REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, 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-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 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 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 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, 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 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, 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-0, Xxxxx X-0, 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 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 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; (vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero; (ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated by the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount respective Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(bExchangeable Certificates), the respective EX XXXXX III Regular Interests (and any Excess Interestcorrespondingly, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priorityapplicable Exchangeable Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 AB Certificates, Class A-3 Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B A-4 Certificates, on a pro rata basis in accordance with, and in reduction of of, the respective Aggregate Certificate Balances of such Classes of Principal Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for Certificates until 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been Balances are reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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 3 contracts
Samples: 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 any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Proceeds which shall be distributed in accordance with Section 6.5(b), ) and any the amount attributable to Excess Interest, 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 holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-AA-5 Certificates, Class X-B X-1 Certificates and Class X-C X-2 Certificates, in an amount up to all the Distributable Certificate Interest with Amount in respect to of such Classes of Certificates Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable to in respect of each such Class;,
(ii) to make payments to the Holders of the Class A-0, Xxxxx X-0, 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 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 holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Aggregate aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 to holders of Class A-1 Certificates hereunder) until the Aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth, ,
(iv) 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 to holders of Class A-1 and Class A-2 Certificates hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth, ,
(v) 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 to holders of Class A-1, Class A-2 and Class A-3 Certificates hereunder) until the Aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, ,
(vi) upon payment in full of the Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof to holders of Class A-1, Class A-2, Class A-3 and Class A-4 Certificates hereunder) until the Aggregate Certificate Balance of the Class A-SB A-5 Certificates has been reduced to zero;,
(iiivii) to make payments to the Holders of the Class A-0, Xxxxx X-0A Certificates, Class A-SB, Class A-3 X-1 Certificates and Class A-4 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 unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocated;Realized Losses,
(ivviii) to make payments concurrentlythe 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 A-S B 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof to holders of Class A Certificates hereunder), and until the Certificate Balance of the Class B Certificates has been reduced to zero,
(x) to the Holders of the Class PST B Certificates, in reduction 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 Aggregate Class C Certificates, Distributable Certificate Interest for such Distribution Date,
(xii) upon payment in full of the Certificate Balance thereofof the Class B Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof to holders of Class A and Class B Certificates 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 C Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;,
(vixiii) to make payments concurrentlythe 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 A-S D Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 to holders of Class A, Class B and Class C Certificates hereunder), and until the Certificate Balance of the Class D Certificates has been reduced to zero,
(xvi) to the Holders of the Class PST D Certificates, in reduction 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 Aggregate Class E Certificates, Distributable Certificate Interest for such Distribution Date
(xviii) upon payment in full of the Certificate Balance thereofof the Class D Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of E Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof to holders of Class A, Class B, Class C and Class D Certificates hereunder), pro rata, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B E Certificates and the Class PST Component B Principal Amount have has been reduced to zero;,
(ixxix) to make payments concurrentlythe 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 B F Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 to holders of Class A, Class B, Class C, Class D and Class E Certificates hereunder), and until the Certificate Balance of the Class F Certificates has been reduced to zero,
(xxii) to the Holders of the Class PST F Certificates, in reduction 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 Aggregate Class G Certificates, Distributable Certificate Interest for such Distribution Date,
(xxiv) upon payment in full of the Certificate Balance thereofof the Class F Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof to holders of Class A, Class B, Class C, Class D, Class E and Class F Certificates hereunder), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C G Certificates and the Class PST Component C Principal Amount have has been reduced to zero;,
(xiixxv) to make payments concurrentlythe 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 C H Certificates, in an amount up 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, Class F and Class H Certificates hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated H Certificates has been reduced to the Class C REMIC III Regular Interest zero,
(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 xxviii) to the Holders of the Class PST H Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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;on such Realized Losses,
(xiiixxix) to make payments to the Holders of the Class D J Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 to holders of Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates 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,
Appears in 3 contracts
Samples: 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 any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, 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 Certificate Administrator shall withdraw from Class A-S, Class B, Class PST and Class C Certificates, as applicable) and the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation ProceedsClass A-S, which shall be distributed in accordance with Section 6.5(b)Class B, Class PST and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priorityClass C Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, 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 concurrentlysecond, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S C REMIC III Regular Interest (and correspondingly to correspondingly, the Class A-S Certificates), plus interest on that amount at the Pass-Through Rate for the Class A-S C 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 pro rata, based on the Class A-SC Percentage Interest and the Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to Interest, respectively, in 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 C 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);
(viiiiii) upon payment in full of the Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amountthird, 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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)correspondingly, 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 pro rata, based on the Class B Percentage Interest and the Class B-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 ratarespectively, 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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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 any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, 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-0, Xxxxx X-0A-1, Class A-SBA-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-0, Xxxxx X-0A-1, Class A-SBA-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-SB A-1 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 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, thirdsecond, upon payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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, fourththird, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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, fifthfourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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-0, Xxxxx X-0A-1, Class A-SBA-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 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 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal AmountB, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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 any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, 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 Certificate Administrator shall withdraw from applicable EC Trust Certificates) and the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount Classes of Principal Balance Certificates (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 priorityEC Trust Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 A-3 Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B A-4 Certificates, on a pro rata basis in accordance with, and in reduction of of, the respective Aggregate Certificate Balances of such Classes of Principal Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for Certificates until 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been Balances are reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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 any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, the Certificate Administrator shall withdraw from the Distribution Account an amount equal any Collateral Support Deficits with respect to the Available Principal Balance Certificates on such Distribution Amount and shall distribute such amount Date will be allocated to the respective Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(bEC Trust Certificates and the Swap Certificates), the respective EC Trust REMIC III Regular Interests (and any Excess Interestcorrespondingly, which shall be distributed in accordance with Section 6.5(c))the applicable EC Trust Certificates) and the respective Swap REMIC III Regular Interests (and correspondingly, in the following amounts and order of priorityapplicable Swap Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 AB Certificates, Class A-3 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 A-4 Certificates and 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B A-3FL REMIC III Regular Interest (and correspondingly to correspondingly, the Class B Certificates), plus interest on that amount at the Pass-Through Rate for A-3FL Certificates and the Class B Certificates from the date the related Collateral Support Deficit was allocated to A-3FX Certificates, pro rata, based on the Class B 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 to in reduction of, the Holders respective Aggregate Certificate Balances of the Class PST Certificates, in an amount up to the Class B-PST Percentage Interest such Classes of any unreimbursed Collateral Support Deficit previously allocated to the Class B Principal Balance Certificates and Swap 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 C Percentage Interest of the Distributable Certificate Interest with respect to the Class C REMIC III Regular Interest for Interests until 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C Certificates and the Class PST Component C Principal Amount have been Balances are 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
Samples: 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. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, 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-0X-0, Xxxxx X-0, Class A-SB, 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-0X-0, Xxxxx X-0, 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 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 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 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, 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 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, 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-0X-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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 any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, 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-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SB, A-2 and 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: (A) first, to the Holders of Class A-1 and Class A-2 Certificates pro rata (with the Class A-SB Certificates, A-1 allocation based upon the Principal Distribution Amount for such Distribution Date, until sum of the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders 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 Principal Distribution Amount for such Distribution Date (reduced Class A-2 allocation based upon the Class A-2 Aggregate Certificate Balance divided by any prior distributions thereof hereunderthe outstanding Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-1 CertificatesCertificates is reduced to zero and (B) then, to the Holders of the Class A-2 and Class A-3 Certificates pro rata (with respect to Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date after application of any amounts paid in clause (reduced by any prior distributions thereof hereunderA) above) until the Aggregate Certificate Balance of the Class A-2 and Class A-3 Certificates has been is reduced to zero, fourth, ;
(iii) 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 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 portion thereof hereunder) distributed to the Holders of the Class A-3 Certificates), until the Aggregate 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 sixthClass X-2 Certificates, pro rata (treating principal and interest losses separately), 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-SB B Certificates has been reduced to zero;
(iiivii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate);
