect is greater than or equal to Certificate Balances of all the Classes of Subordinate Certificates, the Principal Distribution Amount will be distributed, first, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class is reduced to zero; and, second, to the Holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, pro rata, based on the respective amounts of unreimbursed Realized Losses previously allocated to each such Class, plus interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate. A similar rule shall apply to the distribution of the Principal Distribution Amount to REMIC II Regular Interests ▇-▇, ▇-▇▇, ▇-▇▇, ▇-▇, A-4A and A-4B in lieu of the distributions described in Section 6.3(a)(ii).
(b) On each Distribution Date, the Paying Agent shall withdraw amounts in the Reserve Account and shall pay the Certificateholders on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to such amounts in the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsfollowing priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class H Certificatesdesignation) for any, and to the Class G Certificatesextent of, Realized Losses previously allocated to them; and
(ii) second, upon the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based pay any amounts remaining on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, deposit in the Class C REMIC III Regular Interest);
(iii) third, such account to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.Special Servicer as additional
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Series 2001-Top)
REMIC III. On each Distribution DateAs provided herein, following the distributions with respect Tax Administrator will elect to treat the Principal Balance Certificates on segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date segregated pool of assets will be allocated to designated as “REMIC III”. The Class A-1, Class A-2, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the respective Classes Class X-A, Class X-B and Class X-C Certificates will evidence ownership of Principal Balance six (6), one (1) and three (3) classes of “regular interests”, respectively, in REMIC III, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Exchangeable Class X-A, Class X-B and Class X-C Certificates) and the respective E▇ ▇▇▇▇▇ REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests (and correspondinglyInterests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-C Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The following table irrevocably sets forth, the applicable Exchangeable Certificates) as follows:
with respect to each REMIC II Regular Interest (i) first, to the Class H Certificates, of Certificates and (ii) the REMIC III Component of the Class G X-A, Class X-B or Class X-C Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until for which such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III II Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C constitutes a Corresponding REMIC III II Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C17)
REMIC III. (a) On each Distribution Date, following the distributions deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the respective Classes of Senior Certificates, in an amount equal to, and pro rata in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date;
(ii) to pay principal from the Principal Distribution Amount for such Distribution Date, first to the Holders of the Class A-1 Certificates and, second to the Holders of the Class A-2 Certificates in each case, up to an amount equal to the lesser of (1) the then-outstanding Class Principal Balance of such Class and (2) the remaining portion, if any, of such Principal Distribution Amount;
(iii) to reimburse the Holders of the respective Classes of Class A Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Classes of Certificates (with interest), up to an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect of such Classes of Certificates for such Distribution Date; and
(iv) to make payments on the Subordinate and Residual Certificates as provided below; provided that, on each Distribution Date after the aggregate of the Class Principal Balances of the Subordinate Certificates has been reduced to zero, and in any event on the final Distribution Date in connection with a termination of the Trust described in Article X hereof, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balance of such Certificates for such Distribution Date and without regard to the Principal Balance Distribution Amounts for such date;
(b) On each Distribution Date, following the foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, of the REMIC III Distribution Amount for such date for the following purposes and in the following order of priority:
(i) to pay interest to the Holders of the Class B Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates on for such Distribution Date pursuant Date;
(ii) if the Class Principal Balances of the Class A Certificates have been reduced to Section 6.5zero, any Collateral Support Deficits with respect to pay principal to the Holders of the Class B Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates on and (B) the remaining Principal Distribution Amount for such Distribution Date will be Date;
(iii) to reimburse the Holders of the Class B Certificates for Realized Losses and Expense Losses, if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(iv) to pay interest to the Holders of the Class C Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(v) if the Class Principal Balances of the Class A and Class B Certificates have been reduced to zero, to pay principal to the Holders of the Class C Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(vi) to reimburse the Holders of the Class C Certificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(vii) to pay interest to the Holders of the Class D Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(viii) if the Class Principal Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to pay principal to the Holders of the Class D Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(ix) to reimburse the Holders of the Class D Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(x) to pay interest to the Holders of the Class E Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xi) if the Class Principal Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero, to pay principal to the Holders of the Class E Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xii) to reimburse the Holders of the Class E Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xiii) to pay interest to the Holders of the Class F Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xiv) if the Class Principal Balances of the Class A, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to