Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently. (b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority: (i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date; (iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date; (vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above. (c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority: (i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date; (vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above. (d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority: (i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date; (vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above. (e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority: (i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon; (iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; (v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date; (vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above. (f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows: (i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently: (A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority: (1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero; (2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2004-10), Trust Agreement (Structured Asset Investment Loan Trust 2004-10)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (g) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Distribution Date), to be paid concurrently and in proportion to the Interest Remittance Amount available with respect to Pool 2 for such Distribution Date;
(iii) concurrently, on a pro ratarata basis, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among between such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;; and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable application pursuant to Section 4.04(b)(i5.02(d) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Sectionbelow, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date);
(iii) concurrently, on a pro ratarata basis, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;; and
(iiiv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro ratarata basis, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(isubsections 5.02(b)(iii) and 5.02(c)(iii) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A1 and Class A2 A6 Certificates, sequentiallypro rata, in that orderproportion to their outstanding Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;; and
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions for application pursuant to subsections 5.02 (f)(i)(B)(1)subsection 5.02(e)(ii) below, 5.02(f)(i)(C)(1) and 5.02any such Principal Distribution Amount for Pool 1 remaining undistributed for such Distribution Date.
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) to the Class A1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) pro rata, (a) concurrently to each Class of Group 1 2, Group 3 and Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (in each case taking into account distributions pursuant to subsections 5.02(c)(ii), 5.02(d)(ii) and 5.02(e)(ii) below, as applicable) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereonthereon and (b) to the Certificate Insurer, any Class A8 Insurance Premium remaining unpaid on such Distribution Date pursuant to subsection 5.02(e)(ii) below;
(iiiiv) for any Distribution Date on which the Swap Agreement is no longer in effect, to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policies, together with interest thereon at the Default Rate;
(v) pro rata, (a) to each Class of the Subordinate Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date and Carryforward Interest for each such (b) to the Certificate Insurer, the Class and such Distribution DateA9 Insurance Premium;
(ivvi) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 M6, Class M7, Class M8, Class M9 and Class M7 B Certificates, sequentially, in that order (the “Class M Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viviii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viviii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) concurrently, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, (a) concurrently to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(i5.02(b)(ii) above, and subsections 5.02(d)(i5.02(d)(ii) and 5.02(e)(i5.02(e)(ii) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereonthereon and (b) to the Certificate Insurer, any Class A8 Insurance Premium remaining unpaid on such Distribution Date pursuant to subsection 5.02(e)(ii) below;
(iiiiv) for any Distribution Date on which the Swap Agreement is no longer in effect, to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policies, together with interest thereon at the Default Rate;
(v) pro rata, (a) to each Class of the Subordinate Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date and (b) to the Certificate Insurer, the Class A9 Insurance Premium;
(vi) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(viviii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viviii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 3 for such Distribution Date and (y) the Interest Remittance Amount for Pool 3 for such Distribution Date;
(ii) concurrently, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, (a) to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(i5.02(b)(ii) and 5.02(c)(i5.02(c)(ii) above and subsection 5.02(e)(i5.02(e)(ii) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereonthereon and (b) to the Certificate Insurer, any Class A8 Insurance Premium remaining unpaid on such Distribution Date pursuant to subsection 5.02(e)(ii) below;
(iiiiv) for any Distribution Date on which the Swap Agreement is no longer in effect, to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policies, together with interest thereon at the Default Rate;
(v) pro rata, (a) to each Class of the Subordinate Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date and (b) to the Certificate Insurer, the Class A9 Insurance Premium;
(vi) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(viviii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (viviii) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 4 for such Distribution Date and (y) the Interest Remittance Amount for Pool 4 for such Distribution Date;
(ii) pro rata, (a) concurrently to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereonthereon and (b) to the Certificate Insurer, the Class A8 Insurance Premium for such Distribution Date;
(iiiii) pro rataconcurrently, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(i5.02(b)(ii), 5.02(c)(i5.02(c)(ii) and 5.02(d)(i5.02(d)(ii) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of any Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiiv) for any Distribution Date on which the Swap Agreement is no longer in effect, to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policies, together with interest thereon at the Default Rate;
(v) pro rata, (a) to each Class of the Subordinate Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date and (b) to the Certificate Insurer, the Class A9 Insurance Premium;
(vi) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(viviii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (viviii) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for Pool 1) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsections 5.02(f)(i)(A)(1) above and 5.02(f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02(f)(i)(D)(1) below, and to the extent not paid from the Interest Remittance Amount from all Mortgage Pools for such Distribution Date), to be paid concurrently and in proportion to funds available with respect to each Mortgage Pool making such payments pursuant to subsections 5.02(f)(i)(B)(2), 5.02(f)(i)(C)(2) and 5.02(f)(i)(D)(2) below for such Distribution Date;
(3) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(15.02(f)(i)(B)(3), 5.02(f)(i)(C)(3) and 5.02(f)(i)(D)(3) below, respectively) in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(5) to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policies, together with interest thereon at the Default Rate (to the extent not paid from the Interest Remittance Amounts from all Mortgage Pools or the Supplemental Interest Trust for such Distribution Date);
(6) to the Subordinate Senior Certificates, until the Class Principal Amount of such class has been reduced to zero;
(7) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(8) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (7) of this Section 5.02(f)(i)(A).
(B) For Pool 2: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for Pool 2) and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Principal Remittance Amount for Pool 2 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsections 5.02(f)(i)(A)(1) and 5.02(f)(i)(B)(1) above and 5.02(f)(i)(C)(1) and 5.025.02(f)(i)(D)(1) below, and to the extent not paid from the Interest Remittance Amount from all Mortgage Pools for such Distribution Date), to be paid concurrently and in proportion to funds available with respect to each Mortgage Pool making such payments pursuant to subsections 5.02(f)(i)(A)(2) above and 5.02(f)(i)(C)(2) and 5.0
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-5), Trust Agreement (Structured Asset Investment Loan Trust 2005-5)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, 2 and Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior A1 and Class A2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2A3, Group 3 Class A4, Class A5, Class A6 and Group 4 Senior Class A7 Certificates, Current Interest (after taking into account distributions pursuant to subsections subsection 5.02(c)(i) and 5.02(d)(i) below), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) pro rata, to the Class B1 and Class B2 Certificates, Current Interest for such Classes and such Distribution Date and any Carryforward Interest for such Classes and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 2 Senior A3, Class A4 and Class A5 Certificates, Current Interest for each such Class Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 1A1, Group 3 Class A2, Class A6 and Group 4 Senior Class A7 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, above and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) pro rata, to the Class B1 and B2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 3 Senior A6 and Class A7 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among between such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 1A1, Group 2 Class A2, Class A3, Class A4 and Group 4 Senior Class A5 Certificates, Current Interest (after taking into account distributions pursuant to subsections subsection 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicableabove) for each such Class Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) pro rata, to the Class B1 and Class B2 Certificates, Current Interest for such Classes and such Distribution Date and any Carryforward Interest for such Classes and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 3 1 remaining after application pursuant to clauses (i) through (vixii) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has each been reduced to zero;
(2) concurrently, (x) to each the Class of A3, Class A4 and Class A5 Certificates and (y) to the Group 2, Group 3 Class A6 and Group 4 Senior Class A7 Certificates (in each case in proportion to the aggregate Class Certificate Principal Amount of the related Group Senior Certificates relating to Pool 2 and Pool 3, respectively, after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(15.02(e)(i)(B) and 5.02(e)(i)(C), 5.02(f)(i)(C)(1respectively, in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(12) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (11) of this Section 5.02(e)(i)(A).
(B) For Pool 2: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) to the Class A3, Class A4 and Class A5 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, (x) to the Class A1 and Class A2 Certificates and (y) to the Class A6 and Class A7 Certificates, in proportion to the aggregate Certificate Principal Amount of the Senior Certificates relating to Pool 1 and Pool 3, respectively, after giving effect to distributions pursuant to subsections 5.02(e)(i)(A) and 5.025.02(e)(i)(C), respectively, in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(12) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (1) through (11) of this Section 5.02(e)(i)(B).
(C) For Pool 3: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 3 will be distributed in the following order of priority:
(1) to the Class A6 and Class A7 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has each been reduced to zero;
(2) concurrently, (x) to the Class A1 and Class A2 Certificates and (y) to the Class A3, Class A4 and Class A5 Certificates in proportion to the aggregate Certificate Principal Amount of the Senior Certificates relating to Pool 1 and Pool 2, respectively, after giving effect to distributions pursuant to subsections 5.02(e)(i)(A) and 5.02(e)(i)(B), respectively, in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(12) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (11) of this Section 5.02(e)(i)(C). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (f) of this Section.
(ii) On each Distributi
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2004-9), Trust Agreement (Structured Asset Securities Corp)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rataconcurrently, to each the Class of Group 1 Senior A1, Class A2, Class A3, Class A-IO and Class A-SIO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such Classes of Certificates in proportion to the amount of Current Interest interest that would otherwise be distributable thereon;.
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M3 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M4 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest for such Class and (b) the Pool Percentage such Distribution Date and any Carryforward Interest for Pool 1 for such Class and such Distribution Date;
(vi) to the TrusteeClass M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the Credit Risk Manager’s Fee for such Distribution Date;
(xi) to the Trustee and the Master Servicer, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeTrustee or the Master Servicer, as applicable; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount shall be distributed in the following order of priority:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class A3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for Pool 1 will application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (K) of this Section 5.02(c)(i).
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date shall be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class B Certificates are outstanding, to the Class A1 A1, Class A2 and Class A2 A3 Certificates, sequentiallyin accordance with the related Senior Priorities set forth above, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, in that ordereach case, until the Class Principal Amount of each such Class has been reduced to zero; otherwise the entire Principal Distribution Amount for such Distribution Date shall be distributed to the Class A1, Class A2 and Class A3 Certificates in accordance with the Senior Priorities;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class A3 Certificates on such Distribution Date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(2C) concurrentlyto the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3 and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1 and Class M2 Certificates on such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to clauses (A), (B), (C) and (D) above, respectively, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(F) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D) and (E) above, respectively, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(G) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E) and (F) above, respectively, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(H) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F) and (G) above, respectively, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F) and (G) above, respectively, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(J) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (I) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the Group 2remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, Group 3 the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Group 4 Class B Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) to the Class A1, Class A2 and Class A3 Certificates, in accordance with the Senior Certificates Priorities, after giving effect to principal distributions on such Distribution Date pursuant to clauses (A), (B) and (C) of Section 5.02(c)(i), in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each case such Class has been reduced to zero;
(B) to the Class M1 Certificates, in proportion reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class A1, Class A2 and Class A3 Certificates, in accordance with the Senior Priorities, after giving effect to principal distributions on such Distribution Date pursuant to clauses (A), (B) and (C) of Section 5.02(c)(i), in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of such Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the related Group Class A1, Class A2, Class A3 and Class M1 Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the M1 Target Amount;
(C) to subsections 5.02 the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(f)(i)(B)(1)D) to the Class M3 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3 and 5.02Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(I) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class A3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(iii) to the Basis Risk Reserve Fund, the amount of any Basis Risk Payment and any payments under the Cap Agreement, and then from the Basis Risk Reserve Fund in the following order of priority:
(A) concurrently, pro rata, to the Class A1, Class A2, Class A3 and Class A-SIO Certificates, in proportion to their respective Basis Risk Shortfall and Unpaid Basis Risk Shortfall, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(C) to t
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-S2), Trust Agreement (Structured Asset Securities Corp)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1 Termination Event or a Pool 2 Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution sum of the Interest Remittance Amount (for Pool 1 and the Principal Remittance Amount for Pool 1 and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Group 1 Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount amounts as specified in subparagraphs (b), (d), (h), (i) and (j) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Group 1 Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date, and (ii) the sum of the Interest Remittance Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall allocate such amounts to the interests issued in respect of each REMIC and shall distribute such amounts as specified in subparagraphs (c), (e) and (k) of this Section.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC I Regular Interests (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the monthly premium due under the Certificate Insurance Policy with respect to the Insured Certificates;
(ii) for deposit into the Group 1 Swap Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Group 1 Swap Counterparty Trigger Event) owed to the Group 1 Swap Counterparty on the related Swap Payment Date (including amounts remaining unpaid from previous Distribution Dates) and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(iii) concurrently, pro rata, to each Class of the Group 1 Senior Certificates and the Class I-AIO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) pro ratato the Certificate Insurer, any Reimbursement Amounts owed to each Class of Subordinate Senior the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to interest for the Insured Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(ivv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Group 1 Subordinate Certificates, in that order (accordance with the “Class M Group 1 Subordinate Priority”), any Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Classes for such Distribution Date;; and
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application pursuant as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(j), any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) aboveMonthly Excess Interest for such Distribution Date.
(c) On or prior to each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC II Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Balance Guaranteed Cap Counterparty, the Balance Guaranteed Cap Fee, pursuant to the terms of the Balance Guaranteed Cap Agreement;
(ii) concurrently, pro rata, to each Class of the Group 2 Senior Certificates and the Class II-AIO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of the Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application pursuant as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(k), any Pool 2 Monthly Excess Interest for such Distribution Date.
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC I Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, as follows:
(i) (a) Prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 in the following order of priority:
(A) for deposit into the Group 1 Swap Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Group 1 Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with Section 5.02(b)(ii) above);
(B) to the Group 1 Senior Certificates, concurrently, as follows:
(1) to the Class I-A1-1, Class I-A1-2, Class I-A2 and Class I-A3 Certificates, in the following order of priority:
(a) concurrently, to the Class I-A1-1 and Class I-A1-2 Certificates, pro rata, based on their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero; and
(b) sequentially, to the Class I-A2 and Class I-A3 Certificates, in that order, until the Class Principal Amount of each such class has been reduced to zero; and
(2) concurrently, to the Class I-A4-1 and Class I-A4-2 Certificates, pro rata, based on their respective Class Principal Amounts, until the Class Principal Amount of such class has been reduced to zero;
(C) to the Certificate Insurer, any Reimbursement Amounts owed to the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(D) sequentially, to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(E) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(j), any such Principal Distribution Amount remaining undistributed after application pursuant to clauses (A) through (D) above.
(ii) (a) On or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, in the following order of priority:
(A) for deposit into the Group 1 Swap Account, any Net Swap Payment or Swap Termination Payment owed to the Group 1 Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with Section 5.02(b)(ii) above);
(B) (1) so long as any of the Group 1 Subordinate Certificates are outstanding, to the Group 1 Senior Certificates in accordance with the Group 1 Senior Priority in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust on such Distribution Date pursuant to clause (ii)(A) above, and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (2) otherwise to the Group 1 Senior Certificates, in accordance with the Group 1 Senior Priority, the excess of (A) the Principal Distribution Amount for Pool 1 for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust with respect to such Distribution Date pursuant to clause (ii)(A) above, in each case until the Class Principal Amount of each such class has been reduced to zero;
(C) to the Certificate Insurer, any Reimbursement Amounts owed to the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(D) to the Class I-M1 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates and the Certificate Insurer on such Distribution Date pursuant to clauses (ii)(A) through (C) above, and (y) the I-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(E) to the Class I-M2 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (D) above, and (y) the I-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(F) to the Class I-M3 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1 and Class I-M2 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (E) above, and (y) the I-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(G) to the Class I-M4 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2 and Class I-M3 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (F) above, and (y) the I-M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(H) to the Class I-M5 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2, Class I-M3 and Class I-M4 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (G) above, and (y) the I-M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(I) to the Class I-M6 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2, Class I-M3, Class I-M4 and Class I-M5 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (H) above, and (y) the I-M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(J) to the Class I-M7 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2, Class I-M3, Class I-M4, Class I-M5 and Class I-M6 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (I) above, and (y) the I-M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(K) to the Class I-M8 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2, Class I-M3, Class I-M4, Class I-M5, Class I-M6 and Class I-M7 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (J) above, and (y) the I-M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(L) to the Class I-M9 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust, the Group 1 Senior Certificates, the Certificate Insurer and the Class I-M1, Class I-M2, Class I-M3, Class I-M4, Class I-M5, Class I-M6, Class I-M7 and Class I-M8 Certificates on such Distribution Date pursuant to clauses (ii)(A) through (K) above, and (y) the I-M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero; and
(M) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gj) of this Section, any Interest Remittance Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (iii)(A) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (viL) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(iDate on or prior to a Section 7.01(d) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion Purchase Event related to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution DatePooling REMIC II Regular Interests, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage for Pool 2 for such date date, as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) on or after the Pool 2 Stepdown Date and with respect to which a Pool 2 Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Group 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 2 will be distributed, in the following order of priority:
(A) concurrently to the Group 2 Senior Certificates, pro rata, based on their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero;
(B) to the Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate Priority, until the Class Principal Amount of each such class has been reduced to zero; and
(C) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(k), any such Principal Distribution Amount for Pool 2 remaining undistributed after application pursuant to clauses (A) and (B) above.
(ii) On each Distribution Date (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Principal Distribution Amount for Pool 2 for such date will be distributed in the following order of priority:
(A) (1) so long as any of the Group 2 Subordinate Certificates are outstanding, to the Class A1 and Class A2 Group 2 Senior Certificates, sequentiallyin accordance with the Group 2 Senior Priority, in that orderan amount equal to the lesser of (x) the Principal Distribution Amount for Pool 2 for such Distribution Date and (y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such class has been reduced to zero; or (2) otherwise to the Group 2 Senior Certificates, in accordance with the Group 2 Senior Priority, the Principal Distribution Amount for Pool 2 for such Distribution Date, until the Class Principal Amount of each such class has been reduced to zero;
(2B) concurrentlyto the Class II-M1 Certificates, an amount equal to each Class the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2, Group 3 and Group 4 2 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions on such Distribution Date pursuant to subsections 5.02 clause (f)(i)(B)(1), 5.02(f)(i)(C)(1ii)(A) and 5.02(y) the II-M1 Principal Distribution Amount for such Distribution D
Appears in 2 contracts
Sources: Trust Agreement (Lehman XS Trust 2007-10h), Trust Agreement (Lehman XS Trust 2007-10h)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (including amounts remaining unpaid for previous Distribution Dates) for such Distribution Date;
(ii) pro rata, to each the Class of Group 1 Senior A1, Class A2 and Class A3 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any or Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 M6, Class M7, Class M8, Class M9, Class B1 and Class M7 B2 Certificates, in that order (the “Class M Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viiv) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Certificates and the Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) for deposit into the Supplemental Interest Trust Account, the amount (to the extent such amount shall not be greater than the aggregate amount calculated pursuant to clause (a) of the definition of “Principal Remittance Amount,” as reduced by the amount calculated pursuant to clause (b) thereof) of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid on previous Distribution Dates or from the Interest Remittance Amount) for such Distribution Date;
(B) to the Class A1 A1, Class A2 and Class A2 A3 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid on previous Distribution Dates or from the Interest Remittance Amount) for such Distribution Date;
(1) so long as any of the Subordinate Certificates are outstanding, to the Class A1, Class A2 and Class A3 Certificates, sequentially, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date, in each case, until the Class Principal Amount of each such Class has been reduced to zero; or (2) concurrentlyif none of the Subordinate Certificates are outstanding, to the Class A1, Class A2 and Class A3 Certificates, sequentially, in that order, the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust on such Distribution Date pursuant to clause (A) above until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (C) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (D) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (F) above, respectively, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (G) above, respectively, and (y) the M6 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (H) above, respectively, and (y) the M7 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (I) above, respectively, and (y) the M8 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (J) above, respectively, and (y) the M9 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (K) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(M) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (L) above, respectively, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(N) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (M) above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Offered Certificates and the Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) to the Class A1, Class A2 and Class A3 Certificates, sequentially, in that order, in reduction of their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to subsections 5.02(c)(i) and 5.02(c)(ii), until the Class Principal Amount of each such Class has been reduced to zero; and
(B) to each Class of Subordinate Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Group 2Subordinate Priority, Group 3 until the Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and Group 4 Senior Certificates for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class A1, Class A2 and Class A3 Certificates, sequentially, in each case that order, in proportion reduction of their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to subsections 5.02(c)(i) and 5.02(c)(ii), until the aggregate Class Principal Amount of the related Group Senior Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Senior Target Amount;
(B) to subsections 5.02 the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(f)(i)(B)(1)C) to the Class M2 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Senior Certificates and the Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and 5.02the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2 and Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(I) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(J) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M9 Target Amount;
(K) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount; and
(L) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Cla
Appears in 2 contracts
Sources: Trust Agreement (SASCO Mortgage Loan Trust 2005-Wf3), Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(c)(i) below);
(iii) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1;
(iv) concurrently, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;; and
(v) for application pursuant to the Credit Risk Managerclause 5.02(d), the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 any Interest Remittance Amount remaining undistributed for such Distribution Date;
(vic) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
On each Distribution Date (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant or with respect to clauses (i) through and (viii) above.
(cbelow on the related Swap Payment Date) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above);
(iii) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2;
(iv) concurrently, to each Class of Group 2 Certificates, Current Interest and any Carryforward Interest for such Classes and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining undistributed for such Distribution Date;
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(v) and 5.02(c)(v) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iv) and 5.02(c)(iv) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until distributions until the aggregate Certificate Principal Amount of the Offered Certificates and the Class B2 Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 2 contracts
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-7), Trust Agreement (Structured Asset Securities Corp)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Securities Administrator, as initial Paying Agent on behalf of the Trustee) Agent, shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date;
(ii) to the Class A Certificates, pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and Classes on such Distribution Date;
(iviii) sequentiallyconcurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 A Certificates, in that order all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, on the amounts owed under each subclause (a) and (b);
(iv) to the “Class M Priority”)M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(vii) to the Securities Administrator and the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Securities Administrator or the Trustee; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee Securities Administrator shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Class A, Class M1, Class M2 and Class M3 Certificates equals the Target Amount for such Distribution Date, the Securities Administrator shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) to the Class A1 A4A and Class A2 A4B Certificates, sequentiallypro rata, in that orderthe Class A4 Priority Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(B) sequentially to the Class A Certificates (other than the Class A4A and Class A4B Certificates) in the following order of priority:
(1) to the Class A1 Certificates, until the Class Principal Amount has been reduced to zero;
(2) concurrentlyto the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class A3A and Class A3B Certificates, pro rata, until the Class Principal Amount of such Class has been reduced to zero; and
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A) and (B) above is referred to hereinafter as the “Senior Priority.” Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M1, Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Class M1 Certificates and the Class M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the Group 2remaining Certificates in the order of priority set forth above.