(ivviii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-S D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixiii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxix) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by a 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G and correspondingly to the Class PST H Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C J Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxviii) to make payments to the Holders of the Class D J Certificates, in an amount up to all 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 with respect for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to such the Holders of the Class of Certificates 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
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A-1 Certificates and, Xxxxx X-0second to the Holders of the Class A-2 Certificates in each case, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in 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 all Distributable Certificate Interest with an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect to of such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first;
(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 Class AF, G, H, J, K, L, M, and N Certificates) then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date an aggregate amount (allocable among such Classes, if more than one, as described below) equal to the lesser of (i) such 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-SB Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class A Certificates, the one with the earlier payment priority), over the relevant Discount Rate (as defined below), and the denominator of which is equal to the excess, if any, of the Mortgage Rate for the prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced aggregate amount described in the preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with the relative amounts of such distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Planned Holders of such Principal Balance for such Distribution Date, second, Certificates will be distributed to the Holders of the Class A-1 X 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 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, 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 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, 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Com Mort Ps THR Cer Se 1998-Cf1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, the Certificate Administrator shall withdraw from the Distribution Account an amount equal any Collateral Support Deficits with respect to the Available Principal Balance Certificates on such Distribution Amount and shall distribute such amount Date will be allocated to the respective Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation ProceedsEC Trust Certificates) and the respective EC Trust REMIC III Regular Interests (and correspondingly, 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 priorityapplicable EC Trust Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB H 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 A-1 G Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class F Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass E Certificates and the Class D Certificates, thirdin that order, upon payment in full each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 SB, Certificates, Class A-3 Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B A-4 Certificates, on a pro rata basis in accordance with, and in reduction of of, the respective Aggregate Certificate Balances of such Classes of Principal Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for Certificates until 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been Balances are reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), and Excess Liquidation Proceeds) in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-AA-5 Certificates, Class X-B A-6 Certificates, Class X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-2, Class A-3 A-3, Class A-4 Certificates, Class A-5 Certificates and Class A-4 A-6 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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthfourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixthfifth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-4 Certificates, to the Holders holders of the Class A-SB A-5 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate aggregate Certificate Balance of the Class A-SB 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 make payments to the Holders of the Class A-0, Xxxxx X-0A Certificates, Class A-SB, Class A-3 X-1 Certificates and Class A-4 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 unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(iv) to make payments concurrently, to the Holders of the Class A-S B 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 Balance of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 A-6 Certificates, to make payments concurrently, to the Holders of the Class A-S B Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class B Certificates has been reduced to zero;
(vi) to the Holders of the Class PST B Certificates, in reduction 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 Aggregate Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(viii) upon payment in full of the Certificate Balance thereofof the Class B Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of C Certificates, 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 C Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(viix) to make payments concurrentlythe 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 A-S D Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class D Certificates has been reduced to zero; 135
(xii) to the Holders of the Class PST D Certificates, in reduction 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 Aggregate Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance thereofof the Class D Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of E Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B E Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxv) to make payments concurrentlythe 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 B F Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class PST F Certificates, in reduction 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 Aggregate Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance thereofof the Class F Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of G Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C G Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxi) to make payments concurrentlythe 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 C H Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated H Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxiv) to the Holders of the Class PST H Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxv) to make payments to the Holders of the Class D J 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 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 X-0, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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 P Certificates (even if the Certificate Balance of the Class P Certificates has been reduced to zero for any reason).
Appears in 2 contracts
Samples: 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. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, the Certificate Administrator shall withdraw from the Distribution Account an amount equal any Collateral Support Deficits with respect to the Available Principal Balance Certificates on such Distribution Amount and shall distribute such amount Date will be allocated to the respective Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation ProceedsExchangeable Certificates) and the respective XX XXXXX III Regular Interests (and correspondingly, 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 priorityapplicable Exchangeable Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 SB Certificates, Class A-3 Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B A-4 Certificates, on a pro rata basis in accordance with, and in reduction of of, the respective Aggregate Certificate Balances of such Classes of Principal Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for Certificates until 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been Balances are reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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
Samples: 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 any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, 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 Paying Agent shall be distributed in accordance with Section 6.5(b)deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC III Regular Interests, for the following purposes 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-0, Xxxxx X-0, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in an amount up equal to all Distributable Certificate Interest with respect for the Class 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 Classes REMIC III Regular Interests in proportion to (A) in the case of Certificates the REMIC III Regular Interest A-1 and REMIC III Regular Interest A-2, the Accrued Certificate Interest for such Distribution Date, pro rata (B) -95- in proportion to the Distributable 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 and REMIC III Regular Interest G, the product of one-twelfth of the Certificate Balance of such Interest payable to each such Classand the Class X Strip Rate for the related Class of Certificates and (C) in the case of REMIC III Regular Interest X, the REMIC III Regular Interest X Interest Amount;
(ii) to make payments to the Holders of the Class A-0, Xxxxx X-0, 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 A-SB CertificatesREMIC III Regular Interest A-1, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof of the REMIC III Regular Interest A-1 has been reduced to zero;
(iii) upon payment in full of the Planned Principal Certificate Balance for such Distribution Date, secondof the REMIC III Regular Interest A-1, to the Holders of the Class A-1 CertificatesREMIC III Regular Interest A-2, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunderdeemed to be distributed to the REMIC III Regular Interest A-1), until the Aggregate Certificate Balance thereof is of the REMIC III Regular Interest A-2 has been reduced to zero;
(iv) to REMIC III Regular Interest A-1, thirdREMIC 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 Aggregate Certificate Balance Balances of the Class REMIC III Regular Interest A-1 Certificatesand REMIC III Regular Interest A-2, to the Holders of the Class A-2 CertificatesREMIC III Regular Interest B, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) deemed to be distributed to the REMIC III Regular Interest A-1 and REMIC III Regular Interest A-2), until the Aggregate Certificate Balance of the Class A-2 Certificates REMIC III Regular Interest B has been reduced to zero;
(vii) to the REMIC III Regular Interest B, fourthto 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 Aggregate Certificate Balance of the Class A-2 CertificatesREMIC III Regular Interest B, to the Holders of the Class A-3 CertificatesREMIC III Regular Interest C, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) 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 Aggregate Certificate Balance of the Class A-3 Certificates REMIC III Regular Interest C has been reduced to zero;
(x) to the REMIC III Regular Interest C, fifthto 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 Aggregate Certificate Balance of the Class A-3 CertificatesREMIC III Regular Interest C, to the Holders of the Class A-4 CertificatesREMIC III Regular Interest D, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) 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 Aggregate Certificate Balance of the Class A-4 Certificates REMIC III Regular Interest D has been reduced to zero;
(xiii) to the REMIC III Regular Interest D, and sixthto 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 Aggregate Certificate Balance of the Class A-4 CertificatesREMIC III Regular Interest D, to the Holders of the Class A-SB CertificatesREMIC III Regular Interest E, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) 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 Aggregate Certificate Balance of the Class A-SB Certificates REMIC III Regular Interest E has been reduced to zero;
(iiixvi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clauseREMIC III Regular Interest E, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxvii) to make payments concurrentlythe REMIC III Regular Interest F, 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 remainder of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular for such Interest for such Distribution Date, and Date to the Holders of the Class PST Certificates, in respect of interest, up extent not distributed pursuant 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 Interestclause (i) above;
(vxviii) upon payment in full of the Aggregate Certificate Balances Balance of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to make payments concurrentlyREMIC III Regular Interest E, to the Holders of the Class A-S CertificatesREMIC III Regular Interest F, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunderdeemed 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), and until the Certificate Balance of the REMIC III Regular Interest F has been reduced to zero;
(xix) to the Holders 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 Class PST Certificates, Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxi) upon payment in reduction full of the Aggregate Certificate Balance thereofof the REMIC III Regular Interest F, in an amount up to the Class A-S-PST Percentage REMIC III Regular Interest of G, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion deemed to their respective percentage interests in be distributed to the Class A-S REMIC III Regular InterestInterest 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 Aggregate Certificate Balance of the Class A-S Certificates and the Class PST Component A-S Principal Amount have REMIC III Regular Interest G has been reduced to zero;
(vixxii) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly G, to the Class A-S Certificates)reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on that amount such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate for the Class A-S Certificates from the date the related Collateral Support Deficit was allocated Rate;
(xxiii) 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 H, 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 remainder of the Distributable Certificate Interest with respect to the Class B REMIC III Regular for such Interest for such Distribution Date, and Date to the Holders of the Class PST Certificates, in respect of interest, up extent not distributed pursuant 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 Interestclause (i) above;
(viiixxiv) 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 concurrentlyREMIC III Regular Interest G, to the Holders of the Class B CertificatesREMIC III Regular Interest H, 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 portion thereof hereunderdeemed 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), and until the Certificate Balance of the REMIC III Regular Interest H has been reduced to zero;
