Distributions; Xxxxxx Xxx Guaranty. On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Trust Account the Class Distribution Amount for each Class and shall cause the Paying Agent to make the appropriate distributions to the Holders of each related Class. All distributions of such Class Distribution Amount which are made with respect to a particular Class shall be made pro rata among all Certificates of such Class in proportion to their respective Certificate Balances, with no preference or priority of any kind. In the event that the amount on deposit in the Trust Account on any Distribution Date allocable to any Class shall be less than the related Class Distribution Amount, Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency so that the full related Class Distribution Amount is distributed on such Distribution Date. In addition, in the event that (i) a Class Distribution Amount shall be insufficient to pay all interest due and payable on the related Class on such Distribution Date or
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, Xxxxxx Mae shall withdraw from the Trust Account the Class Distribution Amount for each Class and shall cause the Paying Agent to make the appropriate distribution in immediately available funds to the Depository pursuant to Section 3.01. In the event that the amount on deposit in the Trust Account on any Distribution Date allocable to any Class shall be less than the related Class Distribution Amount, Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency so that the full related Class Distribution Amount is distributed on such Distribution Date. In addition, in the event that (i) a Class Distribution Amount shall be insufficient to pay all interest due and payable on the related Class on such Distribution Date or
Distributions; Xxxxxx Xxx Guaranty. On or before each Determination Date, Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the following Distribution Date. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the Lower Tier Distribution Amount and shall make the distributions to the Holders of the Lower Tier Regular Interests in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable Lower Tier Distribution Amount, Xxxxxx Mae shall provide from its own funds the amount of any insufficiency so that the full Lower Tier Distribution Amount is distributed on such Distribution Date. In addition, in the event that (i) the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the Lower Tier Regular Interests on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the Lower Tier Distribution Amount will not be sufficient to reduce the Principal Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, the Trustee shall distribute or cause to be distributed to each Certificateholder of record on the preceding Record Date in Federal funds such Certificateholder’s Percentage Interest in the Certificate Distribution Amount for the related Class of Certificates. Xxxxxx Mae guarantees, subject to the limitations described below, to the Holders of each Class of Certificates that (i) interest will be distributed on each Distribution Date in an amount equal to the Interest Distribution Amount for that Class, (ii) principal will be distributed on each Distribution Date in an amount equal to the Principal Distribution Amount for that Class and (iii) any required Guaranty Payments allocated to principal of that Class will be distributed on such date. However, in the event that (i) the interest rate of a mortgage loan subject to the Underlying Pooling Agreement is reduced pursuant to a modification agreement and such reduction results in a reduced amount of interest payable on the related Underlying Securities or
Distributions; Xxxxxx Xxx Guaranty. On or about the [thirteenth] calendar day of each month beginning in the month of the initial Distribution Date, Xxxxxx Mae shall calculate the Cash Flow Distribution Amount for the following Distribution Date which shall be equal to the sum of (i) the amount of principal distributions scheduled to be received on the GNMA Securities in the month of such Distribution Date (such amount being equal to the sum of
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, the Trustee shall distribute or cause to be distributed to each Certificateholder of record on the preceding Record Date in Federal funds such Certificateholder’s Percentage Interest in the Class Distribution Amount for the related Class of Certificates, such Class Distribution Amount being equal to:
Distributions; Xxxxxx Xxx Guaranty. On or about the thirteenth calendar day of each month beginning in the month of the initial Distribution Date, Xxxxxx Mae shall calculate the Cash Flow Distribution Amount for the following Distribution Date which shall be equal to the sum of (i) the amount of principal distributions scheduled to be received on the Xxxxxx Xxx Securities in the month of such Distribution Date (such amount being equal to the sum of (x) the aggregate of the amounts allocable to principal reported by Xxxxxx Mae in the latest principal factors prior to the seventh Business Day of such month to be receivable in respect of the Xxxxxx Xxx Securities in such month and (y) in the case of any Xxxxxx Mae Security for which no principal factor shall have been so published, an assumed amortization amount calculated by Xxxxxx Xxx on the basis of available information in respect of the mortgage loans underlying such Xxxxxx Mae Security), (ii) the amount of principal, if any, distributed on the Xxxxxx Xxx Securities in respect of the distribution date therefor in the preceding month that was not included in the Cash Flow Distribution Amount in such preceding month, (iii) the amount of any principal distribution received on the Xxxxxx Mae Securities prior to such Distribution Date other than as specified in clause (x) above that Xxxxxx Xxx, in its sole discretion, elects to include in the amount to be distributed as principal in respect of the Lower Tier Regular Classes on such Distribution Date and (iv) on the Final Distribution Date for a Class of Lower Tier Regular Classes, an amount equal to the amount, if any, by which the Class Balance of such Class, after giving effect to the distribution of the amounts described in clauses (i) - (iii) above, is greater than zero. On each Distribution Date, Xxxxxx Mae shall withdraw from the Certificate Account the Lower Tier Distribution Amount so determined by it and shall make the distributions to the Holders of the Lower Tier Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable Lower Tier Distribution Amount, Xxxxxx Xxx shall provide from its own funds the amount of any insufficiency so that the full Lower Tier Distribution Amount is distributed on such Distribution Date. In addition, in the event that (i) the Lower Tier Distribution Amount shall be insufficient to pay all int...
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, the Trustee shall distribute or cause to be distributed to each Certificateholder of record on the preceding Record Date in Federal funds such Certificateholder’s Percentage Interest in the applicable Certificate Distribution Amount. Xxxxxx Mae guarantees to the Holders of Certificates that (i) interest will be distributed on each Distribution Date in an amount equal to the Net Interest Distribution Amount, (ii) principal will be distributed on each Distribution Date in an amount equal to the Principal Distribution Amount and (iii) the Outstanding Certificate Principal Amount as of the Final Distribution Date will be distributed on that date; provided that the aggregate of such principal distributions over the life of the Certificates, together with any amount distributed as principal in connection with any termination of the Trust Fund pursuant to Section 8.01 hereof, shall in no event exceed the Original Certificate Principal Amount.. The Xxxxxx Xxx guaranty will not cover reductions in the principal balances of the Certificates due to Excess Losses allocated to the principal only Underlying Securities. Furthermore, reductions in interest payments on the Certificates due to prepayment interest shortfalls on the mortgage loans backing the interest only Underlying Securities will be covered by the Xxxxxx Mae guaranty only to the extent of the compensating interest amounts required to be paid by the related servicers pursuant to the Underlying Trust Agreements.
Distributions; Xxxxxx Xxx Guaranty. On each Distribution Date, the Trustee shall distribute or cause to be distributed to each Certificateholder of record on the preceding Record Date in Federal funds such Certificateholder’s Percentage Interest in the Certificate Distribution Amount for the related Class of Certificates. Xxxxxx Mae guarantees to the Holders of each Class of Certificates that (i) interest will be distributed on each Distribution Date in an amount equal to the Interest Distribution Amount for that Class, (ii) principal will be distributed on each Distribution Date in an amount equal to the Principal Distribution Amount for that Class and (iii) any required Guaranty Payments allocated to principal of that Class will be distributed on such date.