(d) On each Distribution Date, Group 3 the Securities Administrator shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date if a Trigger Event is in effect on such Distribution Date, then until the aggregate Certificate Principal Amount of the Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in reduction of the Class Principal Amounts of the Certificates and Group 4 in the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Senior Certificates Priority, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in proportion effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M2 Certificates, the Class M1 Certificates and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Reserve Fund, first, to the Class A1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class X Certificates, the sum of (a) any amounts remaining in the Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (f)(i)(B)(1b) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 5.07(b);
(iv) to the Class A Certificates, 5.02(f)(i)(C)(1pro rata based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates, any Deferred Amount for such class and such date;
(ix) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xiii) on the earlier of (a) Distribution Date occurring in August 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and 5.02(b) the final Distribution Date, to the Class P Certificates, $100 in payment of its Class P Principal Amount; and
(xiv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
(f) Any payments made pursuant to Section 5.02(b)(iii)(b) on a Distribution Date shall be made in the following order of priority:
(i) to the Class A Certificates, all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(h);
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 2, Group 3 and Group 4 Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(h);
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateMortgage Pool to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for Pool 1, Pool 6 and Pool 8, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”AP(1), Current Interest for each such Class AP(6) and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vAP(8) Components, respectively, to the Credit Risk Managerextent of the remaining Available Distribution Amounts for Pool 1, Pool 6 and Pool 8, respectively, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 related AP Deferred Amount for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow Component for such Distribution Date, as provided in subsection until the Component Principal Amount thereof has been reduced to zero; provided, however, that (gA) of distributions pursuant to this Section, any Interest Remittance priority shall not exceed the aggregate Subordinate Principal Distribution Amount for Pool 1 all eight Mortgage Pools for such date; (B) such amounts will not reduce the Component Principal Amounts of the related Component; and (C) in the event the total Subordinate Principal Distribution Amount for all eight Mortgage Pools is insufficient to fully pay the related AP Deferred Amount for the AP(1), AP(6) and AP(8) Components, the amount will be distributed proportionately among such Components based on their respective AP Deferred Amounts; and
(v) from the remaining after application Available Distribution Amount for all eight Mortgage Pools, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (iC), (F), (I), (L), (O) through and (viR) above.
(c) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date Subordinate Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(d), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to such Mortgage Pool (other than the related Components of the Class AP Certificates) pro rata based on (i) in the case of the related Group Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the Credit Support Depletion Date, the Senior Distribution Amount with respect to Pool 1 or Pool 8 remaining after giving effect distribution of interest to distributions pursuant the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to subsections 5.02 such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(f)(i)(B)(1i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount amounts as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(ii) concurrently, to the Senior Certificates, pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro ratato the Offered Subordinated Certificates, to each Class of in accordance with the Subordinate Senior CertificatesPriority, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Monthly Excess Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) abovesuch Distribution Date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above[Reserved].
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(iDate or related Swap Payment Date on or prior to a Section 7.01(d) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution DatePurchase Event, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date date, as follows:
(i) On each Distribution Date (or with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed Amount, in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with Section 5.02(b)(i) above);
(B) concurrently, to the Senior Certificates (other than the Class AIO Certificates), pro rata, based on (x) the aggregate Class Principal Amount of the Class A1, Class A2 and Class A3 Certificates, (y) the Class Principal Amount of the Class A4 Certificates and (z) the Class Principal Amount of the Class A5 Certificates, as follows:
(1) sequentially, to the Class A1 A1, Class A2 and Class A2 A3 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrentlyto the Class A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(3) to the Class A5 Certificates, until the Class Principal Amount of such class has been reduced to zero.
(C) to the Offered Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such class has been reduced to zero; and
(D) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) above.
(ii) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for such date, in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously);
(B) (1) so long as any of the Offered Subordinate Certificates are outstanding, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (other than the Class AIO Certificates), in accordance with the Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; or (2) otherwise to the Senior Certificates (other than the Class AIO Certificates), in accordance with the Senior Priority, the excess of (A) the Principal Distribution Amount for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust for deposit into the Swap Account with respect to such Distribution Date pursuant to clause (A) above, in each case until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates) and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (B) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1 and Class M2 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2 and Class M3 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3 and Class M4 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (K) above.
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date in the following order of priority (except in the case of Section 5.02(f)(iv)(A)(1) below, where such payments will be applied after making distributions pursuant Section 5.02(g)(iv) below and Sections 5.02(h)(v) and (vii) below, in the priority set forth therein):
(i) (A) concurrently, on a pro rata basis, based on amounts due, to the Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to Section 5.02(b)(ii) above; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the aggregate Class Principal Amount amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) Current Interest and 5.02Carryforward Interest that would otherwise be distributable thereon;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior A1 and Class A2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such Classes of Certificates in proportion to the amount of Current Interest interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M3 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass M4 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Class and for such Distribution Date;
(vi) to the Class M5 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(vii) to the Class M6 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(viii) to the Class M7 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(ix) to the Class M8 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(x) to the Class M9 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(xi) to the Class M10 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(xii) to the Class B1 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(xiii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(xiv) to the Credit Risk Manager, the Credit Risk Manager’s Fee for such Distribution Date
(xv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixvi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixv) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered LIBOR Certificates and Fixed Rate Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M10 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(M) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(N) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(O) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (N) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 such date will be distributed in the following order of priority:
(1A) so long as the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class B1 or Class B2 Certificates are outstanding, to the Class A1 and Class A2 Certificates, sequentially, in that order, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; otherwise to the Class A1 and Class A2 Certificates, the Principal Distribution Amount for such Distribution Date, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2B) concurrentlyto the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates for such Distribution Date pursuant to clauses (A), (B), (C) and (D) above, respectively, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D) and (E) above, respectively, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E) and (F) above, respectively, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F) and (G) above, respectively, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G) and (H) above, respectively, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G), (H) and (I) above, respectively, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G), (H), (I) and (J) above, respectively, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G), (H), (I), (J) and (K) above, respectively, and (y) the B1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(M) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10 and Class B1 Certificates for such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (L) and (M) above, respectively, and (y) the B2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(N) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (A) through (M) above;
(d) On each Class Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) [reserved];
(ii) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Group 2LIBOR Certificates equals the Target Amount, Group 3 in the following order of priority:
(A) to the Class A1 and Group 4 Class A2 Certificates, in accordance with the Senior Certificates Priority, in reduction of their respective Class Principal Amounts, after giving effect to distributions pursuant to clause (c) immediately above on such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M10 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(M) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(iii) for each case Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in proportion effect, in the following order of priority,
(A) to the Class A1 and Class A2 Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group Senior Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Senior Target Amount;
(B) to subsections 5.02 the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1 Certificates equals the M1 Target Amount;
(f)(i)(B)(1)C) to the Class M2 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1 and Class M2 Certificates equals the M2 Target Amount;
(D) and 5.02to the Class M3 Certificates, in reduction of its Class Principal Amount, until the aggregate Class Principal Amount of the Senio
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp 2005-S2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any or Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest or Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior A4 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(c)(ii) herein) for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 M6, Class M7, Class M8, Class M9, Class B1 and Class M7 B2 Certificates, sequentially, in that order (the “Class M Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) to the Class A4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(iii) pro rata, to each Class of Group 2 Senior 1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(ii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any or Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest or Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for Pool 1) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsections 5.02(d)(i)(A)(1) above and 5.02(d)(i)(B)(1) below, and to the extent not paid from the Interest Remittance Amount from both Mortgage Pools for such Distribution Date);
(3) to the Class A1 A1, Class A2 and Class A2 A3 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(24) concurrently, to each the Class of the Group 2, Group 3 and Group 4 Senior A4 Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1subsection 5.02(d)(i)(B)(3) below), 5.02(f)(i)(C)(1until the Class Principal Amount of such Class has been reduced to zero;
(5) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(6) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (5) of this Section 5.02(d)(i)(A).
(B) For Pool 2: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for Pool 2) and 5.02(B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Principal Remittance Amount for Pool 2 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsections 5.02(d)(i)(A)(1) and 5.02(d)(i)(B)(1) above, and to the extent not paid from the Interest Remittance Amount from both Mortgage Pools for such Distribution Date);
(3) to the Class A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Group 1 Certificates (after giving effect to distributions pursuant to subsection 5.02(d)(i)(A)(3) above), in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(5) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(6) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (1) through (5) of this Section 5.02(d)(i)(B). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (e) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for each Mortgage Pool for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust an amount equal to the lesser of (x) the product of (1) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amounts for Pool 1 and Pool 2, as applicable) and (2) the Pool Percentage for the related Mortgage Pool for such Distribution Date and (y) the Principal Remittance Amount for such Mortgage Pool for such Distribution Date;
(B) for deposit into the Supplemental Interest Trust, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(d)(ii)(A) above, and to the extent not paid from the Interest Remittance Amount from both Mortgage Pools for such Distribution Date);
(1) so long as any of the Subordinate Certificates are outstanding, to the Group 1 Certificates in accordance with the Group 1 Senior Priority (from amounts generated by Pool 1, except as provided below) and to the Class A4 Certificates (from amounts generated by Pool 2, except as provided below), in each case, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) and (B) above and (y) the Related Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Senior Principal Distribution Amount for such Mortgage Pool, such excess shall be applied to the Senior Certificates related to the other Mortgage Pool (in accordance with the Group 1 Senior Priority in the case of the Group 1 Certificates), but in an amount not to exceed the Senior Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) and (y) of this clause (1) on such Distribution Date); or (2) if none of the Subordinate Certificates are outstanding, to the Group 1 and Group 2 Certificates (in accordance with the Group 1 Senior Priority in the case of the Group 1 Certificates), the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date;
(D) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (C) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (D) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (F) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (G) above, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (H) above, and (y) the M6 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (I) above, and (y) the M7 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (J) above, and (y) the M8 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (K) above, and (y) the M9 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(M) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed
Appears in 1 contract
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2005-Ff3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified to itself (in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
the case of clause (b) On each Distribution Datei)), the Trustee shall distribute Class 1-A1 Certificate Insurer, and to the Interest Remittance Amount for Pool 1 for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to the Trustee, the Trustee Fee allocable to such Mortgage Pool for such Distribution Date;
(ii) from the Available Distribution Amount for Pool 1, the Aggregate Class 1-A1 Certificate Insurance Premium;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates in the related Certificate Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for a Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiv) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 2Senior Certificates in the related Certificate Group, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for both Mortgage Pools shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(v) from the remaining Available Distribution Amount for each Mortgage Pool, to the Credit Risk ManagerSenior Certificates of the related Certificate Group (other than any Class of Notional Certificates), as follows.
(A) to the product of (a) Class 1-A1, Class 1-A2 and Class R Certificates, from the Credit Risk Manager’s Fee and (b) Available Distribution Amount for Pool 1 for such Distribution Date in an amount up to the Pool Percentage Senior Principal Distribution Amount for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part in reduction of Monthly Excess Cashflow for such Distribution Datetheir respective Class Principal Amounts, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i1) pro ratato the Class R Certificate, until the Class Principal Amount thereof has been reduced to zero; and
(2) concurrently, to each the Class of Group 2 Senior 1-A1 and Class 1-A2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to their respective Class Principal Amounts, until the amount of Current Interest that would otherwise be distributable thereonClass Principal Amounts thereof have been reduced to zero;
(iiB) pro rataconcurrently, to each the Class of Group 1, Group 3 2-A1 and Group 4 Senior Class 2-A2 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such from the Available Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage Amount for Pool 2 for such Distribution Date;, the Senior Principal Distribution Amount for Pool 2 for such Distribution Date, in proportion to their respective Class Principal Amounts, until the Class Principal Amounts thereof have been reduced to zero; and
(vi) from the Available Distribution Amount for each Mortgage Pool, to the TrusteeClass 1-A1 Certificate Insurer, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trusteeunreimbursed Reimbursement Amounts; and
(vii) from the remaining Available Distribution Amount for application as part both Mortgage Pools, subject to the prior distribution of Monthly Excess Cashflow amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gB) of this Sectionto the Class B1 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool 2 remaining after application pursuant to clauses shall be allocated among the Certificates of the related Certificate Group pro rata based on (i) through in the case of the related Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (viii) abovein the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 3 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest Upper Tier REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Cert Ser 2001-14a)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (h) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (i) and (j) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date, ) the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion an amount equal to the amount lesser of Current Interest that would otherwise be distributable thereon;
(iix) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (aA) the Credit Risk Manager’s Fee amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (bB) the Pool Percentage for Pool 1 for such Distribution Date;
Date and (viy) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (1) above and subsection 5.02(c)(i) below) for such Distribution Date;
(iii) to the Class A1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(iv) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining undistributed after application pursuant to clauses (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Distribution Date;
(iii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and B(2) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(4) for application as part of clause (C) below, any such Principal Distribution Amount remaining undistributed for such Distribution Date.
(B) For Pool 2: The Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Principal Remittance Amount for Pool 2 for such Distribution Date;
(2) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) and 5.02(e)(i)(B)(1) above, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A2, Class A3, Class A4 and Class A2 A5 Certificates, sequentially, sequentially and in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(24) for application as part of clause (C) below, any such Principal Distribution Amount remaining undistributed for such Distribution Date.
(C) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Principal Distribution Amounts from subsections 5.02(e)(i)(A)(4) and 5.02(e)(i)(B)(4) above, in the following order of priority:
(1) concurrently, in proportion to the aggregate Class Principal Amounts of the Group 1 Senior Certificates and Group 2 Senior Certificates, after giving effect to principal distributions on such Distribution Date pursuant to subsections 5.02(e)(i)(A)(3) and 5.02(e)(i)(B)(3) above, to the Group 1 Senior Certificates and Group 2 Senior Certificates, in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(2) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(3) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) and (2) of this Section 5.02(e)(i)(C). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (f) of this Section.
(ii) On each Distribution Date (or with respect to clauses (A) and (B) below, on the related Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for each Mortgage Pool for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (1) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (2) the Pool Percentage for the related Mortgage Pool for such Distribution Date and (y) the Principal Remittance Amount for such Mortgage Pool for such Distribution Date;
(B) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(e)(ii)(A) above, and to the extent not paid previously or from the Interest Remittance Amount from both Mortgage Pools for such Distribution Date);
(1) so long as any of the Subordinate Certificates are outstanding, to the Group 1 Senior Certificates in accordance with the Related Senior Priority (from amounts generated by Pool 1, except as provided below) and to the Group 2 Senior Certificates in accordance with the Related Senior Priority (from amounts generated by Pool 2, except as provided below), in each case, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account on the related Swap Payment Date pursuant to clauses (A) and (B) above and (y) the Related Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Senior Principal Distribution Amount for such Mortgage Pool, such excess shall be applied to the Senior Certificates related to the other Mortgage Pool (in accordance with the Related Senior Priority), but in an amount not to exceed the Senior Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (1) on such Distribution Date); or (2) if none of the Subordinate Certificates are outstanding, to the Group 3 1 Senior Certificates and Group 4 2 Senior Certificates (in each case in proportion accordance with the Related Senior Priority), the excess of (A) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date over (B) the amount paid to the aggregate Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account for the related Mortgage Pool on the related Swap Payment Date pursuant to clauses (A) and (B) above, in each case until the Class Principal Amount of each such Class has been reduced to zero;
(D) to the related Group after giving effect Class M1 and Class M2 Certificates, sequentially and in that order, an amount equal to distributions the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Senior Certificates on such date pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (C) above, 5.02(f)(i)(C)(1and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of each such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and 5.02Pool 2 for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Senior Certificates and the Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (E) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (A) through (F) above, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such date pursuant to clauses (A) through (G) above, and (y) the M6 Principal Distribution Amount for such date, until the Class Principal A
Appears in 1 contract
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff2)
Distributions from the Certificate Account. (a) On each ----------------------------------------- Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified to itself (in this Section. All allocations the case of clause (i)) and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On the Holders of record of each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date Class of Certificates in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to the Trustee, the Trustee Fee allocable to such Pool for such Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 1 Senior (other than any Class of Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such between the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro rataFrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any Class of Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such between the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) from the remaining Available Distribution Amount for the related Mortgage Pool, to the Senior Certificates of each Certificate Group, other than the Class 1-AX and Class 2-AX Certificates, as follows:
(A) to the Class 1-A and Class 1-AP Certificates, from the Available Distribution Amount for Pool 1 for such Distribution Date, in reduction of their respective Class Certificate Principal Amounts, concurrently, as follows:
(1) to the Class 1-A Certificates, the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, until the Class Certificate Principal Amount thereof has been reduced to zero; and
(2) to the Class 1-AP Certificates, the AP Distribution Amount for Pool 1 for such Distribution Date, until the Class Certificate Principal Amount thereof has been reduced to zero;
(B) to the Class 2-A, Class 2-AP and Class R Certificates, from the Available Distribution Amount for Pool 2 for such Distribution Date, in reduction of their respective Class Certificate Principal Amounts, concurrently, as follows:
(1) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 2-A and Class M7 R Certificates, in that order (order, the “Senior Principal Distribution Amount for Pool 2 for such Distribution Date, until the Class M Priority”), Current Interest for Certificate Principal Amount of each such Class and such has been reduced to zero; and
(2) to the Class 2-AP Certificates, the AP Principal Distribution Date and any Carryforward Interest Amount for each such Class and Pool 2 for such Distribution Date, until the Class Certificate Principal Amount thereof has been reduced to zero;
(v) to the Credit Risk ManagerClass 1-AP and Class 2-AP Certificates, to the extent of the remaining Available Distribution Amount for both Mortgage Pools, the product Class AP Deferred Amount for such Class and Distribution Date, until the Class Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for both Mortgage Pools for such date; (B) such amounts will not reduce the Class Certificate Principal Amounts of (a) the Credit Risk Manager’s Fee such Classes; and (bC) in the Pool Percentage event the aggregate Subordinate Principal Distribution Amount for Pool 1 both Mortgage Pools is insufficient to fully pay the Class AP Deferred Amount for the Class 1-AP and Class 2-AP Certificates, such amount shall be distributed pro rata to such Classes on the basis of their respective Class AP Deferred Amounts; and
(vi) from the remaining Available Distribution Amount for both Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, as follows:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection (g) reduced by such Class's allocable share of this Section, any Net Prepayment Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viE) to the TrusteeClass B2 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(F) and not previously reimbursed to the Trustee; andClass B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount thereof has been reduced to zero;
(viiG) for application as part of Monthly Excess Cashflow to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gH) of this Sectionto the Class B3 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for a Mortgage Pool 2 remaining after application pursuant will be allocated to clauses the Class A Certificates of the related Certificate Group and the Subordinate Certificates pro rata based on (i) through in the case of such Class A Certificates, the Accrued Certificate Interest otherwise distributable thereon; and (viii) abovein the case of the Classes of Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such R Certificate any remaining Available Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed Date after application of all amounts described in the following order paragraph (a) of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02this Section 5.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (with respect to the extent each Mortgage Pool for such amount is on deposit in the Certificate Account) and date, shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Trustee, to each Class of Group 1 Senior Certificates, Current Interest the Trustee Fee for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratato PMI, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) the PMI Premium for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class on the basis of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallyinterest otherwise payable, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 A1 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior A2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest for such Class and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the TrusteeClass B Certificates, any amounts reimbursable pursuant to Section 4.04(b)(i) Current Interest for such Class and not previously reimbursed to the Trusteesuch Distribution Date; and
(vii) to the Loss Mitigation Advisor, the Loss Mitigation Advisor's Fee for such Distribution Date;
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vivii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(fc) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effecthas occurred, the Trustee shall will make the following distributions, concurrently:
(A) : For Pool 1: Until the aggregate Certificate Principal Amount of all of the Offered Certificates equals the Target Amount 1 for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (A) through (E) above. For Pool 2: until the aggregate Certificate Principal Amount of all of the Certificates equals Target Amount 2 for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(G) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. The distributions set forth above will be made first with respect to Pool 1 before any distributions are made with respect to Pool 2. Any Principal Distribution Amount remaining after the applicable Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event has not occurred, the Principal Distribution Amounts for both Mortgage Pools for such date will be distributed in the following order of priority:
(1) to the Class A1 Certificates (in the case of Pool 1), and to the Class A2 Certificates (in the case of Pool 2), an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Senior Principal Distribution Amount for such Mortgage Pool for such date, in each case until the Class Principal Amount of such Class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Senior Principal Distribution Amount for such Mortgage Pool, such excess shall be applied to the Senior Certificates of the other Mortgage Pool, but in an amount not to exceed the Senior Principal Distribution Amount related to such other Mortgage Pool for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (i) on such Distribution Date); otherwise to the Senior Certificates, the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates on such date pursuant to clauses (1) through (3) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class A2 CertificatesM2 Certificates on such date pursuant to clauses (1) through (4) above, sequentiallyand (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(5) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in that ordersubsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (4) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring on or after the Distribution Date in August 2000, until the aggregate Certificate Principal Amount of all of the Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such date, on each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event has occurred, to the extent of Monthly Excess Interest for such Distribution Date, to the Certificates, in the following order of priority:
(1) concurrently, pro rata, in proportion to their respective Class Principal Amounts after giving effect to distributions on such Distribution Date, to the Class A1 Certificates and to the Class A2 Certificates, as a group, as follows:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(B) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the related Group after giving effect Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to distributions zero; and
(4) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(ii) to the Senior Certificates, in proportion to any outstanding Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to each such Senior Certificate, and then sequentially, to the Class M1, Class M2 and Class B Certificates, in that order, from the Basis Risk Reserve Fund, in an amount equal to the unpaid amount of any applicable Basis Risk Shortfall for such date and any applicable Unpaid Basis Risk Shortfall for such date, as required by Section 5.07 of this Agreement;
(iii) to the Class M1 Certificates, any Carryforward Interest for such Class and such date;
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such date;
(v) to the Class M2 Certificates, any Carryforward Interest for such Class and such date;
(vi) to the Class M2 Certificates, any Deferred Amount for such Class and such date;
(vii) to the Class B Certificates, any Carryforward Interest for such Class and such date;
(viii) to the Class B Certificates, any Deferred Amount for such Class and such date;
(ix) to the Basis Risk Reserve Fund, an amount equal to the Required Reserve Fund Deposit for such Distribution Date;
(x) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date, together with any amounts withdrawn from the Basis Risk Reserve Fund for distribution to such Class X Certificate pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1Section 5.07(c) and 5.02(d) on such date; and
(xi) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (x) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificate.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rataconcurrently, to each the Class of Group 1 Senior CertificatesA1 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable, and after giving effect to the distribution of the Interest Remittance Amount relating to such Certificates) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class A1 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rataconcurrently, to each the Class of Group 2, Group 3 A2 Certificates and Group 4 Senior Certificatesthe A-IO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i)Subsection 5.02(c)(ii) below and the Pool 2 Net Funds Cap, 5.02(d)(i) and 5.02(e)(i) below, as if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class (taking into account the Subordinate Net Funds Cap, if applicable) and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and for such Distribution Date:
(vii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rataconcurrently, to each the Class of Group 2 Senior CertificatesA2 Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class A2 and the A-IO(2) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rataconcurrently, to each the Class of Group 1, Group 3 A1 Certificates and Group 4 Senior Certificatesthe A-IO(1) Component, Current Interest (taking into account distributions pursuant to subsection Section 5.02(b)(i) aboveabove and the Pool 1 Net Funds Cap, and subsections 5.02(d)(i) and 5.02(e)(i) below, as if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(viix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viix) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A2 Certificates, after giving effect to distributions pursuant to Section 5.02(d)(i)(B)(1), until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(8) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (7) of this Section 5.02(d)(i)(A).