(xxv) to the Holders 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 Class PST Certificates, Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxvii) upon payment in reduction full of the Aggregate Certificate Balance thereofof the REMIC III Regular Interest H, in an amount up to the Class B-PST Percentage REMIC III Regular Interest of J, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion deemed to their respective percentage interests in be distributed to the Class B REMIC III Regular InterestInterest 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 Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have REMIC III Regular Interest J has been reduced to zero;
(ixxxviii) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class B Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly J, to the Class B Certificates)reimburse any unreimbursed Realized Losses previously allocated thereto, plus interest on that amount such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate for the Class B Certificates from the date the related Collateral Support Deficit was allocated Rate;
(xxix) to the Class B REMIC III Regular Interest, and to the Holders of the Class PST Certificates, in an amount up to the Class B-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class B REMIC III Regular Interest (and correspondingly to K, 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 C Percentage Interest remainder of the Distributable Certificate Interest with respect to the Class C REMIC III Regular for such Interest for such Distribution Date, and Date to the Holders of the Class PST Certificates, in respect of interest, up extent not distributed pursuant 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 Interestclause (i) above;
(xixxx) upon payment in full of the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount, to make payments concurrently, REMIC III Regular Interest J to the Holders of the Class C CertificatesREMIC III Regular Interest K, in reduction 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 portion thereof hereunderdeemed 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), and until the Certificate Balance of the REMIC III Regular Interest K has been reduced to zero;
(xxxi) to the Holders 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 Class PST Certificates, Distributable Certificate Interest for such Interest for such Distribution Date to the extent not distributed pursuant to clause (i) above;
(xxxiii) upon payment in reduction full of the Aggregate Certificate Balance thereof, in an amount up of the REMIC III Regular Interest K to the Class C-PST Percentage REMIC III Regular Interest of L, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion deemed to their respective percentage interests in be distributed to the Class C REMIC III Regular InterestInterest 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 Aggregate Certificate Balance of the Class C Certificates and the Class PST Component C Principal Amount have REMIC III Regular Interest L has been reduced to zero;
(xiixxxiv) to make payments concurrentlythe 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 R-III Certificateholders at such time as the Certificate Balances of all Classes of REMIC III Regular Interests have been reduced to zero, and Realized Losses previously allocated thereto have been reimbursed 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)Interests, 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;amounts remaining.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, 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 make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SB, A-2 and 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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourthzero and third, upon payment in full of the Aggregate 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fifthClass 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 Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 B 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 B Certificates, to the Holders of the Class A-SB C 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 C Certificates has been reduced to zero;
(iiiix) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 C Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivx) to make payments concurrentlythe 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 A-S D 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class PST D Certificates, in reduction 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 Aggregate Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance thereofof the Class D Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of E Certificates, 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 E Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixv) to make payments concurrentlythe 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 A-S F Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class PST F Certificates, in reduction 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 Aggregate Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance thereofof the Class F Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of G Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B G Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxi) to make payments concurrentlythe 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 B H Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class PST H Certificates, in reduction 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 Aggregate Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance thereofof the Class H Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of J Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C J Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxvii) to make payments concurrentlythe 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 C K Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated K Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxx) to the Holders of the Class PST K Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus interest on that amount such Realized Losses at one-twelfth the applicable 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 InterestRate;
(xiiixxxi) to make payments to the Holders of the Class D L Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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; (xl) to the Holders of the Class O Certificates, Distributable Certificate Interest for such Distribution Date;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep Series 2002-Hq)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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-0, Xxxxx X-0A-1 Certificates, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B A-2 Certificates and Class X-C X 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-0, Xxxxx X-0, 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 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 A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Date, until the Aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 portion thereof hereunder) distributed to the Holders of the Class A-1 Certificates), until the Aggregate 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, fourthpro 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-3 B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A and Class B Certificates), until the Aggregate Certificate Balance of the Class A-4 C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, and sixthto 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-SB D Certificates has been reduced to zero;
(iiixiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxiv) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class A-S F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixix) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class B Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by a 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 portion thereof distributed to the Holders of the Class PST 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, in an amount up to the Class B-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates)thereto, plus interest on that amount such Realized Losses at one-twelfth 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 InterestRate;
(xxxix) to make payments concurrentlythe 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 C K Certificates, in respect of interest, up to an amount equal to the Class 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and 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 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, in reduction 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 Aggregate Class L Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxiii) upon payment in full of the Certificate Balance thereofof the Class K Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates), until the Aggregate Certificate Balance of the Class C L Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxxiv) to make payments concurrentlythe 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 C M Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G, Class H, Class J, Class K and correspondingly to the Class PST L Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C M Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxxvii) to make payments to the Holders of the Class D M Certificates, in an amount up to all 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 with respect 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized Losses previously allocated to them; and 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.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, 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 the immediately preceding Master Servicer Remittance Date pursuant to Section 8.30(b), ) in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Regular Interest, Class A-3A-3 Certificates, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, 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 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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders holders of the Class A-2 CertificatesRegular Interest, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until the Aggregate aggregate Certificate Balance of the Class A-2 Certificates Regular Interest has been reduced to zero, fourth; and third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 CertificatesRegular 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 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 Class A-2 Certificates) the Class A-2 Regular Interest, fifthand 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 Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders of the Class A-4 B 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 B Certificates, to the Holders of the Class A-SB C 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 C Certificates has been reduced to zero;
(iiiix) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 C Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivx) to make payments concurrentlythe 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 A-S D 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xii) to the Holders of the Class PST D Certificates, in reduction 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 Aggregate Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xiv) upon payment in full of the Certificate Balance thereofof the Class D Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of E Certificates, 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 E Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixv) to make payments concurrentlythe 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 A-S F Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xviii) to the Holders of the Class PST F Certificates, in reduction 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 Aggregate Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xx) upon payment in full of the Certificate Balance thereofof the Class F Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of G Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B G Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxi) to make payments concurrentlythe 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 B H Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class H Certificates has been reduced to zero;
(xxiv) to the Holders of the Class PST H Certificates, in reduction 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 Aggregate Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvi) upon payment in full of the Certificate Balance thereofof the Class H Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of J Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C J Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxvii) to make payments concurrentlythe 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 C K Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated K Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxx) to the Holders of the Class PST K Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus interest on that amount such Realized Losses at one-twelfth 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 InterestRate;
(xiiixxxi) to make payments to the Holders of the Class D L Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 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 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 X-0, X-0X, X-0X xxx X-0 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2001-Top4)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C Certificates and the Class PST Component C Principal Amount have has 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 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 Class of Certificates for such Distribution Date;Realized Losses; (
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Ii Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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, 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, Class A-SB, Class A-3 A-1 and Class A-4 A-2 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-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 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, thirdzero and second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fourthClass 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B 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 B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D 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 D Certificates has been reduced to zero;
(iiixii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivxiii) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, 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 F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixviii) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxiv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class PST J Certificates, in reduction 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 Aggregate Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance thereofof the Class J Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of K Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxx) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated L Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxiii) to the Holders of the Class PST L Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxiv) to make payments to the Holders of the Class D M Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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. This Section 6.5(b) shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the REMIC II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A-1 Certificates and, Xxxxx X-0second to the Holders of the Class A-2 Certificates in each case, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in 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 all Distributable Certificate Interest with an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect to of such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first;