pay principal to the Holders of the Class F Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xv) to reimburse the Holders of the Class F Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xvi) to pay interest to the Holders of the Class G Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xvii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to pay principal to the Holders of the Class G Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xviii) to reimburse the Holders of the Class G Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xix) to pay interest to the Holders of the Class H Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xx) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to pay principal to the Holders of the Class H Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxi) to reimburse the Holders of the Class H Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxii) to pay interest to the Holders of the Class J Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxiii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to pay principal to the Holders of the Class J Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxiv) to reimburse the Holders of the Class J Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxv) to pay interest to the Holders of the Class K Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxvi) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to pay principal to the Holders of the Class K Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxvii) to reimburse the Holders of the Class K Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxviii) to pay interest to the Holders of the Class L Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxix) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to pay principal to the Holders of the Class L Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxx) to reimburse the Holders of the Class L Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date; and
(xxxi) to pay interest to the Holders of the Class M Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxxii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates have been reduced to zero, to pay principal to the Holders of the Class M Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxiii) to reimburse the Holders of the Class M Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxiv) to pay interest to the Holders of the Class N Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date;
(xxxv) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L and Class M Certificates have been reduced to zero, to pay principal to the Holders of the Class N Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxvi) to reimburse the Holders of the Class N Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xxxvii) to pay interest to the Holders of the Class O Regular Interests represented by the Class O Certificates, up to an amount equal to all Distributable Certificate Interest in respect of such Class O Regular Interests represented by such Certificates for such Distribution Date;
(xxxviii) if the Class Principal Balances of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M and Class N Certificates have been reduced to zero, to pay principal to the Holders of the Class O Certificates, up to an amount equal to the lesser of (A) the then-outstanding Class Principal 84 Balance of such Class of Certificates and (B) the remaining Principal Distribution Amount for such Distribution Date;
(xxxix) to reimburse the Holders of the Class O Certificates for any Realized Losses and Expense Losses previously deemed allocated to such Class of Certificates in respect of the Class O Regular Interests (with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date;
(xl) to pay to the Holders of the Class R-III Certificates the balance, if any, of the REMIC III Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Premiums collected in respect of Mortgage Loans during or prior to the related Collection Period and shall distribute such amounts, in each case, subject to available funds, as additional interest, to the Holders of the respective Classes of Principal Balance Certificates (other than the Exchangeable Class G, H, J, K, L, M, N and O Certificates) and then entitled to distributions of principal from the respective E▇ ▇▇▇▇▇ III Regular Interests Principal Distribution Amount for such Distribution Date an aggregate amount (and correspondinglyallocable among such Classes, if more than one, as described below) equal to the applicable Exchangeable Certificates) as follows:
lesser of (i) firstsuch Prepayment Premium and (ii) such Prepayment Premium multiplied by a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class H A Certificates, the Class G Certificatesone with the earlier payment priority), over the Class F Certificatesrelevant Discount Rate (as defined below), the Class E Certificates and the Class D Certificatesdenominator of which is equal to the excess, in that orderif any, in each case in reduction of the Aggregate Certificate Balance of Mortgage Rate for the subject prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates until entitled to distributions of principal from the Principal Distribution Amount for such Aggregate Certificate Balance is reduced to zero;
(ii) second, to the Class C REMIC III Regular Interest (and correspondinglyDistribution Date, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, aggregate amount described in the Class C REMIC III Regular Interest);
(iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest);
(iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with, and in reduction of, with the respective Aggregate Certificate Balances relative amounts of such Classes distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Holders of such Principal Balance Certificates until such Aggregate Certificate Balances are reduced will be distributed to zerothe Holders of the Class X Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Series 1999-Fnv1)
REMIC III. (a) On each Distribution Date, following the distributions with respect Paying Agent shall withdraw from the Distribution Account an amount equal to the Principal Balance Certificates on Available Distribution Amount and shall distribute such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates amount (other than the Exchangeable Certificatesamount attributable to Excess Interest which shall be distributed in accordance with Section 6.4(c)) in the following amounts and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as followsorder of priority:
(i) firstto the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class X Certificates, Distributable Certificate Interest for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;