(B) For Pool 2: Until the aggregate Certificate Principal Amount of the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A1 Certificates, after giving effect to distributions pursuant to Section 5.02(d)(i)(A)(1) until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(8) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (7) of this Section 5.02(d)(i)(B). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (e) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for both Mortgage Pools for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, to the Class A1 Certificates (from amounts generated by Pool 1, except as provided below) and to the Class A2 Certificates (from amounts generated by Pool 2, except as provided below), an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Senior Principal Distribution Amount for such Mortgage Pool, in each case, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Senior Principal Distribution Amount for such Mortgage Pool, such excess shall be applied to the Senior Certificates of the other Mortgage Pool in accordance with Section 5.02(d)(i)(A)(1) and 5.02(d)(i)(A)(2) or Section 5.02(d)(i)(B)(1) and 5.02(d)(i)(B)(2), as applicable, but in an amount not to exceed the Senior Principal Distribution Amount related to such other Mortgage Pool for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (1) on such Distribution Date); provided, however, that if none of the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, then to the Class A1 and Class A2 Certificates, sequentiallyin accordance with Section 5.02(d)(i)(A)(1) and 5.02(d)(i)(A)(2) or Section 5.02(d)(i)(B)(1) and 5.02(d)(i)(B)(2), as applicable, the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1 and Class A2 Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1 and Class M2 Certificates on such date pursuant to clauses (1), (2) and (3) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1), (2), (3) and (4) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3, and Class M4 Certificates on such date pursuant to clauses (1) through (5) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (5) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(e) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in that orderthe following order of priority:
(A) concurrently, in proportion to their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(d)(i), to the Class A1 Certificates and the Class A2 Certificates, in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(2B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(d)(ii), to the Class A1 Certificates and the Class A2 Certificates, in reduction of their respective Class Principal Amounts until the aggregate Class Principal Amount of the related Group Class A1 and Class A2 Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Senior Target Amount;
(B) to subsections 5.02 (f)(i)(B)(1)the Class M1 Certificates, 5.02(f)(i)(C)(1) in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class A1 and 5.02Class A2 Cert
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (excluding all Prepayment Premiums) and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 as follows:
(i) On each Distribution Date (or, with respect to clause (1) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for such date as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) concurrently, to each class of Class A1-A, Class A1-B1, Class A1-B2, Class A1-C1, Class A1-C2, Class A1-D1, Class A1-D2, Class A2-A, Class A2-B, Class A2-C and Class A3-A Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such classes on such Distribution Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Senior Certificates and Subordinate Certificates, pro rata, according to the Certificate Principal Amount of each such class of Certificates, in reduction of the amount of interest otherwise distributable to such class of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Senior Certificates and the Subordinate Certificates exceeds the amount of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Distribution Date) accrued on the Related REMIC 2 Interest, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates in respect of the Uncertificated Class X Interest, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable on the Related REMIC 2 Interest;
(3) for application pursuant to Section 5.02(b)(ii), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(ii) On each Distribution Date, the Trustee will distribute the aggregate of any remaining Interest Remittance Amounts from Section 5.02(b)(i)(3) above, in the following order of priority:
(A) concurrently, to each class of Senior Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date (any shortfall in Current Interest and Carryforward Interest to be allocated among such classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon) to the extent not paid on such Distribution Date pursuant to Section 5.02(b)(i)(2) above;
(B) to each class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Senior Certificates and the Subordinate Certificates, pro rata, according to the Certificate Principal Amount of each such class of Certificates, in reduction of the amount of interest otherwise distributable to such classes of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Senior Certificates and the Subordinate Certificates exceeds the amount of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Distribution Date) accrued on the Related REMIC 2 Interest, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates in respect of the Uncertificated Class X Interest, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable on the Related REMIC 2 Interest;
(C) to the Trustee, previously unreimbursed extraordinary costs, liabilities and expenses related to the Certificates; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(d), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(c) The Principal Distribution Amount will be distributed on each Distribution Date (or in the case of payments to the Swap Counterparty, the Business Day prior to each Distribution Date) as follows:
(i) On each Distribution Date (or in the case of payments to the Swap Counterparty, the Business Day prior to each Distribution Date) (a) prior to the Stepdown Date or (b) on or after the Stepdown Date and with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount will be distributed as follows:
(1) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid previously, from the Interest Remittance Amount in accordance with Section 5.02(b);
(2) concurrently, to the Senior Certificates, on the basis of their Certificate Principal Amount, as follows:
(a) sequentially, (i) first, to the Class A1-A Certificates, (ii) second, pro rata, to the Class A1-B1 Certificates and Class A1-B2 Certificates, (iii) third, pro rata, to the Class A1-C1 Certificates and Class A1-C2 Certificates and (iv) fourth, pro rata, to the Class A1-D1 Certificates and Class A1-D2 Certificates, until the Class Principal Amount of each such class has been reduced to zero; and
(b) pro rata, to the Class A2-A, Class A2-B, Class A2-C and Class A3-A Certificates, until the Class Principal Amount of each such class has been reduced to zero;
(3) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, sequentially, in that order, until the Class Principal Amount of each such class has been reduced to zero; and
(4) for application as part of the Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(d), any such Principal Distribution Amount remaining after application pursuant to Sections 5.02(c)(i)(1) through (3).
(ii) On each Distribution Date (or in the case of payments to the Swap Counterparty, the Business Day prior to each Distribution Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid previously, from the Interest Remittance Amount in accordance with 5.02(b));
(B) (a) so long as any of the Subordinate Certificates are outstanding, to the Senior Certificates, in each case in accordance with Section 5.02(c)(i), in an amount equal to the lesser of (x) the Principal Distribution Amount for the Mortgage Pool for such Distribution Date and (y) the Senior Principal Distribution Amount for the Mortgage Pool for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (b) otherwise to the Senior Certificates (in each case in accordance with Section 5.02(c)(i)), the Principal Distribution Amount for such Distribution Date;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates on such Distribution Date pursuant to clause (B) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates on such Distribution Date pursuant to clauses (B) and (C) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates on such Distribution Date pursuant to clauses (B) through (D) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to clauses (B) through (E) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date pursuant to clauses (B) through (F) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses (B) through (G) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (B) through (H) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates on such Distribution Date pursuant to clauses (B) through (I) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero; and
(K) for application as part of the Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(d), any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (J) above.
(d) Any Monthly Excess Cashflow will, on each Distribution Date, be distributed in the following order of priority:
(i) pro ratafor each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Senior Certificates and Subordinate Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) after giving effect to principal distributions on such Distribution Date, to each Class of Group 1 the Senior Certificates, Current Interest for in each case in accordance with Section 5.02(c)(i), in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero; and
(B) to the Subordinate Certificates, in accordance with the Subordinate Priority, until the Class and such Distribution Date and any Carryforward Interest for Principal Amount of each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion class has been reduced to the amount of Current Interest that would otherwise be distributable thereonzero;
(ii) pro ratafor each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) after giving effect to principal distributions on such Distribution Date, to each Class of Group 2, Group 3 and Group 4 the Senior Certificates, Current Interest (taking into account distributions pursuant to subsections in each case, in accordance with Section 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) belowin reduction of their respective Class Principal Amounts, as applicable) for each until the aggregate Class Principal Amount of the such Class and such Distribution Date and any Carryforward Interest for each such Class and Senior Certificates, after giving effect to distributions on such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to equals the amount of Current Interest that would otherwise be distributable thereonSenior Target Amount;
(iiiB) pro ratato the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and Class M1 Certificates, after giving effect to each distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of Subordinate their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Current Interest for each such Class M1 and such Distribution Date and Carryforward Interest for each such Class and M2 Certificates, after giving effect to distributions on such Distribution Date;, equals the M2 Target Amount; and
(ivD) sequentially, to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount; and
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount; and
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount; and
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount; and
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and after giving effect to distributions on such Distribution Date;
(v) to , equals the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeM7 Target Amount; and
(viiI) for application as part to the Class M8 Certificates, in reduction of Monthly Excess Cashflow for their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, equals the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereonM8 Target Amount;
(iii) pro rata(a) first, in proportion to their respective Deferred Amounts, to each Class of Subordinate the Senior Certificates, Current Interest for each such Class Certificates and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivb) sequentiallysecond, to each Class of the Subordinate Certificates, in accordance with the Class M Subordinate Priority, Current Interest any Deferred Amount for each such Class class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02su
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee Available Distribution Amount shall distribute be withdrawn by the Interest Remittance Amount for Pool 1 for such date Securities Administrator from the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) pro rataConcurrently, to the payment of the Interest Distribution Amount and any Interest Shortfalls for each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current on each Distribution Date, the Interest shall be allocated among such Classes in proportion to the amount of Current Interest Distribution Amount that would otherwise be distributable thereon;to a Class of Interest-Only Certificates shall be deposited in the Reserve Fund to the extent of the Required Reserve Fund Deposit for such Class and shall not be distributed to such Class; 63963 SEQUOIA 12 Pooling and Servicing Agreement 55
(ii) pro rata, Sequentially to each the Class of Group 2, Group 3 A-R and Group 4 Senior Class A Certificates, Current Interest (taking into account distributions pursuant in that order, the Senior Principal Distribution Amount for such date, until their respective Class Principal Amounts have been reduced to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereonzero;
(iii) pro rata, to each To the Class of Subordinate Senior B-1 Certificates, Current the Interest Distribution Amount and any Interest Shortfalls, in each case, for each such Class and on such Distribution Date and Carryforward Interest for each such Class and such Distribution Datedate;
(iv) sequentially, to To the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 B-1 Certificates, in that order (such Class' Subordinate Class Percentage of the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderAmount, until the its Class Principal Amount of each such Class has been reduced to zero;
(2v) concurrentlyFrom the Reserve Fund, for payment to the Class A and Class B-1 Certificates, sequentially in that order, any related Net WAC Shortfall or related Unpaid Net WAC Shortfall for such date;
(vi) To the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(vii) To the Class B-2 Certificates, such Class' Subordinate Class Percentage of the Group 2Subordinate Principal Distribution Amount for such date, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate until its Class Principal Amount has been reduced to zero;
(viii) To the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(ix) To the Class B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(x) To the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(xi) To the Class B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(xii) To the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(xiii) To the Class B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(xiv) To the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; 63963 SEQUOIA 12 Pooling and Servicing Agreement 56
(xv) To the Class B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero; and
(xvi) To the Class A-R Certificate and the Class LT-R Certificate, any remaining amount.
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount shall be distributed to the Senior Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, to pay the Senior Principal Distribution Amount; third, to pay any related Net WAC Shortfall or any related Unpaid Net WAC Shortfall; and fourth, to the Class A-R and Class LT-R Certificate, any remaining Available Distribution Amount.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii), (iv) and (vi)-(xv) above, if with respect to any Class of Subordinate Certificates on any Distribution Date the sum of the related Group after giving effect Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates which have a higher numerical Class designation than such Class is less than the Original Applicable Credit Support Percentage for such Class, no distribution of Principal Prepayments shall be made to distributions any such Classes and the amount of such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, pro rata, based on the Class Principal Amounts of the respective Classes immediately prior to such Distribution Date and shall be distributed in the sequential order provided in Section 5.02(a)(iii), (iv) and (vi)-(xv) above.
(d) Amounts distributed to the Residual Certificates pursuant to subsections subparagraph (a)(xvi) of this Section 5.02 on any Distribution Date shall be allocated among the REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the related REMIC over required distributions to the regular interests in such REMIC on such Distribution Date.
(f)(i)(B)(1)e) To the extent a Net WAC Shortfall is experienced on the Class A or Class B-1 Certificates, 5.02(f)(i)(C)(1the Securities Administrator shall withdraw from the Reserve Fund an amount for distribution to such Class equal to the lesser of (1) the amount of such Net WAC Shortfall and 5.02(2) the amount available therefor on deposit in the Reserve Fund as provided in Section 5.06.
(f) For purposes of distributions of interest in paragraph (a) such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect of Current Interest; and second, in respect of Interest Shortfalls.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Distributions from the Certificate Account. (a) On ------------------------------------------ each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool and shall distribute such amount as specified to Financial Security in this Section. All allocations payment of the Aggregate FSA Premium and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 the Holders of record of each Class of Certificates in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date related Certificate Group in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for Pool 1, as long as no Financial Security Default exists, to Financial Security, the Aggregate FSA Premium;
(ii) from the Available Distribution Amount for the related Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 1 Senior (other than any Class of Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such Classes in the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest that would (as so reduced) otherwise be distributable thereon;
(iiiii) pro ratafrom the remaining Available Distribution Amount for the related Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any Class of Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount for the related Mortgage Pool, to the Class M1Senior Certificates of each Certificate Group, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corporation)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion an amount equal to the amount lesser of Current Interest that would otherwise be distributable thereon;
(iix) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (aA) the Credit Risk Manager’s Fee amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (bB) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(viii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Distribution Date), to be paid concurrently and in proportion to the Interest Remittance Amount available with respect to Pool 2 for such Distribution Date;
(iii) to the TrusteeClass A1 Certificates, Current Interest and any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeCarryforward Interest for such Class for such Distribution Date; and
(viiiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gpursuant to Section 5.02(d) of this Sectionbelow, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses clause (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date) to be paid concurrently and in proportion to Interest Remittance Amount available with respect to Pool 1 for such Distribution Date;
(iii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;; and
(iiiv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro ratarata basis, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(isubsections 5.02(b)(iii) and 5.02(c)(iii) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date), to be paid concurrently and in proportion to the related Principal Distribution Amount available with respect to Pool 2 for such Distribution Date;
(3) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;; and
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions for application pursuant to subsections 5.02 (f)(i)(B)(1)subsection 5.02(e)(ii) below, 5.02(f)(i)(C)(1) and 5.02any such Principal Distribution Amount for Pool 1 remaining undistributed for such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount with respect to each Collateral Group, and shall distribute such amount to the Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Collateral Group, to payment of Accrued Certificate Interest on each Class of Senior Certificates (other than the Principal-Only Certificates) and any interest bearing Component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest Shortfalls relating to such Collateral Group allocated to that Class of Certificates or component thereof on that Distribution Date, as described herein); provided, however, that any shortfall in available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such component related to that Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates (other than the Principal-Only Certificates) and any interest-bearing Component thereof relating to that Collateral Group; provided, however, that any shortfall in available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such component related to that Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) to the Class AP Certificates, to the extent of the remaining Available Distribution Amount for all Collateral Groups (other than Collateral Group P), the AP Deferred Amount for such Distribution Date; provided, however, that (x) distributions pursuant to this priority (iv) shall not exceed the aggregate of the Subordinate Principal Distribution Amounts for all Collateral Groups (other than Collateral Group P) for such date; and (y) such amounts will not reduce the Class Principal Amount of the Class AP Certificates;
(v) from the remaining Available Distribution Amounts for Collateral Groups 1 and 2, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(f), in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class 2B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero; and
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Principal-Only Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group (other than Collateral Group PO) remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of related Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(f) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to either of Collateral Groups 1 or 2 have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral Groups 1 and 2 for such Distribution Date is less than 200% of such Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of Collateral Groups 1 and 2 that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%.
(g) On each Distribution Date on which the Class Principal Amounts of the Non-AP Senior Certificates relating to one Collateral Group has been reduced to zero, any amounts distributable pursuant to Sections 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate. On each Distribution Date on which the Non-AP Senior Certificates for one or more Collateral Groups remain outstanding, any amounts distributable pursuant to Sections 5.02(f) will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(A) On any Distribution Date on which any Non-AP Senior Certificate or Certificates relating to either of Collateral Groups 1 or 2 constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any related AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the applicable Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Class Principal Amount of the Undercollateralized Class or Classes equals the Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates relating to Collateral Groups 1 or 2 constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, related Undercollateralization Distributions will be made from any Available Distribution Amount for such Collateral Group or Groups not related to an Undercollateralized Class or Classes remaining after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence).
(B) If on any Distribution Date the Non-AP Senior Certificates relating to more than one Collateral Group are Undercollateralized Classes, the distribution described in paragraph (A) above will be made in proportion to the amount by which the total Class Principal Amount of the Non-AP Senior Certificate or Certificates relating to each such Collateral Group, after giving effect to distributions pursuant to Section 5.02(a) on such Distribution Date, exceeds the Non-AP Pool Balance for the related Collateral Group for such Distribution Date.
(i) On each Distribution Date occurring after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee), shall withdraw from the Certificate Account the Total Available Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and shall allocate such amount to the interests issued in respect of each the Lower Tier REMIC 1 Uncertificated Regular Interests created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1first, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such , second, to the LTURI-holder, any remaining Available Distribution Date, Amount to the extent payable on the Lower Tier REMIC 1 Uncertificated Regular Interests as provided in subsection (g) of this Sectionthe Preliminary Statement, any Interest Remittance Amount for Pool 1 remaining after application pursuant and third, to clauses (i) through (vi) abovethe Class LT-R Certificates.
(cj) On each Distribution Date, the Trustee shall distribute the Interest Remittance Class P1 Distributable Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such P1 Certificates and the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance P2 Distributable Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveP2 Certificates.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1 Termination Event or a Pool 2 Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution sum of the Interest Remittance Amount (for Pool 1 and the Principal Remittance Amount for Pool 1 and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b), (d), (f), (h) and (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date, and (ii) the sum of the Interest Remittance Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall allocate such amount to the interests issued in respect of each REMIC and shall distribute such amount as specified in subparagraphs (c), (e), (g) and (i) of this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in subparagraphs (b) other than clause (i) thereof, (c), (d) other than clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) to the Certificate Insurer, the Aggregate Class 1-A5 Insurance Premium due under the Certificate Insurance Policy for the Class 1-A5 Certificates for that Distribution Date;
(iii) concurrently, to each Class of the Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (and in the case of the Class 1-A5 Certificates, calculated without regard to any payments under the Certificate Insurance Policy for each the Class 1-A5 Certificates) for such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallyconcurrently, pro rata based on amounts due, (a) to the Certificate Insurer, any due unreimbursed Insured Amounts attributable to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 1-A5 Certificates and Class M7 (b) to the Group 1 Certificates, in that order (the “Class M Priority”), Current sum of all accrued and unpaid interest at the related Interest for each Rate on any Deferred Amounts previously allocated and not previously distributed to such Class and such Distribution Date Classes and any Carryforward Interest for each Deferred Amounts previously allocated to such Class Classes and such Distribution Datenot previously reimbursed, applied in the priority provided in the last paragraph of this Section 5.02(b);
(v) to the Credit Risk ManagerGroup 1 Subordinate Certificates, in accordance with the product of (a) the Credit Risk Manager’s Fee Group 1 Subordinate Priority, Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application Monthly Excess Interest for such Distribution Date. Any distributions made pursuant to clauses subclause (iiv)(b) through above on a Distribution Date shall be made in the following order of priority:
(vi1) aboveto each class of Group 1 Senior Certificates, all Current Interest and Carryforward Interest for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such Current Interest and Carryforward Interest owed to each such Class, for such date; and
(2) to the Group 1 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rataconcurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; , provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Classes for such Distribution Date;
(viiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) aboveMonthly Excess Interest for such Distribution Date.