(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 Class AG, H, J, K, L, M, N and O Certificates) then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date an aggregate amount (allocable among such Classes, if more than one, as described below) equal to the lesser of
(i) such 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-SB Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class A Certificates, the one with the earlier payment priority), over the relevant Discount Rate (as defined below), and the denominator of which is equal to the excess, if any, of the Mortgage Rate for the prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced aggregate amount described in the preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with the relative amounts of such distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Planned Holders of such Principal Balance for such Distribution Date, second, Certificates will be distributed to the Holders of the Class A-1 X 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 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, 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 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, 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Proceeds which shall be distributed in accordance with Section 6.5(b), and any the amount attributable to Excess Interest, 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 make payments the 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-0A-1 Certificates, Xxxxx X-0Class A-2 Certificates, Class A-3-1FL Regular Interest, Class A-3-1 Certificates, Class A-3-2 Certificates, Class A-SBAB 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 A-3, Class A-4, Class X-A, Class X-B X-2 Certificates and Class X-C Y Certificates, in an amount up to all the Distributable Certificate Interest with Amount in respect to of each such Classes of Certificates Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable to in respect of each such Class;
(ii) ; provided, however, that if the portion of Available Distribution Amount attributable to make payments 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 or Class X Certificates on such Distribution Date 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 the 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-0A-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;
(ii) (A) to the holders of the Class A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3-1, Class A-3-2, Class A-SB, Class A-3 AB and Class A-4 Certificates, in reduction of Certificates and the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: Class A-3-1FL Regular Interest,
(1) first, 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 for such Distribution Date, until the Aggregate aggregate Certificate Balance thereof 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, secondupon 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 (reduced by any prior distributions thereof hereunder)and, until after the Aggregate Certificate Balance thereof is 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate 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 aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 CertificatesA-3-1 Certificates and the Class A-3-1FL Regular Interest, pro rata, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until and, after the Aggregate Certificate Balance of the Class A-3 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 aggregate Certificate Balance Balances of the Class A-3 CertificatesA-3-1 Certificates and the Class A-3-1FL Regular Interest, to the Holders of the Class A-4 A-3-2 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until and, after the Aggregate Certificate Balance of the Class A-4 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 aggregate Certificate Balance of the Class A-4 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate aggregate Certificate Balance of the Class A-SB AB Certificates has been reduced to zero;
(iii) to make payments to ; the Holders portion of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 Loan Group 1 Principal Distribution Amount and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by 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, portion thereof distributed to the Holders of the Class A-S Certificates, AB Certificates (in respect of interestthe Planned Principal Balance), up 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 an amount equal 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-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution DateAB Certificates, and to the Holders of the Class PST A-4A 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 Loan Group 1 Principal Distribution Amount for such Distribution DateDate and, pro rata, in proportion to their respective percentage interests in after the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances Balance of the Class A-1A-1A Certificates has been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2, Class A-SB, Class A-3 A-4A Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Class A-4 Certificates, to make payments concurrently, Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-S 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 reduction full of the Aggregate aggregate Certificate Balance thereofof the Class A-4A Certificates, in an amount up to the Class A-S Percentage Interest Holders of the Class A-4B Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)and, and to after the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance 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 A-1A Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vi) , the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-4B Certificates has been reduced to make payments concurrently, 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 AB Certificates, in an amount up to the Class AA-1 Certificates, Class A-2 Certificates, Class A-3-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the 1 Certificates, Class AA-3-S REMIC III Regular Interest (and correspondingly 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 1FL Regular Interest, Class A-3-2 Certificates 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 A-4A Certificates and (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 solely 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 Loan Group 2 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Amount) Class PST A-1A 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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, 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, Class A-SB, Class A-3 A-1 and Class A-4 A-2 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-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 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, thirdzero and second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fourthClass 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B 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 B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D 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 D Certificates has been reduced to zero;
(iiixii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivxiii) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, 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 F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixviii) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxiv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class PST J Certificates, in reduction 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 Aggregate Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance thereofof the Class J Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of K Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxx) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated L Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxiii) to the Holders of the Class PST L Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxiv) to make payments to the Holders of the Class D M Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2003 Hq2)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 and 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust Series 2004-Top15)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Proceeds which shall be distributed in accordance with Section 6.5(b), and any the amount attributable to Excess Interest, 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 make payments the 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-0, Xxxxx X-0[A-1] Certificates, Class A-SB[A-2] Certificates, Class A-3-1FL Regular Interest, Class A-4[A-3-1] Certificates, Class X[A-3-A2] Certificates, Class X[A-B AB] Certificates and Class X-C [A-4] Certificates, in an amount up to all the Distributable Certificate Interest with 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 Classes 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 to in respect of each such Class;
(ii) ; provided, however, that if the portion of Available Distribution Amount attributable to make payments 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] or Class [X] Certificates on such Distribution Date 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 the 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-0, Xxxxx X-0[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;
(ii) (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-SB, Class A-3 AB] and Class A-4 Certificates, in reduction of [A-4] Certificates and the respective Aggregate Certificate Balances thereof, in an amount up to the remaining Principal Distribution Amount for such Distribution Date: Class A-3-1FL Regular Interest,
(1) first, 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 for such Distribution Date, until the Aggregate aggregate Certificate Balance thereof 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, secondupon payment to the Class [A-AB] Certificates of the above distribution, to the Holders of the Class A-1 [A-1] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)and, until after the Aggregate Certificate Balance thereof is 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 aggregate Certificate Balance of the Class A-1 [A-1] Certificates, to the Holders of the Class A-2 [A-2] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until and, after the Aggregate 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-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 aggregate Certificate Balance of the Class A-2 [A-2] Certificates, to the Holders of the Class A-3 Certificates[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 (reduced by any prior distributions thereof hereunder) until and, after the Aggregate Certificate Balance of the Class A-3 [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 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-3 [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-4 [A-AB] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until and, after the Aggregate Certificate Balance of the Class A-4 [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 sixthLoan 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, 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 aggregate Certificate Balance of the Class A-4 [A-AB] Certificates, to the Holders of the Class A-SB [A-4A] Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) until and, after the Aggregate Certificate Balance of the Class A-SB [A-1A] Certificates has been reduced to zero;
(iii) , the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class [A-4A] Certificates has been reduced to make payments 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-0, Xxxxx X-0[A-AB] Certificates, Class A-SB[A-1] Certificates, Class A-3 [A-2] Certificates, Class [A-3-1] Certificates, Class A-3-1FL Regular Interest and Class A-4 [A-3-2] Certificates and (solely with respect to the Loan Group 2 Principal Distribution Amount) Class [A-1A] 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 concurrently8) eighth, upon payment in full of the aggregate Certificate Balance of the Class [A-4A] Certificates, to the Holders of the Class A-S [A-4B] 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 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 prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST [A-AB] Certificates, in reduction of the Aggregate Certificate Balance thereofClass [A-1] Certificates, in an amount up to the Class A[A-2] Certificates, Class [A-3-S1] Certificates, Class A-3-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 1FL Regular Interest, until the Aggregate Certificate Balance of the Class A[A-3-S 2] Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
[A-4A] Certificates and (vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 solely 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 Loan Group 2 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Amount) Class PST [A-1A] 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc.)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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. This Section 6.5(b) shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the REMIC II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mort Sec Tru 2003-Top12)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.116.5, the Certificate Administrator shall withdraw from the Distribution Account an amount equal any Collateral Support Deficits with respect to the Available Principal Balance Certificates on such Distribution Amount and shall distribute such amount Date will be allocated to the respective Classes of Principal Balance Certificates (other than the amount attributable to any Excess Liquidation ProceedsExchangeable Certificates) and the respective EX XXXXX III Regular Interests (and correspondingly, 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 priorityapplicable Exchangeable Certificates) as follows:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, 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-0, Xxxxx X-0, 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 A-SB J 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 A-1 H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Class G Certificates, until the Aggregate Certificate Balance thereof is reduced to zeroClass F Certificates, thirdthe Class E Certificates and the Class D Certificates, upon payment in full that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class A-1 Certificates, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for Balance Certificates until 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, 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 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, 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 is reduced to zero;
(iiiii) to make payments second, to the Holders of Class C REMIC III Regular Interest (and correspondingly, the Class A-0, Xxxxx X-0, C Certificates and the Class A-SB, Class A-3 and Class A-4 PST Certificates, pro rata rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in proportion to their respective entitlements to reimbursement described in this clausethe Class C REMIC III Regular Interest);