(ii) to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 Certificates has been reduced to zero;
(iii) upon payment in full of the Certificate Balance of the Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-1 Certificates), until the Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the Holders of the Class A Certificates and Class X Certificates, pro rata on the basis of their respective entitlements to reimbursement described in this clause (iv), to reimburse any Realized Losses previously allocated thereto (it being acknowledged, in the case of the Class X Certificates, any reduction in the Notional Amount thereof and any effect thereof on the Accrued Certificate Interest on such Class shall not constitute Realized Losses or an allocation of Realized Losses) plus interest on such Realized Losses at the applicable Pass-Through Rate;
(v) to the Holders of the Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(vi) upon payment in full of the Certificate Balance of the Class A-2 Certificates, to the Holders of the Class B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A Certificates), until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(viii) to the Holders of the Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(ix) upon payment in full of the Certificate Balance of the Class B Certificates, to the Holders of the Class C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A and Class B Certificates), until the Certificate Balance of the Class C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xi) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B and Class C Certificates), until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xiii) to the Holders of the Class D Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xiv) to the Holders of the Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance of the Class D Certificates, to the Holders of the Class E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C and Class D Certificates), until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xvi) to the Holders of the Class E Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xvii) to the Holders of the Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class E Certificates, to the Holders of the Class F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D and Class E Certificates), until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xix) to the Holders of the Class F Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the applicable Pass-Through Rate;
(xx) to the Holders of the Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance of the Class F Certificates, to the Holders of the Class G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E and Class F Certificates), until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxii) to the Holders of the Class G Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxiii) to the Holders of the Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance of the Class G Certificates, to the Holders of the Class H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance H Certificates until such Aggregate Certificate Balance is has been reduced to zero;
(iixxv) secondto the Holders of the Class H Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxvi) to the Holders of the Class I Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance of the Class H Certificates, to the Holders of the Class C REMIC III Regular Interest (and correspondinglyI Certificates, the Class C Certificates and Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class PST A, Class B, Class C, Class D, Class E, Class F, Class G, Class H Certificates), pro rata, based on until the Certificate Balance of the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest)I Certificates has been reduced to zero;
(iiixxviii) thirdto the Holders of the Class I Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxix) to the Holders of the Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance of the Class I Certificates, to the Holders of the Class B REMIC III Regular Interest (and correspondinglyJ Certificates, the Class B Certificates and Principal Distribution Amount for such Distribution Date (reduced by a any portion thereof distributed to the Holders of the Class PST A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class I Certificates), pro rata, based on until the Certificate Balance of the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest)J Certificates has been reduced to zero;
(ivxxxi) fourthto the Holders of the Class J Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate;
(xxxii) to the Holders of the Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxiii) upon payment in full of the Certificate Balance of the Class J Certificates, to the Holders of the Class A-S REMIC III Regular Interest K Certificates, the Principal Distribution Amount for such Distribution Date (and correspondingly, reduced by any portion thereof distributed to the Holders of the Class A-S Certificates , Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class J Certificates), until the Certificate Balance of the Class PST K Certificates has been reduced to zero;
(xxxiv) to the Holders of the Class K Certificates, pro ratato reimburse any Realized Losses previously allocated thereto, based plus interest on such Realized Losses at the Pass-Through Rate;
(xxxv) to the Holders of the Class L Certificates, Distributable Certificate Interest for such Distribution Date;
(xxxvi) upon payment in full of the Certificate Balance of the Class K Certificates, to the Holders of the Class L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Certificates), until the Certificate Balance of the Class L Certificates has been reduced to zero;
(xxxvii) to the Holders of the Class L Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-S Percentage Through Rate;
(xxxviii) to the Holders of the Class M Certificates, Distributable Certificate Interest and for such Distribution Date;
(xxxix) upon payment in full of the Certificate Balance of the Class L Certificates, to the Holders of the Class M Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any portion thereof distributed to the Holders of the Class A-S-PST Percentage Interest, respectivelyClass B, in Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J, Class K and Class L Certificates), until the Certificate Balance of the Class A-S REMIC III Regular Interest); and
(v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 M Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are has been reduced to zero.;
(xl) to the Holders of the Class M Certificates, to reimburse any Realized Losses previously allocated thereto, plus interest on such Realized Losses at the Pass-Through Rate; (xli) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)