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, as follows:
(i) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 for such date 1 in the following order of priority:
(iA) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to each Class the lesser of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to (x) the amount of Current any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group Remittance Amount for Pool 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i(y) above and subsection 5.02(e)(i) below, as applicable) the Principal Remittance Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 1 for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivB) sequentiallyconcurrently to (a) the Class 1-A1 Certificates, (b) the Class 1-A2, Class 1-A3 and Class 1-A4 Certificates and (c) the Class 1-A5 Certificates, in proportion to each the Class Principal Amount of the Class 1-A1 Certificates, the aggregate Class Principal Amounts of the Class 1-A2, Class 1-A3 and Class 1-A4 Certificates and the Class Principal Amount of the Class 1-A5 Certificates, provided that amounts distributable to the Class 1-A2, Class 1-A3 and Class 1-A4 Certificates pursuant to clause (b) shall be made sequentially to such classes, in such order of priority;
(C) to the Group 1 Subordinate Certificates, in accordance with the Class M Group 1 Subordinate Priority, Current Interest for until the Class Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Datehas been reduced to zero;
(vD) to the Credit Risk ManagerCertificate Insurer, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) any unreimbursed Insured Amounts plus all amounts due to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed Certificate Insurer under the Commitment Letter with regard to the TrusteeClass 1-A5 Certificates, together with interest thereon at the Default Rate; and
(viiE) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance such Principal Distribution Amount for Pool 3 remaining after application pursuant to clauses (iA) through (viD) above.
(eii) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 4 1 for such date date, in the following order of priority:
(iA) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to each Class the lesser of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to (x) the amount of Current any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group Remittance Amounts for Pool 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (ay) the Credit Risk Manager’s Fee and (b) the Principal Remittance Amount for such Mortgage Pool Percentage for Pool 4 for such Distribution Date;
(viB) so long as any Class of Group 1 Subordinate Certificates are outstanding, to the Group 1 Senior Certificates in accordance with the Group 1 Senior Priority in an amount equal to the lesser of (x) the Principal Distribution Amount of Pool 1 for such Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Group 1 Subordinate Certificates are outstanding, the Trustee shall distribute the entire Principal Distribution Amount for Pool 1 in accordance with the Group 1 Senior Priority until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the TrusteeClass 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Supplemental Interest Trust and the Certificate Insurer on such Distribution Date pursuant to clauses (A) through (B) above, and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1 Certificates, the Supplemental Interest Trust and the Certificate Insurer on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1 and Class 1-M2 Certificates, the Supplemental Interest Trust and the Certificate Insurer on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the 1-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class 1-M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates, the Supplemental Interest Trust and the Certificate Insurer on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the 1-M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class 1-M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3 and Class 1-M4 Certificates, the Supplemental Interest Trust and the Certificate Insurer on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the 1-M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Certificate Insurer, any unreimbursed Insured Amounts plus all amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed due to the TrusteeCertificate Insurer under the Commitment Letter with regard to the Class 1-A5 Certificates, together with interest thereon at the Default Rate (to the extent not distributed on such Distribution Date from the Interest Remittance Amount for Pool 1 in accordance with subsection (b) above or from the Supplemental Interest Trust in accordance with subsection (h) below; and
(viiI) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Principal Distribution Amount for Pool 4 remaining after application pursuant to clauses subclauses (iA) through (viH) above.
(fe) On each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage for Pool 2 for such date date, as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) on or after the Pool 2 Stepdown Date and with respect to which a Pool 2 Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Group 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed 2 in the following order of priority:
(1A) to the Group 2 Senior Certificates, in the following order of priority:
(i) to the Class 2-A5A and Class 2-A5B Certificates, on a pro rata basis, the Class 2-A5 Priority Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(ii) pro rata, to (x) the Class 2-A1 and Class 2-A2 Certificates, (y) the Class 2-A3A Certificates and (z) the Class 2-A3B Certificates as follows:
(a) sequentially, to the Class 2-A1 and Class 2-A2 Certificates, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2b) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class 2-A3A Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(c) to the related Class 2-A3B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(iii) pro rata, to the Class 2-A4A and Class 2-A4B Certificates, until the Class Principal Amount of each such class has been reduced to zero; and
(iv) pro rata, to the Class 2-A5A and Class 2-A5B Certificates, without regard to the Class 2-A5 Priority Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(C) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any such Principal Distribution Amount remaining after giving effect to distributions application pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (B) above.
(ii) On each Distribution Date (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, 5.02(f)(i)(C)(1the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date, in the following order of priority:
(A) so long as any Class of Group 2 Subordinate Certificates are outstanding, to the Group 2 Senior Certificates in accordance with the Group 2 Senior Priority in an amount equal to the lesser of (x) the Principal Distribution Amount of Pool 2 for such Distribution Date and 5.02(y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Group 2 Subordinate Certificates are outstanding, the Trustee shall distribute the entire Principal Distribution Amount for Pool 2 in accordance with the Group 2 Senior Priority until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class 2-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates and the Certificate Insurer on such Distribution Date pursuant to clause (A) above, and (y) the 2-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (g) of this Section. All allocations and distributions made among and with respect ; provided that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (h) and (j) of this Section; provided that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clause (i) below, on the related Swap Payment Date, ) the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(ii) concurrently, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution DateFee;
(viv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viv) above.
(c) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered LIBOR Certificates and the Fixed Rate Certificates (other than the Class A-IO Certificates) equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date, to the extent not paid pursuant to Section 5.02(b)(i) and (y) the Principal Remittance Amount for such Distribution Date;
(B) to the Class A1 and Class A2 Certificates, sequentially, in that orderaccordance with the Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(2C) concurrently, to each Class of Subordinate Certificates, in accordance with the Group 2Subordinate Priority, Group 3 and Group 4 Senior Certificates (in each case in proportion to until the aggregate Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (or, with respect to clause (A) below, on the related Group Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date, to the extent not paid pursuant to Section 5.02(b)(i) and (y) the Principal Remittance Amount for such Distribution Date;
(B) to the Class M1 and Class M2 Certificates, sequentially, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account on the related Swap Payment Date pursuant to clause (A) above and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1 and Class M2 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (C) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such date pursuant to clauses (A) through (E) above, and (y) the M6 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such date pursuant to clauses (A) through (F) above, and (y) the M7 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates on such date pursuant to clauses (A) through (G) above, and (y) the M8 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates on such date pursuant to clauses (A) through (H) above, and (y) the M9 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses (A) through (I) above, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates on such date pursuant to clauses (A) through (J) above, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class B3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class B1 and Class B2 Certificates on such date pursuant to clauses (A) through (K) above, and (y) the B3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(M) to the Class B4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Supplemental Interest Trust Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class B1, Class B2 and Class B3 Certificates on such date pursuant to clauses (A) through (L) above, and (y) the B4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(N) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(d), any Principal Distribution Amount remaining after application pursuant to clauses (A) through (M) above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates and the Fixed Rate Certificates (other than the Class A-IO Certificates) equals the Target Amount for such Distribution Date, in the following order of priority:
(A) to the Class A1 and Class A2 Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, after giving effect to distributions pursuant to subsections 5.02 clause (f)(i)(B)(1)c) above on such Distribution Date, 5.02(f)(i)(C)(1until the Class Principal Amount of each such Class has been reduced to zero; and
(B) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, in reduction of their Class Principal Amounts, in each case after giving effect to distributions pursuant to clause (c) above on such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and 5.02for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class M1 and Class M2 Certificates, sequentially, in that order, in reduction of their respective Class Principal Amounts, until the aggregate of the Class Principal Amounts of the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(B) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(C) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(D) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(E) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(F) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(G) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(H) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving effect to distributions on such Distribution Date, equals the M9 Target Amount;
(I) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 a
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-S2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, pro rata, to each the Class of Group 1 Senior A and Class A-IO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be being allocated among such Classes in proportion to the amount of Current Interest interest that would otherwise be distributable thereontherein;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date Date;
(iv) to the Class M3 Certificates, Current Interest and Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M4 Certificates, Current Interest and Carryforward Interest for each such Class and such Distribution Date;
(ivvi) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 B1 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Class Principal Amount of the Offered Class A, Class M1, Class M2, Class M3, Class M4, Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 such date will be distributed in the following order of priority:
(1A) so long as the Class M1, Class M2, Class M3, Class M4, Class B1 or Class B2 Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; provided, however, that if none of the Class M1, Class M2, Class M3, Class M4, Class B1 or Class B2 Certificates are outstanding, then to the Class A Certificates, in accordance with Section 5.02(c)(i)(A), the Principal Distribution Amount for such Distribution Date;
(B) to the Class A1 M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A respectively, and Class A2 M1 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, sequentiallyan amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3, Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (A) through (E) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2, Class M3, Class M4 and Class B1 Certificates on such date pursuant to clauses (A) through (F) above, respectively, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in that ordersubsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow, and for purposes of distributions pursuant to Section 5.02(d)(iii) of this Agreement, any amounts distributable from the Basis Risk Reserve Fund, for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates and the Class B1 and Class B2 Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(2B) concurrentlyto the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(G) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the Group 2Class Principal Amount for such Class, Group 3 after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class and Group 4 Senior Certificates the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in each case reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount
(D) to the Class M3 Certificates, in proportion reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M2, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M3, the Class M2, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the related Group Class M4, Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount;
(G) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Class B1, Class M4, Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the B2 Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority:
(A) to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;;
(F) to the Class B1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(G) to the Class B2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(H) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(I) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(J) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(K) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(L) to the Class B1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(M) to the Class B2 Certificates, any Deferred Amount for such Class and such Distribution Date; and
(N) in addition to the amounts distributed in clause (v) below to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (M) above, 5.02(f)(i)(C)(1in excess of the Required Reserve Fund Amount for such Distribution Date and (b) and 5.02any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) on the Distribution Date occurring in March 2008 (or the next succeeding Distribution Date when sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates, $100 in payment of its Class Principal Amount;
(v) to the Class X Certificate, the Class X Distributable Amount (less any Basis Risk Payment or payment of Deferred Amounts for such Distribution Date) for such Distribution Date; and
(vi) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (v) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificates.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) pro rataconcurrently, to each the Class of Group 1 Senior A Certificates and the Class A-IO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest and any Carryforward Interests for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M3 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest Interests for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass B1 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interests for Pool 1 for such Class and such Distribution Date;
(vi) to the TrusteeCredit Risk Manager, the Credit Risk Manager’s Fee for such Distribution Date;
(vii) to the Master Servicer, any amounts reimbursable pursuant to Section 4.04(b)(i4.02(v) and not previously reimbursed to the TrusteeMaster Servicer; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Class Principal Amount of the Offered Class A, Class M1, Class M2, Class M3 and Class B1 Certificates equals the Target Amount for such Distribution Date, the Trustee will distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3 or Class B1 Certificates are outstanding, to the Class A1 A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero; otherwise to the Class A Certificates, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class A2 M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, sequentiallyan amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (1) through (3) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (4) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(6) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in that ordersubsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (5) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date, and for purposes of distributions pursuant to Section 5.02(d)(iii), (viii), (ix), (x) and (xi), any amounts distributable from the Basis Risk Reserve Fund, and for purposes of distributions pursuant to Section 5.02(d) (viii) and (x), any amounts distributable from the Class B2 Reserve Fund, and for purposes of distributions pursuant to Sections 5.02(d)(viii) through (xi), and Section 5.02(e), any Prepayment Premiums available for distribution on such Distribution Date, in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority,
(A) to the Class A Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(2B) concurrentlyto the Class M1 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero; and
(E) to the Class B1 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in reduction of the Group 2their Class Principal Amount, Group 3 and Group 4 Senior Certificates (in each case in proportion to until the aggregate Class Principal Amount of the related Group Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class A, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount; and
(E) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class A, Class M1, Class M2, Class M3 and Class B1 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority,
(A) to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(E) to the Class B1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for Class and for such Distribution Date; and
(F) for distribution pursuant to subsections 5.02 Section 5.02(d)(viii) through (f)(i)(B)(1xi) below, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) through (E) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap; and
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class B1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B2 Reserve Fund, an amount sufficient to cause the amount then held in the Class B2 Reserve Fund to equal the Required Class B2 Reserve Fund Amount for such Distribution Date;
(x) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(xi) to the Class X Certificates, any amount remaining on such date after application pursuant to clauses (i) through (x) above.
(e) The Class B2 Certificates shall be entitled to receive all amounts in respect of Prepayment Premiums, which amounts shall be distributed pursuant to Section 5.02(d), 5.02(f)(i)(C)(1) and 5.02.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Accountexcluding all Prepayment Premiums) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, concurrently to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any shortfall in resulting shortfalls will be allocated pro rata on the basis of Current Interest shall and Carryforward Interest due such classes on such Distribution Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated among to the Offered Certificates, pro rata, according to the Certificate Principal Amount of each such Classes class of Offered Certificates, in proportion reduction of the amount of interest otherwise distributable to such class of Offered Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Offered Certificates exceeds the amount of Current Interest that accrued on such classes of Offered Certificates, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Offered Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable thereonon such Offered Certificates;
(ii) pro rata, to each Class class of Group 2Subordinate Certificates, Group 3 and Group 4 Senior Certificatesin accordance with the Subordinate Priority, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and classes for such Distribution Date; provided, however, that any interest shortfall in Current resulting from Deferred Interest shall on the Mortgage Loans will be allocated among to the Offered Certificates, pro rata, according the Certificate Principal Amount of each such Classes Offered Certificate, in proportion reduction of the amount of interest otherwise distributable to such classes of Offered Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Offered Certificates exceeds the amount of Current Interest that accrued on such Offered Certificates, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Offered Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable thereonon such Offered Certificates;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) previously unreimbursed extraordinary costs, liabilities and not previously reimbursed to the Trusteeexpenses; and
(viiiv) for application as part of the aggregate Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(d), any such Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viiii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Senior Certificates, pro rata, as follows:
(1) sequentially (i) first, pro rata, to the Class A1-A and Class A1-B Certificates, (ii) second, pro rata, to the Class A2-A and Class A2-B Certificates, (iii) third, pro rata, to the Class A3-A and Class A3-B Certificates and (iv) fourth, pro rata, to the Class A4-A and Class A4-B Certificates, until the Class Principal Amount of each such class has been reduced to zero;
(2) to the Class A1 A5 Certificates, until the Class Principal Amount of such class has been reduced to zero; and
(3) pro rata, to the Class A6-A, Class A6-B and Class A2 A6-C Certificates until the Class Principal Amount of each such class has been reduced to zero;
(B) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates, sequentially, in that order, until the Class Principal Amount of each such class has been reduced to zero; and
(C) for application as part of the Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(d), any such Principal Distribution Amount remaining after application pursuant to Section 5.02(c)(i)(A) and (B).
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) (a) so long as any of the Subordinate Certificates are outstanding, to the Senior Certificates, in each case in accordance with clause (i), in an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (b) otherwise to the Senior Certificates (in each case in accordance with clause (i) above), the Principal Distribution Amount for such Distribution Date;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates on such Distribution Date pursuant to clause (A) above and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(2C) concurrentlyto the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(F) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(G) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(H) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(I) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(J) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(K) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero; and
(L) for application as part of the aggregate Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(d), any Principal Distribution Amount remaining after application pursuant to clauses (A) through (K) above.
(d) Any Monthly Excess Cashflow will, on each Distribution Date, be distributed in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Senior Certificates and the Subordinate Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) after giving effect to principal distributions on such Distribution Date pursuant to Sections 5.02(c)(i) and 5.02(c)(ii), to each Class of the Group 2Senior Certificates, Group 3 and Group 4 Senior Certificates (in each case in proportion accordance with Section 5.02(c)(i), in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero; and
(B) to the Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) after giving effect to principal distributions on such Distribution Date pursuant to Sections 5.02(c)(i) and 5.02(c)(ii), to the Senior Certificates, in each case in accordance with Section 5.02(c)(i), in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of such Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the related Group Senior Certificates and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(I) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(J) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving effect to distributions on such Distribution Date, equals the M9 Target Amount; and
(K) to the Class M10 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates, after giving effect to distributions on such Distribution Date, equals the M10 Target Amount;
(iii) (a) first, in proportion to their respective Deferred Amounts, to the Senior Certificates and (b) second, to the Subordinate Certificates, in accordance with the Subordinate Priority, any Deferred Amount for each such class and such Distribution Date;
(iv) to the Basis Risk Reserve Fund, the amount of any Basis Risk Payment and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) pro rata, to the Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such class and such Distribution Date, in proportion to such shortfalls;
(B) to the Subordinate Certificates, in accordance with the Subordinate Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such class and such Distribution Date; and
(C) for addition to the amounts distributable pursuant to subsections 5.02 clause (f)(i)(B)(1)v) below, 5.02(f)(i)(C)(1) and 5.02to the Class X Certificates, any amounts remaini
Appears in 1 contract
Sources: Trust Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Amount, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato payment of the Trustee Fee for such Distribution Date;
(ii) from the remaining Available Distribution Amount, to each Class of Group 1 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for the Mortgage Pool shall be allocated among such the Classes of Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the remaining Available Distribution Amount, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Certificates in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount, to the Senior Certificates (other than the Class A2X1 and Class A2X2 Certificates), an amount equal to the Senior Principal Distribution Amount in reduction of the Class Principal Amounts thereof, sequentially as follows:
(A) first, to the Class M1R Certificate, in reduction of its Class M2Principal Amount, until its Class M3Principal Amount has been reduced to zero; and
(B) second, pro rata, to the Class M4, Class M5, Class M6 A1 and Class M7 A2 Certificates, in that order (the “reduction of their Class M Priority”)Principal Amount, Current Interest for each such until their Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution DatePrincipal Amounts have been reduced to zero;
(v) from the remaining Available Distribution Amount, to the Credit Risk ManagerSubordinated Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for Pool 2 remaining after application such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(S) sequentially, to the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates, from amounts otherwise paid to the Class BX Certificates pursuant to clauses clause 5.02(a)(v)(T), the Subordinate Floating Rate Certificate Shortfall and Unpaid Subordinate Floating Rate Certificate Shortfall for each such class;
(T) to the Class BX Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(U) to the Class BX Certificates, any Interest Shortfall for such Class on such Distribution Date (provided, however, that the Class BX Certificates shall not be entitled to reimbursement for amounts distributed to the Class B1, Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates in respect of Subordinate Floating Rate Certificate Shortfalls or Unpaid Subordinate Floating Rate Certificate Shortfalls);
(V) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(W) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(X) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(Y) to the Class B8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Z) to the Class B8 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(AA) to the Class B8 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(BB) to the Class B9 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(CC) to the Class B9 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(DD) to the Class B9 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(EE) to the Class B10 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(FF) to the Class B10 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(GG) to the Class B10 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) through If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (ii) if on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (iii) if on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (iv) if on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (v) if on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described 72 in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (vi) aboveif on any Distribution Date the Credit Support Percentage for the Class B6 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (vii) if on any Distribution Date the Credit Support Percentage for the Class B7 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (viii) if on any Distribution Date the Credit Support Percentage for the Class B8 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B9 or Class B10 Certificates on such Distribution Date; and (ix) if on any Distribution Date the Credit Support Percentage for the Class B9 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the B10 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to Holders of the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and P Certificates any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion Prepayment Penalty Amounts related to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Mortgage Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Holder of the Class R Certificate any Available Distribution Amount remaining for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-2)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (to other than the extent such amount is on deposit in the Certificate AccountClass P Distributable Amount) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, from the Available Distribution Amount to each Class of Group 1 Senior Certificates (other than the Class AP Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rata, from the Available Distribution Amount to each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than the Class AP Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro ratafrom the remaining Available Distribution Amount to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Datereferences to the word “approximately”;
(iv) sequentiallyfrom the remaining Available Distribution Amount, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) AP Certificates to the Credit Risk Managerextent of the remaining Available Distribution Amount, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow AP Deferred Amount for such Distribution Date, as provided in subsection until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (gA) of distributions pursuant to this Section, any Interest Remittance priority shall not exceed the aggregate Subordinate Principal Distribution Amount for Pool 1 such date; and (B) such amounts will not reduce the Certificate Principal Amounts of the Class AP Certificates; and
(v) from the remaining after application Available Distribution Amount, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (iC), (F), (I), (L), (O), (R) through and (viU) above.
(c) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date Subordinate Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection (g) reduced by such Class’s allocable share of this Section, any Net Prepayment Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viE) to the TrusteeClass B2 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(F) and not previously reimbursed to the Trustee; andClass B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiG) for application as part of Monthly Excess Cashflow to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gH) of this Sectionto the Class B3 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for Pool 3 such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date; and (U) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(c) After the Credit Support Depletion Date, the Senior Distribution Amount remaining after application pursuant distribution of interest to clauses the related Non-AP Senior Certificates on such date shall be distributed among the Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) (i) through If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (ii) if on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (iii) if on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (iv) if on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (v) if on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 or Class B7 Certificates on such Distribution Date; and (vi) aboveif on any Distribution Date the Credit Support Percentage for the Class B6 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B7 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 4 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest REMIC II for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (d) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Class P Distributable Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount Holder of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 P Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Trust 2005-3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount with respect to each Collateral Group, and shall distribute such amount to the Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Collateral Group, to each Class of Senior Certificates relating to such Collateral Group (other than the Class AP Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class’s allocable share of any Net Prepayment Interest Shortfalls for the related Collateral Group for such Distribution Date; provided, however, that any shortfall in available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates related to such Collateral Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; provided, further, that prior to the Accretion Termination Date, such amounts otherwise distributable to the Class 1-A11 Certificates shall instead be added to the Class Principal Amount thereof and will be distributed as provided in Section 5.02(a)(iii).
(ii) from the remaining Available Distribution Amount for each Collateral Group, to each Class of Senior Certificates relating to such Collateral Group (other than the Class AP Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates related to such Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, that prior to the Accretion Termination Date, such amounts otherwise distributable to the Class 1-A11 Certificates shall instead be added to the Class Principal Amount thereof and will be distributed as provided in Section 5.02(a)(iii).