(iii) third, to reimburse any unreimbursed Collateral Support Deficits previously allocated thereto the Class B REMIC III Regular Interest (and not previously fully reimbursedcorrespondingly, plus any unpaid interest at the applicable PassClass B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-Through Rate on such Collateral Support DeficitsPST Percentage Interest, respectively, in each case from the date allocatedClass B REMIC III Regular Interest);
(iv) to make payments concurrentlyfourth, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates)correspondingly, plus interest on that amount at the Pass-Through Rate for the Class A-S Certificates from and the date the related Collateral Support Deficit was allocated to Class PST Certificates, pro rata, based on the Class A-S REMIC III Regular Interest, Percentage 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 ratarespectively, in proportion to their respective percentage interests in the Class A-S REMIC III Regular Interest); and
(viiv) to make payments concurrentlyfifth, to the Holders of Class A-1 Certificates, the Class B A-2 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 SB Certificates, Class A-3 Certificates and the Class PST Component A-S Principal Amount, to make payments concurrently, to the Holders of the Class B A-4 Certificates, on a pro rata basis in accordance with, and in reduction of of, the respective Aggregate Certificate Balances of such Classes of Principal Balance thereof, in an amount up to the Class B Percentage Interest of the Principal Distribution Amount for Certificates until 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been Balances are reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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, 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, Class A-SB, Class A-3 A-1 and Class A-4 A-2 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-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 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, thirdzero and second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fourthClass 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B 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 B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D 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 D Certificates has been reduced to zero;
(iiixii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivxiii) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, 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 F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixviii) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxiv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class PST J Certificates, in reduction 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 Aggregate Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance thereofof the Class J Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of K Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxx) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated L Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxiii) to the Holders of the Class PST L Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxiv) to make payments to the Holders of the Class D M Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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. This Section 6.5(b) shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the REMIC II Regular Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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: (A) from the Principal Distribution Amount for Loan Group 1 for such Distribution Date, first to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C A-1A 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 second to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 A-1B 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, third to the Holders of the Class 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 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 A-1 Certificates, A-1C Certificates and fourth 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 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-1A Certificates, third to the Holders of the Class A-1B Certificates and fourth to the Holders of the Class 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 (reduced by any prior distributions thereof hereunder) until ii), is less than the Aggregate Certificate Balance of the Class 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 date, payments pursuant to subclauses (reduced by any prior distributions thereof hereunderA) until and (B) of this clause (ii) shall be made on a pro rata basis in accordance with the Aggregate Certificate Balance relative sizes of the Class A-3 Certificates has been reduced Principal Distribution Amounts for the two Loan Groups for such Distribution Date;
(iii) to zero, fifth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to reimburse the Holders of the respective Classes of Class A-4 CertificatesA 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 Principal Distribution Amount 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 (reduced by any prior distributions thereof hereunder) until after the Aggregate Certificate Balance aggregate of the Class A-4 Principal Balances of the Subordinate Certificates has been reduced to zero, and sixth, upon payment in full any event on the final Distribution Date in connection with a termination of the Aggregate Certificate Balance Trust, the payments of the Class A-4 Certificatesprincipal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A-SB A 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-0, Xxxxx X-0, 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, and pro rata as among such Classes in accordance with, the respective then outstanding Class Principal Balances of such Classes of Certificates, and without regard to the Class A-S Percentage Interest of the Distributable Certificate Interest Principal Distribution Amounts with respect to the Class A-S REMIC III Regular Interest two Loan Groups for such date. On each Distribution Date, and to following the Holders foregoing series of payments on the Senior Certificates, the Trustee shall apply the remaining portion, if any, 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), date for the following purposes and to the Holders of the Class PST Certificates, in reduction of the Aggregate Certificate Balance 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 following order of the Class A-S Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;priority:
(vii) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates), plus pay 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 all Distributable Certificate Interest with in respect to the of such Class B REMIC III Regular Interest of Certificates for such Distribution Date, and to ;
(ii) if the Holders Class Principal Balances of the Class PST Certificates, in respect of interest, up A Certificates have been reduced 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 Amountzero, to make payments concurrently, pay principal to the Holders of the Class B Certificates, in reduction of the Aggregate Certificate Balance thereof, in up to an amount up equal to the lesser of (A) the then outstanding Class B Percentage Interest Principal Balance of such Class of Certificates and (B) the remaining Aggregate 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zeroDate;
(ixiii) to make payments concurrently, to reimburse the Holders of the Class B CertificatesCertificates for Realized -95- Losses and Expense Losses, in if any, previously deemed allocated to such Class of Certificates (with interest), up to an amount up equal to the Loss Reimbursement Amount in respect of such Class 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 Certificates 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 B-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 Interestsuch Distribution Date;
(xiv) to make payments concurrently, pay interest to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Class C Percentage Interest of the all Distributable Certificate Interest with in respect to the of such Class C REMIC III Regular Interest of Certificates for such Distribution Date, and to ;
(v) if the Holders Class Principal Balances 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 A and Class B Certificates and the Class PST Component B Principal Amounthave been reduced to zero, to make payments concurrently, pay principal to the Holders of the Class C Certificates, in reduction of the Aggregate Certificate Balance thereof, in up to an amount up equal to the lesser of (A) the then outstanding Class C Percentage Interest Principal Balance of such Class of Certificates and (B) the remaining Aggregate 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 C-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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zeroDate;
(xiivi) to make payments concurrently, to reimburse the Holders of the Class C CertificatesCertificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), in up to an amount up equal to the Loss Reimbursement Amount in respect of such 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 Certificates 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 Interestsuch Distribution Date;
(xiiivii) to make payments pay interest to the Holders of the Class D Certificates, in up to an amount up equal to all Distributable Certificate Interest with in respect to 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
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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, 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, Class A-SB, Class A-3 A-1 and Class A-4 A-2 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-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 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, thirdzero and second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fourthClass 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B 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 B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D 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 D Certificates has been reduced to zero;
(iiixii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivxiii) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, 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 F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixviii) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxiv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class PST J Certificates, in reduction 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 Aggregate Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance thereofof the Class J Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of K Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxx) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated L Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxiii) to the Holders of the Class PST L Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxiv) to make payments to the Holders of the Class D M Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the REMIC Distribution Account an amount equal to Subaccount the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A-1A Certificates, Xxxxx X-0, second to the holders of the Class A-SB, A-1B Certificates and third to the holders of the Class A-3, Class A-4, Class X-A, Class X-B and Class X-C A-2 Certificates, in each case up to an amount up equal to all Distributable Certificate Interest 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 Distribution 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, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first;
(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 A-SB 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), until the Aggregate Certificate Balance thereof has been reduced up to an amount equal to the Planned Principal Balance Loss Reimbursement Amount in respect of such Class of Certificates for such Distribution Date, second, ;
(vii) to pay interest to the Holders of the Class A-1 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 Class E, Class F, Class G, Class J, Class K and Class L Certificates) then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date in respect of Loan Group 1 (reduced by any prior distributions thereof hereunderother than, if applicable, the Class A-2 Certificates), until an aggregate amount (allocable among such Classes, if more than one, as described below) equal to the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full amount of the Aggregate Certificate 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 A Certificates, the one with the earliest payment priority), over the relevant Discount Rate (as defined below), and the denominator of which is equal to the excess, if any, of the Mortgage Rate for the prepaid Group 1 Loan, over the relevant Discount Rate and (B) 0.25. If there is more than one Class of Principal Balance Certificates (other than the Class A-2 Certificates) entitled to distributions of principal from the Principal Distribution Amount for Loan Group 1 for such 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 not so distributed to the Holders of such Principal Balance Certificates will be distributed to the Holders of the Class A-1 IO Certificates. Notwithstanding the foregoing, in the event that the Class A-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 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 following Distribution Date (a) to the Holders of the Class A-2 Certificates, out of such Prepayment Premium, an amount equal to the Principal Distribution Amount for such 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-2 Certificates and (ii) the applicable Discount Rate plus 0.75%, in each case, from the Distribution Date (reduced by any prior distributions thereof hereunder) occurring in the month following such prepayment until the Aggregate 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 has been reduced to zero, fourth, upon payment in full of on each such Distribution Date based on the Aggregate Certificate Balance of the Class A-2 Certificates, foregoing assumptions; and (b) to the Holders of the Class A-3 IO Certificates, the Principal Distribution Amount for remainder of 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 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, 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;Prepayment Premium.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Interest which shall be distributed in accordance with Section 6.5(b6.4(c), 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-0, Xxxxx X-0A-1 Certificates, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B A-2 Certificates and Class X-C X 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-0, Xxxxx X-0, 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 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 A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Date, until the Aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 portion thereof hereunder) distributed to the Holders of the Class A-1 Certificates), until the Aggregate 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, fourthpro 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-3 B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A and Class B Certificates), until the Aggregate Certificate Balance of the Class A-4 C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, and sixthto 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-SB D Certificates has been reduced to zero;
(iiixiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxiv) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class A-S F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixix) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxv) to make payments concurrentlythe 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 B I Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance thereofof the Class I Certificates, in an amount up 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;
(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-PST Percentage 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 prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class J Certificates), until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxxiv) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G, Class H, Class I, Class J and correspondingly to the Class PST K Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C L Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxxvii) to make payments to the Holders of the Class D L Certificates, in an amount up to all 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 with respect to such Class of Certificates 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; (xli) to the Holders of the Class N Certificates, Distributable Certificate Interest for such Distribution Date;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A-1 Certificates and, Xxxxx X-0second to the Holders of the Class A-2 Certificates in each case, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in 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 all Distributable Certificate Interest with an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect to of such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first;
(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 Class AG, H, J, K, L, M, N and O Certificates) then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date an aggregate amount (allocable among such Classes, if more than one, as described below) equal to the lesser of (i) such 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-SB Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class A Certificates, the one with the earlier payment priority), over the relevant Discount Rate (as defined below), and the denominator of which is equal to the excess, if any, of the Mortgage Rate for the prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced aggregate amount described in the preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with the relative amounts of such distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Planned Holders of such Principal Balance for such Distribution Date, second, Certificates will be distributed to the Holders of the Class A-1 X 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 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, 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 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, 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Series 1999-Fnv1)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, 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-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SB, A-2 and 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: (A) first, to the Holders of Class A-1 and Class A-2 Certificates pro rata (with the Class A-SB Certificates, A-1 allocation based upon the Principal Distribution Amount for such Distribution Date, until sum of the Aggregate Certificate Balance thereof has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders 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 Principal Distribution Amount for such Distribution Date (reduced Class A-2 allocation based upon the Class A-2 Aggregate Certificate Balance divided by any prior distributions thereof hereunderthe outstanding Aggregate Certificate Balances of the Class A-1, Class A-2 and Class A-3 Certificates), until the Aggregate Certificate Balance thereof is reduced to zero, third, upon payment in full of the Aggregate Certificate Balance of the Class A-1 CertificatesCertificates is reduced to zero and (B) then, to the Holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder) and Class A-3 Certificates pro rata until the Aggregate Certificate Balance of the Class A-2 and Class A-3 Certificates has been is reduced to zero, fourth, ;
(iii) 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 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 portion thereof hereunder) distributed to the Holders of the Class A-3 Certificates), until the Aggregate 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-SB B Certificates has been reduced to zero;
(iiivii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate);
(ivviii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-S D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixiii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxix) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by a 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G and correspondingly to the Class PST H Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C J Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxviii) to make payments to the Holders of the Class D J Certificates, in an amount up to all 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 with respect for such Distributable Date;
(xxx) upon payment in full of the Certificate Balance of the Class J Certificates, to such the Holders of the Class of Certificates 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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 N Certificates (even if the Certificate Balance of the Class N Certificates has been reduced to zero for any reason).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2001-Top1)
REMIC III. (a) On each Distribution Date, following any allocations the Paying Agent on behalf of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Interest which shall be distributed in accordance with Section 6.5(b6.4(c), 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-0, Xxxxx X-0A-1 Certificates, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B A-2 Certificates and Class X-C X 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-0, Xxxxx X-0, 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 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 A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Date, until the Aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 portion thereof hereunder) distributed to the Holders of the Class A-1 Certificates), until the Aggregate 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, fourthpro 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-3 B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A and Class B Certificates), until the Aggregate Certificate Balance of the Class A-4 C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, and sixthto 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-SB D Certificates has been reduced to zero;
(iiixiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxiv) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class A-S F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixix) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 a any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST CertificatesA, in reduction of the Aggregate Certificate Balance thereofClass B, in an amount up to the Class C-PST Percentage Interest of the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder, Class D, Class E, Class F, Class G and Class H Certificates), pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C J Certificates and the Class PST Component C Principal Amount have has 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 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Proceeds which shall be distributed in accordance with Section 6.5(b), ) and any the amount attributable to Excess Interest, Interest which shall be distributed in accordance with Section 6.5(c) on the immediately preceding Master Servicer Remittance Date pursuant to Section 8.31(b)), ) in the following amounts and order of priority:
(i) to make payments the Holders of the Class A-1 Certificates, 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) to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates and Class A-4 Certificates, the Distributable Certificate Interest Amount in respect of such Class A-4for 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 X-AA-1A Certificates, the Distributable Certificate Interest Amount in respect of such Class X-B 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-C Y Certificates, in an amount up to all the Distributable Certificate Interest with Amount in respect to of each such Classes of Certificates Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable to 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) to make payments (A) to the Holders holders of the Class A-0, Xxxxx X-0A-1, Class A-SBA-1A, 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: ,
(1) first, to the Holders of the Class 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 A-1 Certificates, the Loan Group 1 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)and, until after the Aggregate Certificate Balance thereof is of the Class A-1A Certificates has been reduced to zero, thirdthe 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate 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, fifthClass 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate aggregate Certificate Balance of the Class A-4 Certificates has been reduced to zero, and sixth, upon payment in full ; the portion of the Aggregate Certificate Balance of the Class A-4 Certificates, 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 A-1 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-0, Xxxxx X-0, Class A-SBA-2 Certificates, Class A-3 Certificates 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 solely 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 Loan Group 2 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Amount) Class PST A-1A Certificates, in reduction of the Aggregate Certificate Balance 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 and 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A-1 Certificates and, Xxxxx X-0second to the Holders of the Class A-2 Certificates in each case, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in 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 all Distributable Certificate Interest with an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect to of such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first, to the Holders of the Class 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 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 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, 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 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, 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 reimburse the Holders of the Class A-0B Certificates for Realized Losses and Expense Losses, Xxxxx X-0if any, previously deemed allocated to such 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;
of Certificates (iv) to make payments concurrently, to the Holders of the Class A-S Certificates, in respect of with interest), up to an amount equal to the Loss Reimbursement Amount in respect of such Class A-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest Certificates 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 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 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;
(viiv) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly to the Class A-S Certificates), plus pay 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 C Percentage Interest of the all Distributable Certificate Interest with in respect to the of such Class C REMIC III Regular Interest of Certificates for such Distribution Date, and to ;
(v) if the Holders Class Principal Balances 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 A and Class B Certificates and the Class PST Component B Principal Amounthave been reduced to zero, to make payments concurrently, pay principal to the Holders of the Class C Certificates, in reduction of the Aggregate Certificate Balance thereof, in up to an amount up equal to the lesser of (A) the then-outstanding Class C Percentage Interest Principal Balance of such Class of Certificates and (B) the remaining 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 C-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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C Certificates and the Class PST Component C Principal Amount have been reduced to zeroDate;
(xiivi) to make payments concurrently, to reimburse the Holders of the Class C CertificatesCertificates for any Realized Losses and Expenses Losses previously deemed allocated to such Class of Certificates (with interest), in up to an amount up equal to the Loss Reimbursement Amount in respect of such 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 Certificates 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 Interestsuch Distribution Date;
(xiiivii) to make payments pay interest to the Holders of the Class D Certificates, in up to an amount up equal to all Distributable Certificate Interest with in respect to 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 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 6.3.
(i) SECTION 6.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Heller Financial Commercial Mort Asset Corp Series 1999 Ph 2)
REMIC III. (a) On each Distribution Date, following any allocations the Trustee (or the Paying Agent on behalf of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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 holders of the Class A-0, Xxxxx X-0A-1, Class A-SBA-2, Class A-3, Class A-4, Class X-A, Class X-B X-1 and Class X-C X-2 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 holders of the Class A-0, Xxxxx X-0, 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 A-SB A-1 Certificates, the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof of the Class A-1 Certificates has been reduced to the Planned Principal Balance for such Distribution Date, second, to the Holders of the Class A-1 Certificates, the Principal Distribution Amount for such Distribution Date zero;
(reduced by any prior distributions thereof hereunder), until the Aggregate Certificate Balance thereof is reduced to zero, third, iii) upon payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the Holders holders of the Class A-2 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the holders of the Class A-1 Certificates), until the Aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iv) to the holders of the Class A Certificates, fourthClass X-1 and Class X-2 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 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) until the Aggregate Certificate Balance of the Class A-3 Certificates has been reduced distributed to zero, 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 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;the
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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. This Section 6.5(b) shall apply mutatis mutandis to reimbursement of Realized Losses previously allocated to the REMIC II Regular Interests.