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) from the remaining Available Distribution Amounts for Collateral Groups 1, 2 and 3, to the Class AP Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, respectively, any AP Deferred Amount for such Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for Collateral Groups 1, 2 and 3 for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP Certificates;
(v) from the remaining Available Distribution Amounts for Collateral Groups 1, 2 and 3, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O), (R), (U) and (X) below, in the following order of priority:
(A) to the Class M Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class M Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; (U) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(V) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(W) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(X) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (other than the Class AP Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the Credit Support Depletion Date, the Senior Distribution Amount with respect to Collateral Group 1 remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to the Class B1, Class B2, Class B3, Class B4, Class B5, Class B6 and Class B7 Certificates, if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary is in Section 5.02(a) no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(i) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to Collateral Group 1, 2 or 3 have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral Groups 1, 2 or 3 for such Distribution Date is less than 200% of such Aggregate Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of Collateral Groups 1, 2 or 3 that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%.
(A) On each Distribution Date on which the Class Principal Amounts of the Non-AP Senior Certificates relating to two or more of Collateral Groups 1, 2 or 3 have been reduced to zero, any amounts distributable pursuant to this Section 5.02(f)(i) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate.
(B) On each Distribution Date on which the Non-AP Senior Certificates for two or more of Collateral Groups 1, 2 or 3 remain outstanding, any amounts distributable pursuant to this Section 5.02(f)(i) will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(A) On any Distribution Date on which any Non-AP Senior Certificate or Certificates relating to Collateral Group 1, 2 or 3 constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Certificate Principal Amount of the Undercollateralized Class or Classes equals the Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates relating to Collateral Group 1, 2 or 3 constitute an Undercollateralized Class or Classes on any Distribution Date following the related Credit Support Depletion Date, Undercollateralization Distributions will be made from any Available Distribution Amount for the Collateral Groups not related to an Undercollateralized Class or Classes remaining after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (or, following the related Credit Support Depletion Date, as provided in the preceding sentence).
(B) If on any Distribution Date the Non-AP Senior Certificates relating to more than one Collateral Group 1, 2 or 3 are Undercollateralized Classes, the distribution described in paragraph (ii)(A) above will be made in proportion to the amount by which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to each such Collateral Group, after giving effect to distributions pursuant to Sections 5.02(a) and 5.02(b) on such Distribution Date, exceeds the Non-AP Pool Balance for the related Collateral Group for such Distribution Date.
(g) On each Distribution Date occurring after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee), shall withdraw from the Certificate Account the Total Available Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and shall allocate such amount to the interests issued in respect of each the Lower Tier REMIC 1 Uncertificated Regular Interests created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1first, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratasecond, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02LTURI-
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Securities Administrator (or the Paying Agent on behalf of the TrusteeSecurities Administrator) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Collateral Group, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of Accrued Certificate Interest on each Class of Group 1 Senior Certificates (other than the Principal-Only Certificates, Current Interest for each such Class and such Distribution Date ) and any Carryforward interest bearing Component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest for each Shortfalls relating to such Collateral Group allocated to that Class and such of Certificates or component thereof on that Distribution Date, as described herein); provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than the Principal-Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateinterest-bearing Component thereof relating to that Collateral Group; provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateCollateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for the Collateral Groups, concurrently, as follows:
(A) from the remaining Available Distribution Amounts for Collateral Groups 1 and 2, to the Class M1AP1 Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest any related AP Deferred Amount for each such Class and Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for such Collateral Groups for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP1 Certificates;
(B) from the remaining Available Distribution Date Amounts for Collateral Groups 3A and 3B, to the Class AP2 Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, any Carryforward Interest related AP Deferred Amount for each such Class and such Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for such Collateral Groups for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP2 Certificates;
(C) from the remaining Available Distribution Amounts for Collateral Group 4, to the Class AP3 Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, any related AP Deferred Amount for such Class and Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for such Collateral Groups for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP3 Certificates;
(v) from the remaining Available Distribution Amounts for Collateral Groups 1 and 2, to the Credit Risk ManagerGroup 1 Subordinate Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) subject to the Trustee, any prior distribution of amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date5.02(f), as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior 1B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass 1B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass 1B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class 1B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class 1B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class 1B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for Pool 2 remaining after application pursuant each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to clauses zero;
(iG) through to the Class 1B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class 1B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class 1B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class 1B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class 1B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class 1B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class 1B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class 1B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class 1B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class 1B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class 1B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class 1B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero; and
(vi) above.
(d) On each from the remaining Available Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date Collateral Groups 3A, 3B and 4, to the Group 2 Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g), in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior 2B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass 2B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass 2B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class 2B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class 2B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class 2B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for Pool 3 remaining after application pursuant each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to clauses zero;
(G) to the Class 2B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class 2B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class 2B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class 2B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class 2B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class 2B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class 2B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class 2B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class 2B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class 2B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class 2B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class 2B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Principal-Only Certificates) and the Subordinate Certificates pro rata based on (i) through in the case of the related Non-AP Senior Certificates (viand any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) abovein the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group (other than ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇, ▇▇▇ and PO3) remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class 1B1 or Class 2B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any related Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of related Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of related Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee Securities Administrator shall distribute to the Interest Remittance Amount Holder of the Class R Certificate any amounts remaining in REMIC III for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (e) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution DateDate prior to the related Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to Collateral Groups 1 or 2 have been reduced to zero, amounts otherwise distributable as principal on each Class of Group 1 Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Trustee shall distribute the related Subordinate Principal Distribution Amount with respect for the Collateral Group relating to each Mortgage Pool for such date retired Certificates, shall be distributed as follows:
(iprincipal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) On each until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) prior to the Stepdown Aggregate Subordinate Percentage for Collateral Groups 1 or 2 for such Distribution Date is less than 200% of such Group 1 Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of Collateral Groups 1 or 2 that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class related Mortgaged Property has been reduced to zero;
(2) concurrently, to each Class of acquired by the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of Trust Fund if the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1Mortgage Loan had remained in existence) and 5.02as a percent
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (excluding all Prepayment Premiums) and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date will be distributed in the following order of priority:
(i) pro rataconcurrently, to each Class of Group Pool 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and Classes on such Distribution Date;
(ivii) sequentially, to the each Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 of Pool 1 Subordinate Certificates, in that order (accordance with the “Class M Pool 1 Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Classes for such Distribution Date;
(viiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) previously unreimbursed extraordinary costs, liabilities and not previously reimbursed expenses related to the TrusteePool 1 Certificates; and
(viiiv) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(f), any such Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viiii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date will be distributed in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(ii) concurrently, to each Class of Group Pool 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereonand Carryforward Interest due such Classes on such Distribution Date;
(iiiii) pro rata, to each Class of Group 1Pool 2 Subordinate Certificates, Group 3 and Group 4 Senior Certificatesin accordance with the Pool 2 Subordinate Priority, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) previously unreimbursed extraordinary costs, liabilities and not previously reimbursed expenses related to the TrusteePool 2 Certificates; and
(viiv) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(g), any such Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viiv) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 1 for such date, concurrently, as follows:
(i) On each Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Pool 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 concurrently, as follows:
(A) up to the amount of any Net Negative Amortization previously allocated to the Pool 1 Senior Certificates and not repaid, to the Pool 1 Senior Certificates, pro rata, based on the amount of such unpaid prior allocations of Net Negative Amortization to each class thereof;
(B) concurrently (a) sequentially, first, to the Class 1-A1 Certificates, second, pro rata to the Class 1-A2A Underlying Interest and Class 1-A2B Underlying Interest, and third, to the Class 1-A3 Underlying Interest, in that order, and (b) pro rata to the Class 1-A4A Certificates, Class 1-A4B Underlying Interest and Class 1-A4C Certificates, in each case until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7, Class 1-M8 and Class 1-M9 Certificates, sequentially, in that order, in each case until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of the Pool 1 Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(f), any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) above.
(ii) On each Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 for such date will be distributed in the following order of priority:
(ia) pro ratafor so long as any of the Pool 1 Subordinate Certificates are outstanding, to each Class of Group 3 the Pool 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Prioritypriorities set forth in Section 5.02(d)(i), Current Interest in an amount equal to the lesser of (x) the Principal Distribution Amount for each such Class and Pool 1 for such Distribution Date and any Carryforward Interest (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class and such Distribution Date;
(v) has been reduced to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and zero; or (b) otherwise to the Pool Percentage 1 Senior Certificates (in accordance with Section 5.02(d)(i)), the Principal Distribution Amount for Pool 3 1 for such Distribution Date;
(viB) to the TrusteeClass 1-M1 Certificates, any amounts reimbursable an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates on such Distribution Date pursuant to Section 4.04(b)(iclause (A) above and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1 Certificates on such Distribution Date pursuant to clauses (A) and not previously reimbursed (B) above, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the TrusteeClass 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the 1-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class 1-M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the 1-M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class 1-M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3 and Class 1-M4 Certificates on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the 1-M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class 1-M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4 and Class 1-M5 Certificates on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the 1-M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class 1-M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the 1-M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class 1-M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and Class 1-M7 Certificates on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the 1-M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class 1-M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Pool 1 Senior Certificates and the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7 and Class 1-M8 Certificates on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the 1-M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(viiK) for application as part of the aggregate Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionDate pursuant to Section 5.02(f), any Interest Remittance Principal Distribution Amount for Pool 3 remaining after application pursuant to clauses (iA) through (viJ) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) with respect to which a Pool 2 Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Pool 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed 2 in the following order of priority:
(1A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (unless due to a Swap Counterparty Trigger Event) owed to the Class A1 Swap Counterparty (to the extent not paid previously or from the Interest Remittance Amount for Pool 2 in accordance with Section 5.02(c));
(B) up to the amount of any Net Negative Amortization previously allocated to the Pool 2 Senior Certificates and Class A2 not repaid, to the Pool 2 Senior Certificates, sequentiallypro rata, in that order, based on the amount of such unpaid prior allocations of Net Negative Amortization to each class thereof;
(C) pro rata to each Class of the Pool 2 Senior Certificates until the Class Principal Amount of each such Class has been reduced to zero;
(D) to the Class 2-M1, Class 2-M2, Class 2-M3, Class 2-M4, Class 2-M5, Class 2-M6, Class 2-M7, Class 2-M8 and Class 2-M9 Certificates, sequentially, in that order, in each case until the Class Principal Amount of each such Class has been reduced to zero; and
(E) concurrentlyfor application as part of the Pool 2 Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(g), any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Principal Distribution Amount for Pool 2 for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account any Net Swap Payment or Swap Termination Payment (unless due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not paid previously or from the Interest Remittance Amount in accordance with Section 5.02(c));
(B) (a) for so long as any of the Pool 2 Subordinate Certificates are outstanding, to the Pool 2 Senior Certificates, in accordance with the priorities set forth in Section 5.02(e)(i), in an amount equal to the lesser of (x) the Principal Distribution Amount for Pool 2 for such Distribution Date less any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to Section 5.02(e)(ii)(A) and (y) the Pool 2 Senior Principal Distribution Amount such Distribution Date until the Class Principal Amount of each such Class of has been reduced to zero; or (b) otherwise to the Group 2, Group 3 and Group 4 Pool 2 Senior Certificates (in each case in proportion accordance with Section 5.02(e)(i)), the Principal Distribution Amount for Pool 2 for such Distribution Date less any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to Section 5.02(e)(ii)(A) above;
(C) to the aggregate Class 2-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Pool 2 Senior Certificates on such Distribution Date pursuant to clause (B) above and any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to clause (A) above and (y) the 2-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the related Group after giving effect Class 2-M2 Certificates, an amount equal to distributions the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Pool 2 Senior Certificates and the Class 2-M1 Certificates on such Distribution Date pursuant to subsections 5.02 clauses (f)(i)(B)(1), 5.02(f)(i)(C)(1B) and 5.02(C) above and any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to clause (A) above and (y) the 2-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class 2-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Pool 2 Senior Certificates and the Class 2-M1 and Class 2-M2 Certificates on such Distribution Date pursuant to clauses (B) through (D) above and any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to clause (A) above and (y) the 2-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class 2-M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2 and Class 2-M3 Certificates on such Distribution Date pursuant to clauses (B) through (E) above and any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to clause (A) above and (y) the 2-M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class 2-M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Pool 2 Senior Certificates and the Class 2-M1, Class 2-M2, Class 2-M3 and Class 2-M4 Certificates on such Distribution Date pursuant to clauses (B) through (F) above and any Net Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant to clause (A) above and (y) the 2-M5 Principal Distribution Amount for such Distribution Date, until the Class Pr
Appears in 1 contract
Sources: Trust Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Collateral Group, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Collateral Group, to each Class of Group 1 Senior CertificatesCertificates (or related Component) relating to such Collateral Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s (or related Component’s) allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Collateral Group for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates related to such Classes Collateral Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the remaining Available Distribution Amount for each Collateral Group, to each Class of Group 2Senior Certificates (or related Component) relating to such Collateral Group, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates (or related Component) related to such Classes Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) related that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateCollateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for all the Collateral Groups, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Subordinate Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) subject to the Credit Risk Manager, the product prior distribution of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date5.02(f), as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for Collateral Group on such Distribution Date, except as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(iSection 5.02(d), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlypro rata, to the Class B2 and Class BIO1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by each such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) pro rata, to the Class B2 and Class BIO1 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) pro rata, to the Class B4 and Class BIO2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by each such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) pro rata, to the Class B4 and Class BIO2 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(U) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(V) to the Class B8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(W) to the Class B8 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(X) to the Class B8 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(Y) to the Class B9 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Z) to the Class B9 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(AA) to the Class B9 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof) and the Subordinate Certificates pro rata based on (i) in the case of the related Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group remaining after distribution of interest to the related Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of the Group 2, Group 3 and Group 4 Senior Subordinate Certificates (other than the Class B1, Class BIO1 and Class BIO2 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in each case Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to the aggregate their respective Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02Amounts.
Appears in 1 contract
Sources: Trust Agreement (LMT 2007-1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (Subject to the extent such amount is on deposit in the Certificate AccountSections 5.02(h) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1(i), Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On on each Distribution Date, the Trustee shall distribute the Interest Remittance Available Distribution Amount for the related Mortgage Pool 1 for such date (in the case of the Senior Certificates other than the Class X-B Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates and the Class X-B Certificates) shall be withdrawn by the Trustee from the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) pro rataConcurrently, from the related Available Distribution Amount, to the payment of the Interest Distribution Amount and any Interest Shortfalls for each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current on each Distribution Date, the Interest shall be allocated among such Classes in proportion to the amount of Current Interest Distribution Amount that would otherwise be distributable thereonto a Class of Interest-Only Certificates shall be deposited in the Basis Risk Reserve Fund to the extent of the Required Basis Risk Deposit for such Class and shall not be distributed to such Class;
(ii) pro rataConcurrently, to each the Senior Certificates from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause (i) above, as follows:
(a) sequentially to the Class of Group 2, Group 3 A-R and Group 4 Senior Class 1A Certificates, Current Interest in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero; and
(taking into account distributions pursuant b) concurrently to subsections 5.02(c)(i)the Class 2A-1 Certificates and the Class 2A-2 Certificates, 5.02(d)(ian amount up to the Senior Principal Distribution Amount for Pool 2 as follows:
(i) and 5.02(e)(i) belowto the Class 2A-2 Certificates, as applicable) the Class 2A-2 Principal Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest for each until the Class Principal Amount of such Class and such Distribution Datehas been reduced to zero; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion and
(ii) to the amount Class 2A-1 Certificates, any remaining Senior Principal Distribution Amount for Pool 2 after application of Current Interest that would otherwise be distributable thereonparagraph of (a)(ii)(b)(i) of this Section 5.02;
(iii) pro rataFrom the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) and (ii) above, to each the Class of Subordinate Senior B-1, Class B-2 and Class B-3 Certificates, Current sequentially, in that order, the Interest Distribution Amount and any Interest Shortfalls, in each case, for each such Class and on such Distribution Date and Carryforward Interest for each such Class and such Distribution Datedate;
(iv) sequentially, to From the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, Available Distribution Amount from the Mortgage Pools in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 aggregate remaining after application of amounts pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(iiii) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 B-1, Class B-2 and Class A2 B-3 Certificates, sequentially, in that order, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until the its Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 1 Senior (other than any related Principal Only Certificates) and the related Component of the Class AX(2-3) Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’ or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates and the Components of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2, Group 3 (other than any related Principal Only Certificates) and Group 4 Senior the related Component of the Class AX(2-3) Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates and the Components of the related Certificate Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates of each Certificate Group, to each Class of Subordinate Senior other than any related Notional Certificates, Current Interest for each as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;” provided that all references to the PAC Principal Amount Schedule or TAC Principal Amount Schedule shall be deemed to refer to such Class schedules attached as Exhibits P-1 and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;P-2 hereto.
(iv) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Class M11-AP, Class M2, Class M3, Class M4, Class M5, Class M6 2-AP and Class M7 3-AP Certificates, in that order (the “Class M Priority”), Current Interest AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for the related Mortgage Pool for such date and (B) such amounts will not reduce the Class Principal Amounts of such Classes; and
(v) to from the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such remaining Available Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application and Pool 3, subject to the prior distribution of amounts pursuant to Section 5.02(c) and Section 5.02(g) in the case of clauses (iC), (F), (I), (L), (O), and (R) through (vi) above.
(c) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date related Subordinate Certificates and Components, in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1(1-3) Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1(1-3) Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1(1-3) Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2(1-3) Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B2(1-3) Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2(1-3) Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the B3(1-3) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the B3(1-3) Component, any Interest Shortfall for such Component on such Distribution Date;
(I) to the B3(1-3) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Component Principal Amount thereof has been reduced to zero;
(J) to the Class B4(1-3) Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4(1-3) Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4(1-3) Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5(1-3) Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5(1-3) Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5(1-3) Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6(1-3) Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6(1-3) Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6(1-3) Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(vi) from the remaining Available Distribution Amount for Pool 2 remaining after application 2, subject to the prior distribution of amounts pursuant to Section 5.02(d) in the case of clauses (iC), (F), (I), (L), (O) through and (viR) above.
(d) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date related Subordinate Certificates and Components, in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior 2B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass 2B1 Certificates, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate 2B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for each such Class’s Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to Percentage of the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the related Subordinate Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(d), until the Class Certificate Principal Amount of each such Class Balance thereof has been reduced to zero;
(2D) concurrentlyto the Class 2B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class 2B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class 2B2 Certificates, in reduction of the Group 2Certificate Principal Amount thereof, Group 3 and Group 4 such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the B3(2) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the B3(2) Component, any Interest Shortfall for such Component on such Distribution Date;
(I) to the B3(2) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(J) to the Class 2B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class 2B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class 2B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class 2B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class 2B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class 2B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class 2B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class 2B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class 2B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the interest bearing Senior Certificates or Components of the related Certificate Group and the Subordinate Certificates or Components pro rata based on (i) in each the case of such Senior Certificates or Components and the Class 2B1, Class 2B2, Class 2B4, Class 2B5 and Class 2B6 Certificates and the B3(2) Component, the Accrued Certificate Interest otherwise distributed thereon and (ii) in the case of the Class B1(1-3), Class B2(1-3), Class B4(1-3), Class B5(1-3) and Class B6(1-3) Certificates and the B3(1-3) Component, interest accrued on their related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1(1-3) Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 and Pool 3 will be made in respect of the Class B2(1-3), Class B4(1-3), Class B5(1-3) or Class B6(1-3) Certificates or the B3(1-3) Component on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2(1-3) Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 and Pool 3 will be made in respect of the Class B4(1-3), Class B5(1-3) or Class B6(1-3) Certificates or the B3(1-3) Component on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the B3(1-3) Component is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 and Pool 3 will be made in respect of the Class B4(1-3), Class B5(1-3) or Class B6(1-3) Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4(1-3) Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 and Pool 3 will be made in respect of the Class B5(1-3) or Class B6(1-3) Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5(1-3) Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 and Pool 3 will be made in respect of the Class B6(1-3) Certificates on such Distribution Date. Any amount not distributed in respect of any Class or Component on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining related Subordinate Classes or Component in proportion to the aggregate their respective Class Principal Amount or Component Principal Amount.
(i) If on any Distribution Date the Credit Support Percentage for the Class 2B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the related Group after giving effect definition of Subordinate Principal Distribution Amount for Pool 2 will be made in respect of the Class 2B2, Class 2B4, Class 2B5 or Class 2B6 Certificates or the B3(2) Component on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class 2B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount for Pool 2 will be made in respect of the Class 2B4, Class 2B5 or Class 2B6 Certificates or the B3(2) Component on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the B3(2) Component is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 2 will be made in respect of the Class 2B4, Class 2B5 or Class 2B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class 2B4 Certificates is less than the Original Credit Support Perc
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Series 2003-20)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (excluding all Prepayment Premiums) and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority1, Pool 1C and Pool 2 as follows:
(i) pro rataOn each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date concurrently, as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Pool 1 Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1C and Pool 2 pursuant to Sections 5.02(b)(ii)(1) and 5.02(b)(iii)(1);
(3) concurrently, to each Class of Group Pool 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereonand Carryforward Interest due such Classes on such Distribution Date;
(4) for application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(ii) pro rataOn each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1C for such date as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Pool 1C Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1 and Pool 2 pursuant to Sections 5.02(b)(i)(1) and 5.02(b)(iii)(1);
(3) concurrently, to each Class of Group 2, Group 3 and Group 4 Pool 1C Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and Classes on such Distribution Date;
(iv4) sequentially, for application pursuant to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”Section 5.02(b)(iv), Current any such Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Remittance Amount remaining undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(ciii) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priorityas follows:
(i1) pro ratafor deposit into the Supplemental Interest Trust Account, the Pool 2 Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1 and Pool 1C pursuant to Sections 5.02(b)(i)(1) and 5.02(b)(ii)(1);
(3) concurrently, to each Class of Group Pool 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(4) for application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(iv) On each Distribution Date, the Trustee will distribute the aggregate of any remaining Interest Remittance Amounts from Sections 5.02(b)(i)(4), 5.02(b)(ii)(4) and 5.02(b)(iii)(4), as applicable, as follows:
(A) concurrently, to each Class of Group I Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date (any shortfall in Current Interest shall and Carryforward Interest to be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon) to the extent not paid on such Distribution Date pursuant to Sections 5.02(b)(i)(3), 5.02(b)(ii)(3) and 5.02(b)(iii)(3) above;
(iiiB) pro rata, to each Class of Group I Subordinate Senior Certificates (other than the Class M8-I and Class M9-I Certificates), in accordance with the Group I Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Classes for such Distribution Date;
(viC) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) previously unreimbursed extraordinary costs, liabilities and not previously reimbursed expenses related to the TrusteeGroup I Certificates; and
(viiD) for application as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(f), any such Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (iA) through (viC) above.