(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 P Certificates (even if the Certificate Balance of the Class P Certificates has been reduced to zero for any reason).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Sec Inc Trust 2004 Top14)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: 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 any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds) in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0A-1 Certificates, Xxxxx X-0Class A-2 Certificates, Class A-3 Certificates, Class A-SBAB Certificates, Class A-3A-4 Certificates, Class A-4X-1 Certificates, Class X-A, Class X-B and Class X-C X-2 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 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-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-SB, Class A-3 AB Certificates 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: Date (after the distributions described in clause (ii) above): first, to the Holders of the Class 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 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, thirdsecond, upon payment in full of the Aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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, fourththird, upon payment in full of the Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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, fifthfourth, upon payment in full of the Aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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;
(iv) to the Holders of the Class A Senior Certificates, the Class X-1 Certificates and sixththe 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB M 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 M Certificates has been reduced to zero;
(iiivii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 M Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivviii) to make payments concurrentlythe 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-S J 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 Principal Distribution Amount for such Distribution Date, and Date (reduced by any portion of the Principal Distribution Amount distributed to the Holders of the Class PST A Senior and Class A-M Certificates), in respect until the Certificate Balance of interest, up to an amount equal to the Class A-S-PST Percentage Interest of the Distributable Certificate Interest with respect J Certificates has been reduced 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 Interestzero;
(vx) 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 J Certificates, in reduction 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 Aggregate Class B Certificates, Distributable Certificate Interest for such Distribution Date;
(xii) upon payment in full of the Certificate Balance thereof, in an amount up to of the Class A-S Percentage Interest 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), and until the Certificate Balance of the Class B Certificates has been reduced to zero;
(xiii) to the Holders of the Class PST B Certificates, in reduction 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 Aggregate Class C Certificates, Distributable Certificate Interest for such Distribution Date;
(xv) upon payment in full of the Certificate Balance thereofof the Class B Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of C Certificates, 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 C Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixvi) to make payments concurrentlythe 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;
(xvii) to the Holders of the Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance of the Class C Certificates, to the Holders of the Class A-S D Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class D Certificates has been reduced to zero;
(xix) to the Holders of the Class PST D Certificates, in reduction 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 Aggregate Class E Certificates, Distributable Certificate Interest for such Distribution Date;
(xxi) upon payment in full of the Certificate Balance thereofof the Class D Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of E Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B E Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxii) to make payments concurrentlythe 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 B F Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class F Certificates has been reduced to zero;
(xxv) to the Holders of the Class PST F Certificates, in reduction 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 Aggregate Class G Certificates, Distributable Certificate Interest for such Distribution Date;
(xxvii) upon payment in full of the Certificate Balance thereofof the Class F Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of G Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C G Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxviii) to make payments concurrentlythe 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 C H Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated H Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxi) to the Holders of the Class PST H Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxii) to make payments to the Holders of the Class D J Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Top24)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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)), ) and Excess Liquidation Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifthzero and fourth, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-3 Certificates, to the Holders 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 C J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2003-Top 11)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, 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 make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3A-3 Certificates, Class A-4A-4 Certificates, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0A-1, Class A-SBA-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-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 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; second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero, fourth; third, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-2 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 aggregate Certificate Balance of the Class A-3 Certificates has been reduced to zero, fifth; and fourth, upon payment in full of the Aggregate 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 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 sixthClass 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 Aggregate Certificate Balance of the Class A-4 Certificates, to the Holders of the Class A-SB B 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 B Certificates has been reduced to zero;
(iiivi) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid interest on such Realized Losses at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate);
(ivvii) to make payments concurrentlythe 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 A-S C 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class C Certificates has been reduced to zero;
(ix) to the Holders of the Class PST C Certificates, in reduction 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 Aggregate Class D Certificates, Distributable Certificate Interest for such Distribution Date;
(xi) upon payment in full of the Certificate Balance thereofof the Class C Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of D Certificates, 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 D Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixii) to make payments concurrentlythe 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 A-S E Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of F Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B F Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxviii) to make payments concurrentlythe 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 B G Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of H Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C H Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxiv) to make payments concurrentlythe 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 J Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated J Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxvii) to the Holders of the Class PST J Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus interest on that amount such Realized Losses at one-twelfth 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 InterestRate;
(xiiixxviii) to make payments to the Holders of the Class D K 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 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 X-0, X-0X, X-0X, X-0, 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Series 2001-Top)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 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-0, Xxxxx X-0A-1 Certificates, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B A-2 Certificates and Class X-C X 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-0, Xxxxx X-0, 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 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 A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Date, until the Aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 portion thereof hereunder) distributed to the Holders of the Class A-1 Certificates), until the Aggregate 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 , fourthpro 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-3 B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A and Class B Certificates), until the Aggregate Certificate Balance of the Class A-4 C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, and sixthto 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-SB D Certificates has been reduced to zero;
(iiixiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses compounded monthly at one-twelfth the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxiv) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class A-S F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixix) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class B Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by a 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 portion thereof distributed to the Holders of the Class PST 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, in an amount up to the Class B-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class B REMIC III Regular Interest (and correspondingly to the Class PST Certificates)thereto, plus interest on that amount such Realized Losses compounded monthly at one-twelfth 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 InterestRate;
(xxxix) to make payments concurrentlythe 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 C K Certificates, in respect of interest, up to an amount equal to the Class 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and 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 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, in reduction 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 Aggregate Class L Certificates, Distributable Certificate Interest for such Distributable Date;
(xxxiii) upon payment in full of the Certificate Balance thereofof the Class K Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of L Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates), until the Aggregate Certificate Balance of the Class C L Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxxiv) to make payments concurrentlythe 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 C M Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G, Class H, Class J, Class K and correspondingly to the Class PST L Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C M Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxxvii) to make payments to the Holders of the Class D M Certificates, in an amount up to all 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 with respect for such Distributable Date;
(xxxix) upon payment in full of the Certificate Balance of the Class M Certificates, to such the Holders of the Class of Certificates 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to 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.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Proceeds which shall be distributed in accordance with Section 6.5(b), ) and any the amount attributable to Excess Interest, Interest which shall be distributed in accordance with Section 6.5(c)), ) in the following amounts and order of priority:
(i) to make payments 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, 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-0A-1 Certificates, Xxxxx X-0Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-SBAB 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 A-3, Class A-4, Class X-A, Class X-B X-2 Certificates and Class X-C Y Certificates, in an amount up to all the Distributable Certificate Interest with Amount in respect to of each such Classes of Certificates Class for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest Amount payable to 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 or Class X Certificates on such Distribution Date 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 the respective amounts of interest payable thereon for such Distribution Date, without regard to Loan Group;
(ii) to make payments to the Holders of the Class A-0, Xxxxx X-0, 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: )
(1) first, 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 have been reduced to zero, the Loan Group 2 Principal Distribution Amount for such Distribution Date, until the Aggregate aggregate Certificate Balance thereof 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, secondupon 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 (reduced by any prior distributions thereof hereunder)and, until after the Aggregate Certificate Balance thereof is 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate 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 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 by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate 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 aggregate Certificate Balance of the Class A-4 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 have been reduced by any prior distributions thereof hereunder) to zero, the Loan Group 2 Principal Distribution Amount, until the Aggregate aggregate Certificate Balance of the Class A-SB AB Certificates has been reduced to zero;
(iii) to make payments to ; the Holders portion of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 Loan Group 1 Principal Distribution Amount and Class A-4 Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by 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, portion thereof distributed to the Holders of the Class A-S Certificates, AB Certificates (in respect of interestthe Planned Principal Balance), up Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates and (solely with respect to an amount equal 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-S Percentage Interest of the Distributable Certificate Interest with respect to the Class A-S REMIC III Regular Interest for such Distribution DateAB, and to the Holders of the Class PST A-5 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 Loan Group 1 Principal Distribution Amount for such Distribution DateDate and, pro rata, in proportion to their respective percentage interests in after the Class A-S REMIC III Regular Interest;
(v) upon payment in full of the Aggregate Certificate Balances Balance of the Class A-1A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount, until the aggregate Certificate Balance of the Class A-2, Class A-SB, Class A-3 A-5 Certificates has been reduced to zero; the portion of the Loan Group 1 Principal Distribution Amount and Class A-4 Certificates, to make payments concurrently, Loan Group 2 Principal Distribution Amount distributed hereunder will be reduced by any portion thereof distributed to the Holders of the Class A-S AB Certificates, in reduction of the Aggregate Certificate Balance thereof, in an amount up to the Class A-S 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 A-1 Certificates, in reduction of the Aggregate Certificate Balance thereofClass A-2 Certificates, 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)A-3 Certificates, 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 A-4 Certificates and the Class PST Component A-S Principal Amount have been reduced to zero;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 solely 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 Loan Group 2 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and to the Holders of the Amount) Class PST A-1A 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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;; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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 Liquidation Proceeds, Interest which shall be distributed in accordance with Section 6.5(b6.4(c), 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-0, Xxxxx X-0A-1 Certificates, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B A-2 Certificates and Class X-C X 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-0, Xxxxx X-0, 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 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 A-1 Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder)Date, until the Aggregate Certificate Balance thereof is of the Class A-1 Certificates has been reduced to zero, third, ;
(iii) 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 portion thereof hereunder) distributed to the Holders of the Class A-1 Certificates), until the Aggregate 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, fourthpro 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A Certificates), until the Aggregate Certificate Balance of the Class A-3 B Certificates has been reduced to zero;
(vii) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A and Class B Certificates), until the Aggregate Certificate Balance of the Class A-4 C Certificates has been reduced to zero;
(x) to the Holders of the Class C Certificates, and sixthto 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder) distributed to the Holders of the Class A, Class B and Class C Certificates), until the Aggregate Certificate Balance of the Class A-SB D Certificates has been reduced to zero;
(iiixiii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursedthereto, plus any unpaid interest on such Realized Losses at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRate;
(ivxiv) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xviii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class A-S REMIC III Regular Interest, Class B, Class C, Class D and Class E Certificates), until the Aggregate Certificate Balance of the Class A-S F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixix) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiv) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class B REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F and Class G Certificates), until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxv) to make payments concurrentlythe 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 B I Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 portion thereof hereunder), and distributed to the Holders of the Class PST 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, in reduction 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 Aggregate Class J Certificates, Distributable Certificate Interest for such Distribution Date;
(xxx) upon payment in full of the Certificate Balance thereofof the Class I Certificates, in an amount up 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-PST Percentage 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 prior distributions portion thereof hereunder), pro rata, in proportion distributed to their respective percentage interests in the Holders of the Class C REMIC III Regular InterestA, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class J Certificates), until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxxiv) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Class C Percentage Interest of Principal Distribution Amount for such Distribution Date (reduced by 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 portion thereof distributed to the Holders of the Class PST CertificatesA, in an amount up to the Class B, Class C-PST Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the , Class C REMIC III Regular Interest (D, Class E, Class F, Class G, Class H, Class I, Class J and correspondingly to the Class PST K Certificates), plus interest on that amount at until the Pass-Through Rate for Certificate Balance of the Class C L Certificates from the date the related Collateral Support Deficit was allocated has been reduced to the Class C REMIC III Regular Interest, pro rata, in proportion to their respective percentage interests in the Class C REMIC III Regular Interestzero;
(xiiixxxvii) to make payments to the Holders of the Class D L Certificates, in an amount up to all 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 with respect to such Class of Certificates 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to 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 M Certificates (even if the Certificate Balance of the Class M Certificates has been reduced to zero for any reason).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
REMIC III. 133-
(a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator 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, 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)), Proceeds in the following amounts and order of priority:
(i) to make payments to the Holders of the Class A-0, Xxxxx X-0A-1 Certificates, Class A-SBA-2 Certificates, Class A-3, Class A-4, Class X-A, Class X-B X-1 Certificates and Class X-C X-2 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-0, Xxxxx X-0, Class A-SB, Class A-3 A-1 and Class A-4 A-2 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-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 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, thirdzero and second, upon payment in full of the Aggregate aggregate Certificate Balance of the Class A-1 Certificates, to the Holders 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 aggregate Certificate Balance of the Class A-2 Certificates has been reduced to zero;
(iii) to the Holders of the Class A Certificates, fourthClass 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 Aggregate Certificate Balance of the Class A-2 Certificates, to the Holders of the Class A-3 B 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 B Certificates has been reduced to zero;
(vi) to the Holders of the Class B Certificates, fifthto 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 Aggregate Certificate Balance of the Class A-3 B Certificates, to the Holders of the Class A-4 C 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 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 sixthnot 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 Aggregate Certificate Balance of the Class A-4 C Certificates, to the Holders of the Class A-SB D 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 D Certificates has been reduced to zero;
(iiixii) to make payments to the Holders of the Class A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 D Certificates, pro rata in proportion to their respective entitlements to reimbursement described in this clause, to reimburse any unreimbursed Collateral Support Deficits Realized Losses previously allocated thereto and not previously fully reimbursed, plus any unpaid one month's interest at the applicable Pass-Through Rate on such Collateral Support Deficits, in each case from the date allocatedRealized Losses;
(ivxiii) to make payments concurrentlythe 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 A-S E 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 Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), and until the Certificate Balance of the Class E Certificates has been reduced to zero;
(xv) to the Holders of the Class PST E Certificates, in reduction 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 Aggregate Class F Certificates, Distributable Certificate Interest for such Distribution Date;
(xvii) upon payment in full of the Certificate Balance thereofof the Class E Certificates, in an amount up to the Holders of the Class A-S-PST Percentage Interest of F Certificates, 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 F Certificates and the Class PST Component A-S Principal Amount have has been reduced to zero;
(vixviii) to make payments concurrentlythe 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 A-S G Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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 until the Certificate Balance of the Class G Certificates has been reduced to zero;
(xxi) to the Holders of the Class PST G Certificates, in reduction 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 Aggregate Class H Certificates, Distributable Certificate Interest for such Distribution Date;
(xxiii) upon payment in full of the Certificate Balance thereofof the Class G Certificates, in an amount up to the Holders of the Class B-PST Percentage Interest of H Certificates, 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 B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B H Certificates and the Class PST Component B Principal Amount have has been reduced to zero;
(ixxxiv) to make payments concurrentlythe 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 B J Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 until the Certificate Balance of the Class J Certificates has been reduced to zero;
(xxvii) to the Holders of the Class PST J Certificates, in reduction 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 Aggregate Class K Certificates, Distributable Certificate Interest for such Distribution Date;
(xxix) upon payment in full of the Certificate Balance thereofof the Class J Certificates, in an amount up to the Holders of the Class C-PST Percentage Interest of K Certificates, 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 C REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class C K Certificates and the Class PST Component C Principal Amount have has been reduced to zero;
(xiixxx) to make payments concurrentlythe 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 C L Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date (reduced by any prior distributions thereof hereunder), until the Certificate Balance of the Class C Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated L Certificates has been reduced to the Class C REMIC III Regular Interest zero;
(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 xxxiii) to the Holders of the Class PST L Certificates, in an amount up to the Class C-PST Percentage Interest of reimburse any unreimbursed Collateral Support Deficit Realized Losses previously allocated to the Class C REMIC III Regular Interest (thereto and correspondingly to the Class PST Certificates)not previously fully reimbursed, plus one month's interest on that amount at the applicable 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 Intereston such Realized Losses;
(xiiixxxiv) to make payments to the Holders of the Class D M Certificates, in an amount up to all Distributable Certificate Interest with respect to such Class of Certificates 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 X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X, X-0X 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 such amounts in the following priority:
(i) first, to reimburse the Holders of the Principal Balance Certificates (in order of alphabetical Class designation) for any, and to the extent of, Realized 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
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)
REMIC III. (a) On each Distribution Date, following any allocations the deemed payments to REMIC III in respect of Trust Advisor Expenses the REMIC II Regular Interests on such Distribution Date date pursuant to Section 6.116.3, the Certificate Administrator Trustee shall withdraw from the Distribution Account an amount equal to the Available REMIC III Distribution Amount for such Distribution Date and shall distribute apply such amount (other than for the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), following purposes 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 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-0A1 Certificates and, Xxxxx X-0second to the Holders of the Class A2 Certificates in each case, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-C Certificates, in 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 all Distributable Certificate Interest with an amount equal to, and pro rata as among such Classes in accordance with, the respective Loss Reimbursement Amounts in respect to of such Classes of Certificates for such Distribution Date, pro rata in proportion to the Distributable Certificate Interest payable to each such Class;; and
(iiiv) 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 A-0, Xxxxx X-0, Class A-SB, Class A-3 and Class A-4 B Certificates, up to an amount equal to all Distributable Certificate Interest in reduction respect of such Class of Certificates for such Distribution Date;
(ii) if the Class Principal Balances of the respective Aggregate Certificate Balances thereofClass A Certificates have been reduced to zero, in to pay principal to the Holders of the Class B Certificates, up to an amount up 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: first;
(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 Class AF, G, H, J, K and L Certificates) then entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date an aggregate amount (allocable among such Classes, if more than one, as described below) equal to the lesser of (i) such 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-SB Through Rate applicable to the most senior of such Classes of Certificates then outstanding (or, in the case of the Class A Certificates, the one with the earlier payment priority), over the relevant Discount Rate (as defined below), and the denominator of which is equal to the excess, if any, of the Mortgage Rate for the prepaid Mortgage Loan, over the relevant Discount Rate. If there is more than one Class of Principal Balance Certificates entitled to distributions of principal from the Principal Distribution Amount for such Distribution Date, until the Aggregate Certificate Balance thereof has been reduced aggregate amount described in the preceding sentence shall be allocated among such Classes on a pro rata basis in accordance with the relative amounts of such distributions of principal. Any portion of such Prepayment Premium that is not so distributed to the Planned Holders of such Principal Balance for such Distribution Date, second, Certificates will be distributed to the Holders of the Class A-1 X 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 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, 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 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, 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-0, Xxxxx X-0, 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 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 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;
(vi) to make payments concurrently, to the Holders of the Class A-S Certificates, in an amount up to the Class A-S Percentage Interest of any unreimbursed Collateral Support Deficit previously allocated to the Class A-S REMIC III Regular Interest (and correspondingly 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, in proportion to their respective percentage interests in the Class B REMIC III Regular Interest, until the Aggregate Certificate Balance of the Class B Certificates and the Class PST Component B Principal Amount have been reduced to zero;
(ix) to make payments concurrently, to the Holders of the Class B Certificates, in an amount up to the Class 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 B-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 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 PST Component B Principal Amount, to make payments concurrently, to the Holders of the Class C Certificates, in reduction 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 the Aggregate Certificate Balance thereof, in an amount up to the Class C-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 C REMIC III Regular Interest, until the Aggregate Certificate 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 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