(dc) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 and Pool 4 for such date will be distributed in the following order of priority:
(i) pro rata, to On each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any the Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 CertificatesCertificate Insurer, sequentially, in that order, until the Certificate Insurer Premium with respect to the Class Principal Amount of each 3-A2 Certificates and such Class has been reduced to zeroDistribution Date;
(2) concurrently, to each Class of Pool 3 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class 3-A2 Certificates, plus all amounts due to the Certificate Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter;
(4) for application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(g), any such Interest Remittance Amount remaining after application pursuant to clauses (1) through (3) above.
(ii) On each Distribution Date, the Interest Remittance Amount for Pool 4 for such date will be distributed in the following order of priority:
(1) to the Certificate Insurer, the Certificate Insurer Premium with respect to the Class 4-A3 Certificates and such Distribution Date;
(2) concurrently, to each Class of Pool 4 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class 4-A3 Certificates, plus all amounts due to the Certificate Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter;
(4) for application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(g), any such Interest Remittance Amount remaining after application pursuant to clauses (1) through (3) above.
(iii) On each Distribution Date, the Trustee will distribute the aggregate of any remaining Interest Remittance Amounts from Sections 5.02(c)(i)(4) and 5.02(c)(ii)(4), as applicable, as follows:
(1) to the Certificate Insurer, the monthly premium due under the Certificate Insurance Policy with respect to the Class 3-A2 and Class 4-A3 Certificates to the extent not paid pursuant to Sections 5.02(c)(i)(1) and 5.02(c)(ii)(1);
(2) concurrently, to each Class of Group II Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class 3-A2 and Class 4-A3 Certificates, plus all amounts due to the Certificate Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter to the extent not paid pursuant to Sections 5.02(c)(i)(3) and 5.02(c)(ii)(3);
(4) to each Class of Group II Subordinate Certificates, in accordance with the Group 2II Subordinate Priority, Group 3 Current Interest and Group 4 Senior Certificates any Carryforward Interest for such Classes for such Distribution Date;
(in each case in proportion 5) to the aggregate Class Principal Trustee, previously unreimbursed extraordinary costs, liabilities and expenses related to the Group II Certificates; and
(6) for application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(g), any such Interest Remittance Amount of the related Group remaining after giving effect to distributions application pursuant to subsections 5.02 clauses (f)(i)(B)(1), 5.02(f)(i)(C)(11) and 5.02through (5) above.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) pro rataconcurrently, to each Class of Group 1 the Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Senior Certificates in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior A5 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class B1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Class Principal Amount of the Offered Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3, Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Senior Certificates, concurrently, as follows:
(a) 32.3228433099% of the amount distributable in Section 5.02(c)(i)(A) to the Class A1 Certificates, until their Class Principal Amount has been reduced to zero; and
(b) 67.▇▇▇▇▇▇▇▇▇▇% of the amount distributable in Section 5.02(c)(i)(A), in the following order of priority:
(I) to the Class A2 Certificates, until their Class Principal Amount has been reduced to zero; and
(II) to the Class A3 and Class A4 Certificates, pro rata, until their respective Class Principal Amount has been reduced to zero;
(B) to the Class A5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 such date will be distributed in the following order of priority:
(1A) so long as the Class A5, Class M1, Class M2, Class M3, Class B1 or Class B2 Certificates are outstanding, to the Class A1 and Class A2 Senior Certificates, sequentially, in that orderan amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Class A5, Class M1, Class M2, Class M3, Class B1 or Class B2 Certificates are outstanding, then to the Senior Certificates, in accordance with Section 5.02(c)(i)(A), the Principal Distribution Amount for such Distribution Date;
(2B) to the Class A5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates on such date pursuant to clause (A) above, and (y) the A5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class A5 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5 and Class M1 Certificates on such date pursuant to clauses (A), (B) and (C) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (E) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3 and Class B1 Certificates on such date pursuant to clauses (A) through (F) above, respectively, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow, and for purposes of distributions pursuant to Section 5.02(d)(iii) of this Agreement, any amounts distributable from the Basis Risk Reserve Fund, and solely for purposes of distributions pursuant to Section 5.02(d)(x), amounts representing Excess Purchase Prices, for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority,
(A) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(c), to the Senior Certificates, in reduction of their Class Principal Amount until the Class Principal Amount of each such Class has been reduced to zero; provided however, that amounts distributable pursuant to this Section 5.02(d)(i)(A) shall be distributed as follows:
(I) 32.3228433099% of the amount distributable in Section 5.02(d)(i)(A) to the Class A1 Certificates, until their Class Principal Amount has been reduced to zero; and
(II) 67.▇▇▇▇▇▇▇▇▇▇% of the amount distributable in Section 5.02(d)(i)(A), in the following order of priority:
(a) to the Class A2 Certificates, until their Class Principal Amount has been reduced to zero; and
(b) to the Class A3 and Class A4 Certificates, pro rata, until their respective Class Principal Amount has been reduced to zero;
(B) to the Class A5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(G) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) concurrently, in proportion to their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(c), to the Senior Certificates, in reduction of their Class Principal Amount until the aggregate Class Principal Amounts of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount; provided however, that amounts distributable pursuant to this Section 5.02(d)(ii)(A) shall be distributed as follows:
(I) 32.3228433099% of the amount distributable in Section 5.02(d)(ii)(A) to the Class A1 Certificates, until their Class Principal Amount has been reduced to zero; and
(II) 67.▇▇▇▇▇▇▇▇▇▇% of the amount distributable in Section 5.02(d)(ii)(A), in the following order of priority:
(a) to the Class A2 Certificates, until their Class Principal Amount has been reduced to zero; and
(b) to the Class A3 and Class A4 Certificates, pro rata, until their respective Class Principal Amount has been reduced to zero;
(B) to the Class A5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the A5 Target Amount;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the related Group Class A5, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date equals the M1 Target Amount;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M1, Class A5, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M1, Class M2, Class A5, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(F) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M3, Class M2, Class M1, Class A5, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount;
(G) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M3, Class M2, Class M1, Class A5, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the B2 Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority,
(A) concurrently, in proportion to their respective Unpaid Basis Risk Shortfalls, after giving effect to previous distributions on such Distribution Date, to the Senior Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the Class A5 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;;
(C) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(D) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(F) to the Class B1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for Class and for such Distribution Date; and
(G) to the Class B2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(H) to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (G) above, 5.02(f)(i)(C)(1in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class A5 Certificates, any Deferred Amount for such Class and 5.02such Distribution Date;
(v) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, an
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, pro rata, to each the Class of Group 1 Senior CertificatesA1, Current Interest for each such Class A2, Class A-IO and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior A-SIO Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i)the Net Funds Cap, 5.02(d)(i) and 5.02(e)(i) below, as if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class A1, Class A2, Class A-IO and Class A-SIO Certificates in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date Date;
(iii) to the Class M2 Certificates, Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M3 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M4 Certificates, Current Interest (taking into account the product of (aNet Funds Cap, if applicable) the Credit Risk Manager’s Fee and (b) the Pool Percentage any Carryforward Interest for Pool 1 for such Class and such Distribution Date;
(vi) to the TrusteeClass B Certificates, Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Credit Risk Manager, the Credit Risk Manager’s Fee for such Distribution Date;
(viii) to the Trustee and the Master Servicer, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeTrustee and the Master Servicer; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viviii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.[Reserved]
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 Certificates until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A2 Certificates until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(8) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (7) of this Section 5.02(d)(i).
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, to the Class A1 and Class A2 Certificates, sequentially, in that order, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, then to the Class A1 and Class A2 Certificates, sequentially, in that order, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrentlyto the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1 and Class A2 Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1 and Class M2 Certificates on such date pursuant to clauses (1) through (3) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (4) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of each such Class has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (1) through (6) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the Group 2remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(e) On each Distribution Date, Group 3 the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Class A1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(G) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and Group 4 Senior Certificates for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class A1 and Class A2 Certificates, sequentially in each case that order, in proportion to reduction of their respective Class Principal Amounts until the aggregate Class Principal Amount of the related Group Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class M2, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class M2, Class M3, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount; and
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M4, Class M3, Class M2, Class M1, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority:
(A) concurrently, in proportion to their respective Unpaid Basis Risk Shortfalls, after giving effect to previous distributions on such Distribution Date, to the Class A1 and Class A2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for such Distribution Date;
(F) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date; and
(G) to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clauses (f)(i)(B)(1A) through (F) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date; and
(ix) on the Distribution Date occurring in August 2008 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates), 5.02(f)(i)(C)(1$100 in payment of its Class P Principal Amount;
(x) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date; and
(xi) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (x) above.
(f) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period and 5.02received by the Trustee shall be distributed to the Class P Certificate.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Collateral Group, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of Accrued Certificate Interest on each Class of Group 1 Senior Certificates (other than the Principal-Only Certificates, Current Interest for each such Class and such Distribution Date ) and any Carryforward interest bearing Component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest for each Shortfalls relating to such Collateral Group allocated to that Class and such of Certificates or component thereof on that Distribution Date, as described herein); provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than the Principal-Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateinterest-bearing Component thereof relating to that Collateral Group; provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the related Classes of Senior Certificates and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateCollateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for the Collateral Groups, concurrently, as follows:
(A) from the remaining Available Distribution Amounts for Collateral Groups 1, 2A and 2B, to the Class M1AP1 Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest any related AP Deferred Amount for each such Class and Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for such Collateral Groups for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP1 Certificates;
(B) from the remaining Available Distribution Date Amounts for Collateral Groups 3 and 4, to the Class AP2 Certificates to the extent of the remaining Available Distribution Amounts for such Collateral Groups, any Carryforward Interest related AP Deferred Amount for each such Class and such Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for such Collateral Groups for such date; and (B) such amounts will not reduce the Certificate Principal Amount of the Class AP2 Certificates;
(v) from the remaining Available Distribution Amounts for Collateral Groups 1, 2A and 2B, to the Credit Risk ManagerGroup 1 Subordinate Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) subject to the Trustee, any prior distribution of amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date5.02(f), as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior 1B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass 1B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass 1B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class 1B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class 1B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class 1B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for Pool 2 remaining after application pursuant each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to clauses zero;
(iG) through to the Class 1B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class 1B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class 1B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class 1B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class 1B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class 1B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class 1B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class 1B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class 1B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class 1B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class 1B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class 1B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero; and
(vi) above.
(d) On each from the remaining Available Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool Collateral Groups 3 for such date and 4, to the Group 2 Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g), in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior 2B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass 2B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass 2B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class 2B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class 2B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class 2B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for Pool 3 remaining after application pursuant each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to clauses zero;
(G) to the Class 2B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class 2B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class 2B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class 2B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class 2B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class 2B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class 2B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class 2B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class 2B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class 2B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class 2B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class 2B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Principal-Only Certificates) and the Subordinate Certificates pro rata based on (i) through in the case of the related Non-AP Senior Certificates (viand any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) abovein the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group (other than Collateral Groups PO1 and PO3) remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class 1B1 or Class 2B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any related Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of related Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of related Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount Holder of the Class R Certificate any amounts remaining in REMIC III for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (e) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution DateDate prior to the related Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to Collateral Groups 1, 2A and 2B have been reduced to zero, amounts otherwise distributable as principal on each Class of Group 1 Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Trustee shall distribute the related Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral Groups 1, 2A and 2B for such Distribution Date is less than 200% of such Group 1 Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of Collateral Groups 1, 2A and 2B that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to each which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Pool for such date Loan had remained in existence) as follows:a percentage of the related Group Subordinate Amount is greater than or equal to 50%.
(ig) On each Distribution Date (a) prior to the Stepdown related Credit Support Depletion Date or (b) with respect to but after the date on which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate total Certificate Principal Amount of the Offered Non-AP Senior Certificate or Certificates equals relating to Collateral Groups 3 and 4 have been reduced to zero, amounts otherwise distributable as principal on each Class of Group 2 Subordinate Certificates pursuant to Section 5.02(a)(vi), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Target Amount for such Distribution Date, the related Subordinate Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) Collateral Group relating to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02retired
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior Certificates and each Component of any Class of Senior Certificates, Current in each case of the related Certificate Group, other than any related Principal-Only Certificates or Principal-Only Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class's or Component's allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date, as described herein); provided, however, that any shortfall in available amounts for each such Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class and such of Accrual Certificates or an Accrual Component shall not be distributable thereto until the Distribution Date and any Carryforward Interest immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e).
(ii) from the Available Distribution Amount for each such Mortgage Pool, to each Class of Senior Certificates and each Component of any Class of Senior Certificates, in each case, of the related Certificate Group, other than any related Principal-Only Certificates or Principal-Only Component, any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;; and provided further, that any Interest Shortfall for any Accrual Certificates or Accrual Component shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e).
(iiiii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates or Components of any Class of Senior Certificates of each Certificate Group, other than any related Notional Certificates or Notional Components, as set forth in the Senior Principal Priorities attached as Exhibit L hereto, without regard to references to the word "approximately."
(iv) concurrently, to each the Class 1-AP Certificates and the 2-A9(5) Component, to the extent of Group 2the remaining Available Distribution Amount for the related Mortgage Pool, Group 3 the Class AP Deferred Amount and Group 4 Senior Certificatesthe Component AP Deferred Amount, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i)respectively, 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, provided however, that any shortfall in Current Interest distributions pursuant to this priority shall be allocated among such Classes in proportion to not exceed the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Principal Distribution Amount for each such Class and such Distribution Date and Carryforward Interest the related Mortgage Pool for each such Class and such Distribution Date;
(iv) sequentially, to and shall not reduce the Class M1Principal Amount or Component Principal Amount of the Class 1-AP Certificates and the 2-A9(5) Component, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Daterespectively;
(v) to the Credit Risk Managerextent of the remaining Available Distribution Amounts for each Mortgage Pool, to the product of (arelated Subordinate Components and the Class B1(2) the Credit Risk Manager’s Fee and (bClass B2(2) the Pool Percentage for Pool 1 for such Distribution Date;Certificates, concurrently, as follows:
(viA) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to extent of the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such remaining Available Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (ithe B1(1-3)(1), B2(1-3)(1), B3(1), B4(1), B5(1) through (viand B6(1) above.
(c) On each Distribution DateComponents, in that order, of the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date following amounts, in the following order of priority:: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to that Component on that Distribution Date), (y) any outstanding Interest Shortfalls previously allocated to that Component, and (z) such Component's Subordinate Allocation Percentage of the Subordinate Principal Distribution Amount for Pool 1 for that Distribution Date, except as provided below, in reduction of the Component Principal Amounts thereof;
(B) to the extent of the remaining Available Distribution Amount for Pool 2, to the Class B1(2) and Class B2(2) Certificates and B3(2), B4(2), B5(2) and B6(2) Components, in that order, of the following amounts, in the following order of priority: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to that Component or Class on that Distribution Date), (y) any outstanding Interest Shortfalls previously allocated to that Component or Class, and (z) that Component's or Class' Subordinate Allocation Percentage of the Subordinate Principal Distribution Amount for Pool 2 for that Distribution Date, except as provided below, in reduction of the Component Principal Amounts or Class Principal Amounts thereof; and
(C) to the extent of the remaining Available Distribution Amount for Pool 3, to the B1(1-3)(3), B2(1-3)(3), B3(3), B4(3), B5(3) and B6(3) Components, in that order, of the following amounts, in the following order of priority: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to that Component on that Distribution Date), (y) any outstanding Interest Shortfalls previously allocated to that Component, and (z) such Component's Subordinate Allocation Percentage of the Subordinate Principal Distribution Amount for Pool 3 for that Distribution Date, except as provided below, in reduction of the Component Principal Amounts thereof.
(b) If on any Distribution Date, the sum of the aggregate Component Principal Amounts of the Subordinate Components (and Class Principal Amounts of the Class B1(2) and Class B2(2) Certificates, in the case of Pool 2), in a Certificate Group has been reduced to zero, the Available Distribution Amount with respect to the related Mortgage Pool remaining after distribution of interest to the related Senior Certificates on such date will be distributed among the Senior Certificates in such Certificate Group remaining outstanding, in proportion to their respective Certificate Principal Amounts, until the Certificate Principal Amounts thereof have been reduced to zero, regardless of the priorities and allocations set forth in Section 5.02(a)(iii).
(i) pro rata, With respect to each Subordinate Component (other than the B6(1), B6(2) and B6(3) Components) and the Class of Group 2 Senior B1(2) and Class B2(2) Certificates, Current Interest for each such Class and such if on any Distribution Date the Credit Support Percentage for that Class or Component is less than that Class's or Component's Original Credit Support Percentage, then notwithstanding anything to the contrary in Section 5.02(a), no distributions in respect of clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool will be made to any Carryforward Interest for each such related Class and such or Subordinate Component of lower priority. Any amount not distributed in respect of any Class or Subordinate Component on any Distribution Date; provided, however, that any shortfall in Current Interest Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes and Subordinate Components having the same parenthetical designation (or including the same designation) as such Classes Class or Subordinate Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each their respective Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) belowPrincipal Amounts or Component Principal Amounts, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 3 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest Upper Tier REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Mortgage Pass Through Certificates Series 2001 12)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates or Components relating to such Mortgage Pool (other than the Class AP Certificates in the case of Pool 3), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest Certificates or Components relating to such Mortgage Pool (taking into account distributions pursuant to subsections 5.02(c)(iother than the Class AP Certificates in the case of Pool 3), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateMortgage Pool to the Senior Certificates or Components (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for Pool 3, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 AP Certificates, in that order (the “Class M Priority”), Current Interest AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Class; and
(v) from the remaining Available Distribution Amount for all three Mortgage Pools, subject to the Credit Risk Manager, the product prior distribution of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i5.02(f) in the case of clauses (C), (F), (I), (L), (O) and not previously reimbursed (R) below, to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution DateSubordinated Certificates, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to such Mortgage Pool (other than the related Components of the Class AP Certificates) pro rata based on (i) in the case of the related Group after giving effect Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-7)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Distribution Date), to be paid concurrently and in proportion to the Interest Remittance Amount available with respect to Pool 2 for such Distribution Date;
(iii) concurrently, on a pro ratarata basis, to each Class class of the Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;; and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable application pursuant to Section 4.04(b)(i5.02(d) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Sectionbelow, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses clause (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date) to be paid concurrently and in proportion to the Interest Remittance Amount available with respect to Pool 1 for such Distribution Date;
(iii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;; and
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable application pursuant to Section 4.04(b)(i5.02(d) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Sectionbelow, any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivthis Section 5.02(c) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities CORP 2007-Bc1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date;
(ii) concurrently, to the Class 1-A1A, Class 1-A1B, Class 1-A2A, Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4A, Class 1-A4B, Class 1-A4C, Class 1-A4D, Class 1-A5 and Class 1-A6 Certificates, pro rata, to each Class of Group 1 Senior Certificates,, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and Classes on such Distribution Date;
(iviii) sequentiallyconcurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) in the priority provided in the last paragraph of this Section 5.02(b) below, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 1-A Certificates, in that order all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated to such Classes and any Deferred Amount previously allocated to such Classes not previously reimbursed, pro rata, on the amounts under each subclause (a) and (b);
(iv) to the “Class M Priority”)1-M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass 1-M2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the product of (aM3(1) the Credit Risk Manager’s Fee Component, Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Component and for such Distribution Date;
(vivii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above. Any payments made pursuant to clause (iii)(b) of this paragraph (b) shall be made in the following order of priority:
(1) to the Class 1-A Certificates, all accrued and unpaid interest or the related Interest Rate for each applicable Class on any Deferred Amount previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Class 1-A Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 2 Senior 2-A1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 1, Group 3 and Group 4 Senior 2-M1 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior 2-M2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM3(2) Component, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Component and for such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viv) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool 1 for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) with respect to which a Pool 1 Trigger Event is in effect, until the Trustee shall make the following distributions, concurrently:
sum of (Ax) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class 1-A, Class 1-M1 and Class 1-M2 Certificates and (y) the Component Principal Amount of the M3(1) Component equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Class 1-A6 Certificates, the Class 1-A6 Priority Amount until the Class Principal Amount of such Class has been reduced to zero;
(B) sequentially, to the Class 1-A Certificates (other than the Class 1-A6 Certificates) in the following order of priority:
(1) concurrently, to the Class A1 1-A1A and Class A2 1-A1B Certificates, sequentially, in that orderpro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to the Class 1-A2A and Class 1-A2B Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(3) concurrently, to the Class 1-A3A and Class 1-A3B Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(4) concurrently, to the Class 1-A4A, Class 1-A4B, Class 1-A4C and Class 1-A4D Certificates, pro rata, until the Class Principal Amount of such Class has been reduced to zero; and
(5) to the Class 1-A5 Certificates, until the Class Principal Amount of such Class has been reduced to zero.
(C) to the Class 1-M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 1-M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the M3(1) Component, until the Component Principal Amount of such Component has been reduced to zero; and
(F) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (A) through (E) above.
(ii) On each Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 for such date will be distributed in the following order of priority:
(A) to the Class 1-A Certificates, in accordance with the Pool 1 Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for Pool 1 for such Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Group 2Class 1-M1 Certificates, Group 3 and Group 4 Senior Class 1-M2 Certificates or the M3(1) Component are outstanding, the entire Principal Distribution Amount for Pool 1 on such Distribution Date will be distributable to the Class 1-A Certificates (in accordance with the Pool 1 Senior Priority);
(B) to the Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A Certificates on such date pursuant to clause (A) above, and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A and Class 1-M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the M3(1) Component, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A, Class 1-M1 and Class 1-M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3(1) Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount or Component Principal Amount of each case Class or Component of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount for Pool 1 will be distributed to the remaining Certificates or Component in proportion the order of priority set forth above.
(e) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) with respect to which a Pool 2 Trigger Event is in effect, until the sum of (x) the aggregate Certificate Principal Amount of the Class 2-A1, Class 2-M1 and Class 2-M2 Certificates and (y) the Component Principal Amount of the M3(2) Component equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 in the following order of priority:
(A) to the Class 2-A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class 2-M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 2-M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the M3(2) Component, until the Component Principal Amount of such Component has been reduced to zero; and
(E) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Principal Distribution Amount for Pool 2 for such date will be distributed in the following order of priority:
(A) to the Class 2-A1 Certificates in accordance with the Pool 2 Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for Pool 2 for such Distribution Date and (y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; provided, however, if none of the Class 2-M1 Certificates, Class 2-M2 Certificates or the M3(2) Component are outstanding, the entire Principal Distribution Amount for Pool 2 on such Distribution Date will be distributable to the Class 2-A1 Certificates (in accordance with the Pool 2 Senior Priority);
(B) to the Class 2-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Class 2-A1 Certificates on such date pursuant to clause (A) above, and (y) the 2-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 2-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Class 2-A1 and Class 2-M2 Certificates pursuant to clauses (A) and (B) above, respectively, and (y) the 2-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the M3(2) Component, an amount equal to the lesser of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Class 2-A1, Class 2-M1 and Class 2-M2 Certificates on such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3(2) Principal Distribution Amount for such Distribution Date, until the Component Principal Amount of such Component is reduced to zero; and
(E) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount or Component Principal Amount of each Class or Component of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount for Pool 2 will be distributed to the remaining Certificates or Components in the order of priority set forth above.
(f) On each Distribution Date, the Trustee shall distribute the Pool 1 Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in effect, then until the sum of (x) aggregate Certificate Principal Amount of the Class 1-A, Class 1-M1 and Class 2-M2 Certificates and (ii) the Component Principal Amount of the M3(1) Component equals the Pool 1 Target Amount, in reduction of the aggregate Class Principal Amount of the related Group Class 1-A, Class 1-M1 and Class 2-M1 Certificates and the Component Principal Amount of the M3(1) Component in the following order of priority:
(A) to the Class 1-A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Pool 1 Senior Priority, until the Class Principal Amount of each such Class have been reduced to zero;
(B) to the Class 1-M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 1-M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the M3(1) Component, in reduction of its Component Principal Amount, until the Component Principal Amount of such Component has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is not in effect, in the following order of priority,
(A) to the Class 1-A Certificates, in accordance with the Pool 1 Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class 1-A Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Pool 1 Senior Target Amount;
(B) to subsections 5.02 the Class 1-M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-A and Class 1-M1 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M1 Target Amount;
(f)(i)(B)(1)C) to the Class 1-M2 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class 1-A, Class 1-M1 and Class 1-M2 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M2 Target Amount; and
(D) to the M3(1) Component, in reduction of its Component Principal Amount, until the aggregate Class Principal Amount of the Class 1-A, Class 1-M1 and 5.02Class 1-M2 Certificates and the Component Principal Amount of the M3(1) Component, after giving effect to distributions on such Distribution Date, equals the M3(1) Target Amount;
(iii) from the Class 1-A1A Reserve Fund, first: to the Class 1-A1A Certificates, any applicabl
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, pro rata, to each the Class of Group 1 Senior A1, Class A2 and Class A-IO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be being allocated among such Classes in proportion to the amount of Current Interest interest that would otherwise be distributable thereontherein;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date Date;
(iv) to the Class M3 Certificates, Current Interest and Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M4 Certificates, Current Interest and Carryforward Interest for each such Class and such Distribution Date;
(ivvi) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M5 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvii) to the Class B1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Class Principal Amount of the Offered Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) to the Class A1 and Class A2 Certificates, sequentially, in that order, until their Class Principal Amounts have been reduced to zero;
(B) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(I) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (H) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) so long as the Class M1, Class M2, Class M3, Class M4, Class M5, Class B1 or Class B2 Certificates are outstanding, in accordance with Section 5.02(c)(i)(A) above, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, in each case until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Class M1, Class M2, Class M3, Class M4, Class M5, Class B1 or Class B2 Certificates are outstanding, then to the Class A1 and Class A2 Certificates, in accordance with Section 5.02(c)(i)(A), the Principal Distribution Amount for such Distribution Date;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1 and Class A2 Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class M1 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such date pursuant to clauses (A) through (E) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class B1 Certificates on such date pursuant to clauses (A) through (F) above, respectively, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(I) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (H) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow, and for purposes of distributions pursuant to Section 5.02(d)(iii) of this Agreement, any amounts distributable from the Basis Risk Reserve Fund, for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date and for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates and the Class A2 Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) after giving effect to previous principal distributions on such Distribution Date, to the Class A1 and Class A2 Certificates, sequentially, in that order, in reduction of their respective Class Principal Amounts until the Class Principal Amount of each such Class has been reduced to zero;
(2B) concurrentlyto the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(H) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) after giving effect to previous principal distributions on such Distribution Date, to the Class A1 and Class A2 Certificates, sequentially, in that order, in reduction of their respective Class Principal Amounts until the Class Principal Amount of each such Class, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Group 2aggregate Class Principal Amounts of such Class, Group 3 the Class A2 and Group 4 Senior Certificates the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in each case reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in proportion reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M2, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M3, the Class M2, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amounts of such Class, the Class M4, the Class M3, the Class M2, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the related Group Class M5, the Class M4, the Class M3, the Class M2, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount; and
(H) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Class B1, the Class M5, the Class M4, the Class M3, the Class M2, the Class M1, the Class A2 and the Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the B2 Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority:
(A) concurrently, in proportion to their respective Unpaid Basis Risk Shortfall amounts after giving effect to previous distributions on such Distribution Date, to the Class A1 and Class A2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(F) to the Class M5 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(G) to the Class B1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(H) to the Class B2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(I) in addition to the amounts distributed in clause (xii) below to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (H) above, 5.02(f)(i)(C)(1in excess of the Required Reserve Fund Amount for such Distribution Date and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and 5.02such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class B1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class B2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) on the Distribution Date occurring in May 2006 (or the next succeeding Distribution Date when sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates, $100 in payment o
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or Date, the Paying Agent on behalf of shall pay the Trustee) shall withdraw Interest Funds for each Mortgage Pool for such date, from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit funds in the Certificate Account, concurrently as follows in accordance with the report of the Securities Administrator:
(i) and On each Distribution Date, Interest Funds for Pool 1 shall allocate such amount be distributed concurrently, in proportion to the interests issued amount of Current Interest and Carryforward Interest for each such Class, to the Class 1-A-1 and Class 1-A-2 Certificates, in respect an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(ii) On each Distribution Date, Interest Funds for Pool 2 shall be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each REMIC created pursuant such Class, to this Agreement the Class 2-A-1 and Class 2-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iii) On each Distribution Date, Interest Funds for Pool 3 shall distribute be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates, in an amount as specified equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iv) On each Distribution Date, Interest Funds for Pool 4 shall be distributed concurrently, in this Section. All allocations proportion to the amount of Current Interest and distributions made among Carryforward Interest for each such Class, to the Class 4-A-1 and with respect Class 4-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(v) On each Distribution Date, any Interest Funds remaining for Pool 1, Pool 2, Pool 3 and or Pool 4 in this Section 4, after giving effect to distributions pursuant to clauses (i) through (iv) above, shall be made distributed in the following order of priority:
(1) concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class remaining unpaid, to the Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class 4-A-1 and Class 4-A-2 Certificates, any Current Interest and any Carryforward Interest for each such Class remaining unpaid for such Distribution Date;
(2) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(3) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(4) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date; and
(5) for application as part of Monthly Excess Interest for such Distribution Date, as described under Section 6.08(c) below, any Interest Funds remaining after application pursuant to clauses (i) through (iv) and clauses (v)(1) through (4) above.
(b) On each Distribution Date, the Trustee Paying Agent shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute pay the Principal Distribution Amount with respect to for each Mortgage Pool for such date Distribution Date from funds in the Certificate Account as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrentlyconcurrently as follows:
(A1) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will shall be distributed pro rata, to the Class 1-A-1 and Class 1-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(2) The Principal Distribution Amount for Pool 2 shall be distributed pro rata, to the Class 2-A-1 and Class 2-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(3) The Principal Distribution Amount for Pool 3 shall be distributed concurrently, to (a) the Class 3-A-1 and Class 3-A-2 Certificates, sequentially, in that order, and (b) the Class 3-A-3 Certificates, in proportion to, in the case of subclause (a), the aggregate Class Principal Amount of the Class 3-A-1 and Class 3-A-2 Certificates, and in the case of subclause (b), the Class Principal Amount of the Class 3-A-3 Certificates, until their respective Class Principal Amounts have been reduced to zero;
(4) The Principal Distribution Amount for Pool 4 shall be distributed pro rata, to the Class 4-A-1 and Class 4-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(5) Any Principal Distribution Amount remaining for Pool 1, Pool 2, Pool 3 or Pool 4, after giving effect to distributions pursuant to clauses (1) through (4) above, shall be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2A) concurrently, to each Class of the Group 1, Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related Group group after giving effect to distributions pursuant to subsections 5.02 clauses (f)(i)(B)(11), 5.02(f)(i)(C)(1(2), (3) and 5.02(4) above, respectively), in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(D) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (i)(1) through (4) and clauses (i)(5)(A) through (D) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, in the following order of priority:
(1) to the Group 1 Certificates, in accordance with the Related Senior Priority for Pool 1 (from amounts for Pool 1 except as provided below), to the Group 2 Certificates, in accordance with the Related Senior Priority for Pool 2 (from amounts for Pool 2 except as provided below), to the Group 3 Certificates, in accordance with the Related Senior Priority for Pool 3 (from amounts for Pool 3 except as provided below) and to the Group 4 Certificates, in accordance with the Related Senior Priority for Pool 4 (from amounts for Pool 4 except as provided below), in reduction of their respective Class Principal Amounts, in each case, an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Related Class A Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case until the Class Principal Amount of each such class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Class A Principal Distribution Amount for such Mortgage Pool, such excess shall be applied concurrently to the Senior Certificates related to the other Mortgage Pools (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related Mortgage Pool after giving effect to distributions above) in each case in accordance with the Related Senior Priority for the Certificates of such Mortgage Pool, but in an amount not to exceed the Class A Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (1) on such Distribution Date);
(2) to the Class M-1 Certificates, an amount equal to the Class M-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(3) to the Class M-2 Certificates, an amount equal to the Class M-2 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(4) to the Class B-1 Certificates, an amount equal to the Class B-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(5) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (4) above.
(c) On each Distribution Date, the Paying Agent shall distribute the Monthly Excess Cashflow for such date from funds in the Certificate Account in accordance with the report of the Securities Administrator, in the following order of priority:
(i) concurrently, in proportion to the Deferred Amount for each such class, to the Senior Certificates, any Deferred Amount for each such class and such Distribution Date;
(ii) to the Class M-1 Certificates, any Deferred Amount for such class and such Distribution Date;
(iii) to the Class M-2 Certificates, any Deferred Amount for such class and such Distribution Date;
(iv) to the Class B-1 Certificates, any Deferred Amount for such class and such Distribution Date;
(v) on each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, in each case until the aggregate Class Principal Amount of the Senior and Subordinate Certificates equals the Aggregate Pool Balance for such Distribution Date minus the Overcollateralization Target Amount for such Distribution Date, in the following order of priority:
(1) concurrently, in proportion to the Senior Proportionate Percentage for each Mortgage Pool for such Distribution Date, to the Group 1, Group 2, Group 3 and Group 4 Certificates, in each case in accordance with the Related Senior Priority, in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero;
(2) to the Class M-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(3) to the Class M-2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(4) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero.
(vi) on each Distribution Date occurring (a) on or after the Stepdown Date and (b) for which a Trigger Event is not in effect, in the following order of priority:
(1) concurrently, in proportion to the Senior Proportionate Percentage for each Mortgage Pool for such Distribution Date, to the Group 1, Group 2, Group 3 and Group 4 Certificates, in each case in accordance with the Related Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Class A Target Amount;
(2) to the Class M-1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1 Certificates, after giving effect to distributions on such Distribution Date, equals the M-1 Target Amount;
(3) to the Class M-2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1 and Class M-2 Certificates, after giving effect to distributions on such Distribution Date, equals the M-2 Target Amount; and
(4) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1, Class M-2 and Class B-1 Certificates, after giving effect to distributions on such Distribution Date, equals the B-1 Target Amount.
(vii) concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such class, to the Senior Certificates, any Current Interest and Carryforward Interest for each such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(viii) to the Class M-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(ix) to the Class M-2 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(x) to the Class B-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(xi) to the Group 1 Certificates, the Group 2 Certificates, the Group 3 Certificates or the Group 4 Certificates, as applicable, in each case in accordance with the Related Senior Priority, any Related Senior Clean-up Amount for such Distribution Date, until the Class Principal Amount of each such class has been reduced to zero; and
(xii) to the Class X Certificates, the Class X Distributable Amount;
(xiii) to the Class R Certificate, any remaining amount.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 1 Senior Certificates1-A1 and Class 1-A2 Certificates and the A-SIO(1) Component, Current Interest for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, rata to each the Class of Group 2, Group 3 -A1 and Group 4 Senior CertificatesClass 2-A2 Certificates and the A-SIO(2) Component, Current Interest (after taking into account distributions pursuant to subsections subsection 5.02(c)(i) below), 5.02(d)(i) for such Classes and 5.02(e)(i) below, as applicable) for each such Class Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vixiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixiv) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 2 Senior Certificates2-A1 and Class 2-A2 Certificates and the A-SIO(2) Component, Current Interest for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, rata to each the Class of Group 1, Group 3 -A1 and Group 4 Senior CertificatesClass 1-A2 Certificates and the A-SIO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixiv) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) pro rata, to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that orderbased on the Class Principal Amounts of the Class 1-A1 and Class 1-A2 Certificates, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group 2-A1 and Class 2-A2 Certificates, sequentially, in that order, after giving effect to distributions pursuant to subsections 5.02 subsection 5.02(d)(i)(B)(1) below, until the Class Principal Amount of each such class has been reduced to zero;
(f)(i)(B)(13) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(12) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(13) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (12) of this Section 5.02(d)(i)(A), 5.02(f)(i)(C)(1) and 5.02.
Appears in 1 contract
Sources: Trust Agreement (Finance America Mortgage Loan Trust 2004-1)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the any successor Paying Agent on behalf of the Trustee, as applicable) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Accountexcluding all Prepayment Penalty Amounts) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date (or, with respect to clause (ii) below, on the related Swap Payment Date), the Trustee (or Paying Agent, as applicable) shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priorityGroup I as follows:
(i) to the Trustee, the payment of the Trustee Fee allocable to Group I for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(iii) concurrently, pro rata, to each Class of the Group 1 I Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and classes for such Distribution Date; provided, however, that Date (any shortfall in Current Interest shall and Carryforward Interest to be allocated among between such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date);
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, Group I Subordinate Certificates in that order (accordance with the “Class M Group I Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gpursuant to Section 5.02(f) of this Sectionbelow, any such Interest Remittance Amount for Pool 1 Group I remaining after application pursuant to clauses (i) through (vi) aboveundistributed for such Distribution Date.
(c) On The Principal Distribution Amount for Group I will be distributed on each Distribution DateDate (or, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
with respect to clause (i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(ii)(B) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution on the related Swap Payment Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) on or after the Stepdown Date and with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Group I Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed Group I in the following order of priority:
(A) to the Trustee, the payment of the Trustee Fee allocable to Group I for such Distribution Date (to the extent not distributed pursuant to Section 5.02(b) above);
(B) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not distributed pursuant to Section 5.02(b) above);
(C) concurrently to the Group I Senior Certificates, pro rata, as follows:
(1) to the Class 1-A1 and Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class 1-A2 Certificates, sequentiallyuntil the Class Principal Amount of such Class has been reduced to zero;
(D) to the Group I Subordinate Certificates, in that orderaccordance with the Group I Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, pursuant to Section 5.02(f) below, any such Principal Distribution Amount for Group I remaining undistributed after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Group I for such Distribution Date in the following order of priority:
(A) to the Trustee, the payment of the Trustee Fee allocable to Group I for such Distribution Date (to the extent not distributed pursuant to Section 5.02(b) above);
(B) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount for Group I in accordance with class (b) above);
(1) so long as any of the Group I Subordinate Certificates are outstanding, to the Group I Senior Certificates (other than the Class 1-AX Certificates), in accordance with the Group I Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) and (B) above, and (y) the Senior Principal Distribution Amount for Group I for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (2) concurrentlyotherwise to the Group I Senior Certificates (other than the Class 1-AX Certificates), in accordance with the Group I Senior Priority, the excess of (A) the Principal Distribution Amount for Group I for such Distribution Date over (B) the amount distributed with respect to such Distribution Date pursuant to clauses (A) and (B) above, in each case until the Class Principal Amount of each such class has been reduced to zero;
(D) to the Class M-1 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the M-1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M-2 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to Clauses (A) through (D) above, and (y) the M-2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M-3 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to Clauses (A) through (E) above, and (y) the M-3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M-4 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M-4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M-5 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M-5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M-6 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M-6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M-7 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M-7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M-8 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Group I for such Distribution Date over (b) the amount distributed on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M-8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for application as part of Monthly Excess Cashflow for such Distribution Date pursuant to Section 5.02(f) below, any such Principal Distribution Amount for Group I remaining undistributed after application pursuant to clauses (A) through (K) above.
(d) On each Distribution Date, the Available Distribution Amount for Group II will be allocated among the Classes of Senior Certificates relating to Group II, and among the Classes of the Group II Subordinate Certificates as follows:
(i) from the Available Distribution Amount for Group II, to the Trustee, the payment of the Trustee Fee allocable to Group II for such Distribution Date;
(ii) from the Available Distribution Amount for each such Mortgage Pool, to payment of Accrued Certificate Interest on each Class of the Group 2, Group 3 and Group 4 Senior Certificates (of the related Certificate Group, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for Group II for such Distribution Date; provided, however, that any shortfall in each case available amounts for Group II will be allocated among the Classes of the related Certificate Group, in proportion to the aggregate amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for Group II, to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates of the related Certificate Group, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for Group II for such Distribution Date; provided, however, that any shortfall in available amounts for either such Mortgage Pool will be allocated among the Classes of the related Certificate Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iv) to the Group II Senior Certificates (other than the Class 3-AX Certificates) to the extent of the remaining related Available Distribution Amount, in reduction of their Class Principal Amounts concurrently as follows:
(A) to the Class 2-A1, Class 2-A2 and Class R-II Certificates, from the Available Distribution Amount for Pool 2, the Senior Principal Distribution Amount for such pool, in reduction of their Class Principal Amounts, sequentially as follows:
(i) first, to the Class R-II Certificate, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero;
(ii) second, pro rata, to the Class 2-A1 and Class 2-A2 Certificates, from the Available Distribution Amount for Pool 2, the Senior Principal Distribution Amount for Pool 2, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero;
(B) from the Available Distribution Amount for pool 3, pro rata, to the Class 3-A1 and Class 3-A2 Certificates, from the Available Distribution Amount for Pool 3, the Senior Principal Distribution Amount for Pool 3, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero;
(v) from the remaining Available Distribution Amount for Group II, subject to the prior distribution of amounts pursuant to Section 5.02(m) and Section 5.02(n) in the case of clauses (C), (F), (I), (L), (O) and (R), to the Group II Subordinate Certificates, in the following order of priority:
(A) to the Class B1-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6-II Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(k), until the Class Principal Amount thereof has been reduced to zero.
(e) On each Distribution Date, the Available Distribution Amount for Group III will be allocated among the Classes of Senior Certificates relating to Group III, and among the Classes of the Group III Subordinate Certificates as follows:
(i) from the Available Distribution Amount for Group III, to the Trustee, the payment of the Trustee Fee allocable to Group III for such Distribution Date;
(ii) from the Available Distribution Amount for Group III, to payment of Accrued Certificate Interest on each Class of Senior Certificates of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1)Certificate Group, 5.02(f)(i)(C)(1) and 5.02as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for Gr
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates or Components relating to such Mortgage Pool (other than the Class 2-AP Certificates in the case of Pool 2), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group Senior Certificates or Components relating to such Mortgage Pool (other than the Class 2, Group 3 and Group 4 Senior -AP Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, from the remaining Available Distribution Amount for each Mortgage Pool to each Class of Subordinate the Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Dateother than any related Notional Certificates, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for Pool 2, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 2-AP Certificates, in that order (the “related Class M Priority”), Current Interest 2-AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for both Mortgage Pools for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Class; and
(v) from the remaining Available Distribution Amount for both Mortgage Pools, subject to the Credit Risk Manager, the product prior distribution of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i5.02(f) in the case of clauses (C), (F), (I), (L), (O) and not previously reimbursed (R) below, to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution DateSubordinated Certificates, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to such Mortgage Pool (other than the Class 2-AP Certificates) pro rata based on (i) in the case of the related Group after giving effect Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date;
(ii) pro rata, to each the Class of Group 1 Senior Certificates1-A Certificates and the A-IO(1) Component, Current Interest for each such Class and such Distribution Date and any Carryforward Interest thereon for each such Class and such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and classes or component on such Distribution Date;
(iviii) sequentiallyconcurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 1-A Certificates, in that order all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated to such classes and any Deferred Amounts previously allocated to such classes not previously reimbursed, pro rata based on the amounts owed under each of subclause (a) and (b);
(iv) to the “Class M Priority”)1-M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass 1-M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interests for Pool 1 such Class and for such Distribution Date;
(vi) to the Class 1-M3 Certificates, Current Interest and any Carryforward Interests for such Class and for such Distribution Date;
(vii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above. Any payments made pursuant to Section 5.02(b)(iii)(b) on a Distribution Date shall be made in the following order of priority:
(i) to the Class 1-A Certificates, all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class 1-A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 2 Senior Certificates2-A Certificates and the A-IO(2) Component, Current Interest for each such Class and such Distribution Date and any Carryforward Interest thereon for each such Class and such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereonand Carryforward Interest due such classes or component on such Distribution Date;
(ii) pro ratato the Class 2-A Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated to each such classes and any Deferred Amounts previously allocated to such classes not previously reimbursed;
(iii) to the Class of Group 1, Group 3 and Group 4 Senior 2-M1 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority2-M2 Certificates, Current Interest and any Carryforward Interests for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viv) above. Any payments made pursuant to Section 5.02(c)(ii) on a Distribution Date shall be made in the following order of priority:
(i) to the Class 2-A Certificates, all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class 2-A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the Interest Principal Remittance Amount for Pool 3 1 for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class 1-A Certificates and the Class 1-M Certificates equals the Pool Balance of Pool 1 for such Distribution Date, the Trustee shall distribute the Principal Remittance Amount for Pool 1 in the following order of priority:
(A) to the Class 1-A Certificates, in the following order of priority:
(1) to the Class 1-A6 Certificates, the Class 1-A6 Priority Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(2) sequentially to the Class 1-A Certificates, in the following order of priority:
(a) to the Class 1-A1A and Class 1-A1B Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class 1-A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(c) concurrently, (i) pro rata, to each the Class of Group 3 Senior 1-A3A and Class 1-A3B Certificates and (ii) sequentially, to the Class 1-A4 and Class 1-A5 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Class Principal Amounts in clauses (i) and (ii), until the Class Principal Amount of Current Interest that would otherwise be distributable thereoneach such Class has been reduced to zero;
(iiB) pro rata, to each the Class of Group 1, Group 2 and Group 4 Senior -M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each until the Class Principal Amount of such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion has been reduced to the amount of Current Interest that would otherwise be distributable thereonzero;
(iiiC) pro rata, to each the Class of Subordinate Senior 1-M2 Certificates, Current Interest for each until the Class Principal Amount of such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Datehas been reduced to zero;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vD) to the Credit Risk ManagerClass 1-M3 Certificates, until the product Class Principal Amount of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) Class has been reduced to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trusteezero; and
(viiE) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Remittance Amount for Pool 1 remaining after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Principal Remittance Amount for Pool 1 for such date will be distributed in the following order of priority:
(A) to the Class 1-A Certificates in accordance with the Pool 1 Senior Priorities, an amount equal to the lesser of (x) the Principal Remittance Amount for Pool 1 for such Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class 1-M1, Class 1-M2 or Class 1-M3 Certificates are outstanding, the entire Principal Remittance Amount for Pool 1 on such Distribution Date will be distributable to the Class 1-A Certificates (in accordance with the Pool 1 Senior Priorities);
(B) to the Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A Certificates on such date pursuant to clause (A) above, and (y) the 1-M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A Certificates and the Class 1-M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the 1-M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Class 1-A Certificates, the Class 1-M1 Certificates and the Class 1-M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the 1-M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Remittance Amount for Pool 1 remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount for Pool 1 will be distributed to the remaining Certificates in the order of priority set forth above.
(e) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for Pool 2 for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) with respect to which a Pool 2 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class 2-A Certificates and the Class 2-M Certificates equals the Pool Balance of Pool 2 for such Distribution Date, the Trustee shall distribute the Principal Remittance Amount for Pool 2 in the following order of priority:
(A) to the Class 2-A Certificates, in the following order of priority:
(1) to the Class 2-A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class 2-A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class 2-M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 2-M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(D) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Principal Remittance Amount for Pool 3 2 remaining after application pursuant to clauses (iA) through (viC) above.
(eii) On each Distribution DateDate (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Trustee shall distribute the Interest Principal Remittance Amount for Pool 4 2 for such date will be distributed in the following order of priority:
(iA) pro ratato the Class 2-A Certificates in accordance with the Pool 2 Senior Priorities, an amount equal to each Class the lesser of Group 4 Senior Certificates, Current Interest (x) the Principal Remittance Amount for each such Class and Pool 2 for such Distribution Date and any Carryforward Interest (y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class and such Distribution Datehas been reduced to zero; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to if none of the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rataClass 2-M1 or Class 2-M2 Certificates are outstanding, to each Class of Group 1, Group the entire Principal Remittance Amount for Pool 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and on such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall will be allocated among such Classes in proportion distributable to the amount of Current Interest that would otherwise be distributable thereon;
Class 2-A Certificates (iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution DatePool 2 Senior Priorities);
(vB) to the Credit Risk ManagerClass 2-M1 Certificates, an amount equal to the product lesser of (x) the excess of (a) the Credit Risk Manager’s Fee and Principal Remittance Amount for Pool 2 for such Distribution Date over (b) the Pool Percentage amount distributed to the Class 2-A Certificates on such date pursuant to clause (A) above, and (y) the 2-M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 2-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for Pool 4 2 for such Distribution Date;
Date over (vib) the amount distributed to the Trustee, any amounts reimbursable Class 2-A Certificates and the Class 2-M1 Certificates on such date pursuant to Section 4.04(b)(iclauses (A) and not previously reimbursed (B) above, respectively, and (y) the 2-M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to the Trusteezero; and
(viiD) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Principal Remittance Amount for Pool 4 2 remaining after application pursuant to sub-clauses (iA) through (viC) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount for Pool 2 will be distributed to the remaining Certificates in the order of priority set forth above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool 1 Monthly Excess Cashflow for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(i) For each Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Class 1-A and Class 1-M Certificates equals the Pool Balance of Pool 1 for such Distribution Date, in reduction of the Class Principal Amounts of the Class 1-A and Class 1-M Certificates and in the following order of priority:
(A) to the Class A1 and Class A2 1-A Certificates, sequentiallyin reduction of their respective Class Principal Amounts, in that orderaccordance with the Pool 1 Senior Priorities, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class 1-M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(2C) concurrentlyto the Class 1-M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class 1-M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is not in effect, in the following order of priority,
(A) to the Class 1-A Certificates, in accordance with the Pool 1 Senior Priorities, in reduction of the Group 2their respective Class Principal Amounts, Group 3 and Group 4 Senior Certificates (in each case in proportion to until the aggregate Class Principal Amount Amounts of the related Group Class 1-A Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Pool 1 Senior Target Amount;
(B) to subsections 5.02 the Class 1-M1 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class and the Class 1-A Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M1 Target Amount;
(f)(i)(B)(1)C) to the Class 1-M2 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class, the Class 1-M1 and the Class 1-A Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M2 Target Amount; and
(D) to the Class 1-M3 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class, the Class 1-M2 Certificates, the Class 1-M1 Certificates and 5.02the Class 1-A Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M3 Target Amount;
(iii) from the Class 1-A1A Reserve Fund, first, to the Class 1-A1A Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class 1-X Certificates, the sum of (a) any amo
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the any successor Paying Agent on behalf of the Trustee, as applicable) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Accountexcluding all Prepayment Penalty Amounts) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, (or, with respect to clause (ii) below, on the related Swap Payment Date), the Trustee (or Paying Agent, as applicable) shall distribute the Available Distribution Amount among the Classes of Certificates as follows:
(i) for deposit into the Supplemental Interest Remittance Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates) but solely out of interest funds otherwise distributable to the Class A1 Certificates under clause (iii) below had the Certificate Interest Rate for such Class been the Net WAC for such Distribution Date;
(ii) to the Trustee, the payment of the Trustee Fee for such Distribution Date;
(iii) to payment of Accrued Certificate Interest on each Class of Senior Certificates, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however that any shortfall in available amounts will be allocated among the classes in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon and provided further that any shortfall in available amounts attributable to any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty shall be allocated entirely to the Class A1 Certificates;
(iv) to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates; provided however, that any shortfall in available amounts will be allocated among the Classes in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(v) to payment to the Senior Certificates (other than the Class A1X Certificates) to the extent of the remaining related Available Distribution Amount, the Senior Principal Distribution Amount in reduction of their Class Principal Amounts, sequentially as follows:
(A) first, to the Class R Certificate until its Class Principal Amount has been reduced to zero;
(B) second, concurrently on a pro rata basis as follows:
(I) to the Class A1 Certificates, until their Class Principal Amounts have been reduced to zero;
(II) to the Class A21 and Class A22 Certificates, sequentially, until their Class Principal Amounts have been reduced to zero;
(III) to the Class A31 and Class A32 Certificates, sequentially, until their Class Principal Amounts have been reduced to zero; In addition, any distributions allocated to an Exchange Class shall be proportionately allocated to the related Exchangeable Class or Classes.
(vi) from the remaining Available Distribution Amount, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O) and (R), to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for Pool 1 such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such date Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(e), until the Class Principal Amount thereof has been reduced to zero; and
(vii) to the Supplemental Interest Trust, any unpaid Swap Termination Payment triggered by a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement, but solely out of funds otherwise distributable to the Class A1 Certificates had the Certificate Interest Rate for such Class been the Net WAC for such Distribution Date.
(c) On each Distribution Date (or, with respect to clauses (i) and (iv) below, the Swap Payment Date), the Trustee (or Paying Agent, as applicable) shall distribute the Supplemental Trust Amount from the Supplemental Interest Trust Account in the following order of priority:
(i) pro ratato the Swap Counterparty, any Net Swap Payment or Swap Termination Payment (not due to each Class of Group 1 Senior Certificates, Current Interest a Swap Counterparty Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such the related Distribution Date; provided, however, that any shortfall in Current solely out of funds deposited into the Supplemental Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereonTrust under 5.02(b)(i);
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior A1 Certificates, Current an amount equal to any Net Swap Payment owed to the Supplemental Interest (taking into account distributions Trust pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward the Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereonRate Swap Agreement;
(iii) pro rataif applicable, for application to each Class the purchase of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Datea replacement Swap Agreement;
(iv) sequentially, to the Class M1Swap Counterparty, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (any unpaid Swap Termination Payment triggered by a Swap Counterparty Trigger Event owed to the “Class M Priority”), Current Swap Counterparty pursuant to the Swap Agreement; solely out of funds deposited into the Supplemental Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;Trust under Section 5.02(b)(vii) above; and
(v) to the Credit Risk ManagerClass A1 Certificates, any remaining amounts. Distributions to the Class A1 Certificates from the Supplemental Interest Trust shall not reduce the Class Principal Amount of the Class A1 Certificates.
(d) Net Prepayment Interest Shortfalls shall be allocated among the Certificates proportionately based on the Accrued Certificate Interest otherwise distributable thereon (treating, solely for this purpose, the product of Certificate Interest Rate for the Class A1 Certificates after the Distribution Date in September 2012 as being equal to the Net WAC for the related Distribution Date).
(ae) (i) if on any Distribution Date the Credit Risk Manager’s Fee Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(b), no distribution of amounts described in clauses (ii) and (biii) of the Pool Percentage for Pool 1 for definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date;
; (viii) if on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the Trusteecontrary in Section 5.02(b), any no distribution of amounts reimbursable pursuant to Section 4.04(b)(idescribed in clauses (ii) and not previously reimbursed to (iii) of the Trustee; and
(vii) for application as part definition of Monthly Excess Cashflow for Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iii) if on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, as provided then, notwithstanding anything to the contrary in subsection Section 5.02(b), no distribution of amounts described in clauses (gii) and (iii) of this Sectionthe definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iv) if on any Interest Remittance Amount Distribution Date the Credit Support Percentage for Pool 1 remaining after application pursuant the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(b), no distribution of amounts described in clauses (iii) through and (viiii) aboveof the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date; and (v) if on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(b), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date.
(cf) [Reserved].
(g) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) belowor Paying Agent, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion distribute to the amount Holders of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior AP Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class Prepayment Penalty Amounts paid by borrowers upon voluntary full or partial prepayment of Subordinate Certificates, the Mortgage Loans that are deposited in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) Collection Account pursuant to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) aboveunderlying servicing agreements.
(dh) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) belowor Paying Agent, as applicable) shall distribute to the Holder of the Class R Certificates any Available Distribution Amount remaining for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection through (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (h) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until reduce the Class Principal Amount of each such the Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02R Certificate.
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2008-1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion an amount equal to the amount lesser of Current Interest that would otherwise be distributable thereon;
(iix) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (aA) the Credit Risk Manager’s Fee amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (bB) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(viii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsection 5.02(c)(i) below) for such Distribution Date;
(iii) to the TrusteeGroup 1 Senior Certificates, Current Interest and any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeCarryforward Interest for such Class for such Distribution Date; and
(viiiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gpursuant to Section 5.02(d) of this Sectionbelow, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses clause (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Distribution Date;
(iii) concurrently, on a pro ratarata basis, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;; and
(iiiv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro ratarata basis, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(isubsections 5.02(b)(iii) and 5.02(c)(iii) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;; and
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions for application pursuant to subsections 5.02 (f)(i)(B)(1)subsection 5.02(e)(ii) below, 5.02(f)(i)(C)(1) and 5.02any such Principal Distribution Amount for Pool 1 remaining undistributed for such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount to the Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as specified reduced, in each case, by such Class’s or Component’s allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; and provided further, that prior to the related Accretion Termination Date for the Class 2-A10, Class 2-A11, Class 2-A14 and Class 5-A11 Certificates, such amount otherwise distributable to each of the Class 2-A10, Class 2-A11, Class 2-A14 and Class 5-A11 Certificates will instead be added to the Class Principal Amount thereof and will be allocated as provided in Section 5.02(f);
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon ; and provided further, that prior to the related Accretion Termination Date for the Class 2-A10, Class 2-A11, Class 2-A14 and Class 5-A11 Certificates, such amount otherwise distributable to each of the Class 2-A10, Class 2-A11, Class 2-A14 and Class 5-A11 Certificates will instead be added to the Class Principal Amount thereof and will be allocated as provided in Section 5.02(f);
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;” provided that all references to the PAC Principal Amount Schedule shall be deemed to refer to the applicable schedule attached as Exhibit P-1 hereto, and all references to Scheduled Principal Amount Schedule shall be deemed to refer to the schedule attached as Exhibit P-2 hereto;
(iv) from the remaining Available Distribution Amounts for Pool 1, Pool 2, Pool 3 and Pool 5, to the AP(1), AP(2), AP(3) and AP(5) Components, respectively, to the extent of the remaining Available Distribution Amounts for Pool 1, Pool 2, Pool 3 and Pool 5, respectively, the related AP Deferred Amount for such Component for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this Section. All allocations priority shall not exceed the aggregate Subordinate Principal Distribution Amounts for Pool 1, Pool 2, Pool 3 and distributions made Pool 5 for such date; (B) such amounts will not reduce the Component Principal Amounts of the related Component; and (C) in the event the aggregate of the Subordinate Principal Distribution Amounts for Pool 1, Pool 2, Pool 3 and Pool 5 is insufficient to fully pay the related AP Deferred Amount for the AP(1), AP(2), AP(3) and AP(5) Components, the amount will be distributed proportionately among such Components based on their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all five Mortgage Pools, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(h) in the case of clauses (C), (F), (I), (L), (O), (R) and (U) below, to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date (T) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date; and (U) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to such Mortgage Pool (other than the related Components of the Class AP Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the Credit Support Depletion Date, the Senior Distribution Amount with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section 5 remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be made concurrently.
(b) On each distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date priorities and amounts set forth in the following order of priority:Section 5.02(a)(iii).
(i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and any Carryforward Interest for each such (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class and B2, Class B3, Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; provided(ii) if on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, howeverthen, that notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (iii) if on any shortfall Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Current Interest Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (iv) if on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5, Class B6 or Class B7 Certificates on such Distribution Date; (v) if on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 or Class B7 Certificates on such Distribution Date; and (vi) if on any Distribution Date the Credit Support Percentage for the Class B6 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B7 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among such the remaining Classes of Subordinate Certificates in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each their respective Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) abovePrincipal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 4 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest REMIC II for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (d) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution DateDate prior to the Accretion Termination Date for the Class 2-A10 Certificates and before the distributions have been made on such Distribution Date pursuant to Section 5.02(a)(iii), an amount equal to the Trustee shall distribute Accrual Amount allocable to the Principal Distribution Amount with respect to each Mortgage Pool Class 2-A10 Certificates for such date as follows:
(i) will be allocated to make distributions in respect of principal, pro rata, to the Class 2-A8 and Class 2-A9 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero. On each such date, the Accrual Amount for the Class 2-A10 Certificates and such date will be added to the Class Principal Amount thereof. On each Distribution Date (a) on or after the Accretion Termination Date for the Class 2-A10 Certificates, Accrued Certificate Interest will no longer be added to the Class Principal Amount thereof but will instead be distributed as interest thereon. On each Distribution Date prior to the Stepdown Accretion Termination Date or (b) with respect to which a Trigger Event is in effect, for the Trustee shall make Class 2-A11 Certificates and before the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for distributions have been made on such Distribution DateDate pursuant to Section 5.02(a)(iii), an amount equal to the Principal Distribution Accrual Amount for Pool 1 will be distributed in the following order of priority:
(1) allocable to the Class A1 2-A11 Certificates for such date will be allocated to make distributions in respect of principal, sequentially, to the Class 2-A7, Class 2-A8, Class 2-A9 and Class A2 2-A10 Certificates, in the order of priority set forth in Section (b)(i)(A)(II)2.a. of the Senior Principal Priorities attached as Exhibit O hereto, until their respective Class Principal Amounts have been reduced to zero. On each such date, the Accrual Amount for the Class 2-A11 Certificates and such date will be added to the Class Principal Amount thereof. On each Distribution Date on or after the Accretion Termination Date for the Class 2-A11 Certificates, Accrued Certificate Interest will no longer be added to the Class Principal Amount thereof but will instead be distributed as interest thereon. On each Distribution Date prior to the Accretion Termination Date for the Class 2-A14 Certificates and before the distributions have been made on such Distribution Date pursuant to Section 5.02(a)(iii), an amount equal to the Accrual Amount allocable to the Class 2-A14 Certificates for such date will be allocated to make distributions in respect of principal, sequentially, to the Class 2-A12 and Class 2-A13 Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero. On each such date, the Accrual Amount for the Class 2-A14 Certificates and such date will be added to the Class Principal Amount of thereof. On each such Distribution Date on or after the Accretion Termination Date for the Class has been reduced to zero;
(2) concurrently-A14 Certificates, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion Accrued Certificate Interest will no longer be added to the aggregate Class Principal Amount of thereof but will instead be distributed as interest thereon. On each Distribution Date prior to the related Group after giving effect to Accretion Termination Date for the Class 5-A11 Certificates and before the distributions have been made on such Distribution Date pursuant to subsections 5.02 (f)(i)(B)(1Section 5.02(a)(iii), 5.02(f)(i)(C)(1) and 5.02an amount equal to the Accrual Amount allocable to the Class 5-A11 Certificates for such date will be allocated to make distributions in respect of principal
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Trust 2005-6)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (with respect to the extent each Mortgage Pool for such amount is on deposit in the Certificate Account) and date, shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Trustee, to each Class of Group 1 Senior Certificates, Current Interest the Trustee Fee for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class on the basis of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would interest otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallypayable, to the Class M1A1, Class M2, Class M3, Class M4, Class M5, Class M6 A2 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior A3 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iviii) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityIO Certificate, Current Interest for each such Class and such Distribution Date and any Carryforward Date;
(iv) to the Class M1 Certificates, Current Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest for such Class and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the TrusteeClass M3 Certificate, any amounts reimbursable pursuant to Section 4.04(b)(iCurrent Interest for such Class and such Distribution Date;
(vii) and not previously reimbursed to the TrusteeClass B Certificates, Current Interest for such Class and such Distribution Date; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vivii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(fc) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effecthas occurred, the Trustee shall will make the following distributions, concurrentlydistributions in the following order:
(A1) For Pool 1: Until until the aggregate Certificate Principal Amount of all of the Offered Certificates equals the Target Amount 1 for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class A3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above.
(2) until the aggregate Certificate Principal Amount of all of the Certificates equals Target Amount 2 for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(A) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M3 Certificates, until their Class Principal Amount has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event has not occurred, the Principal Distribution Amounts for both Mortgage Pools for such date will be distributed in the following order of priority:
(1) to the Class A1 Certificates (in the case of Pool 1), to the Class A2 Certificates and Class A2 A3 Certificates, sequentiallysequentially in that order (in the case of Pool 2), an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Senior Principal Distribution Amount for such Mortgage Pool for such date, in each case until the Class Principal Amount of such Class (or each such Class) has been reduced to zero;
(2) concurrently, pro rata on the basis of their Class Principal Amounts after giving effect to distributions pursuant to clause (1) above, to the Class A1 Certificates and to the Class A2 Certificates and to the Class A3 Certificates, as a group, the lesser of (x) the aggregate of the Principal Distribution Amounts for such Distribution Date remaining after distributions pursuant to clause (1) above and (y) the aggregate of the Senior Principal Distribution Amounts for such date remaining after distributions pursuant to clause (1) above, as follows:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates and Class A3 Certificates, sequentially in that order, until the Class Principal Amount of each such Class has been reduced to zero.
(3) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates on such date pursuant to clauses (1) through (3) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates on such date pursuant to clauses (1) through (4) above, and (y) the M3 Principal Distribution Amount for such date, until their Class Principal Amount has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (5) above, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) until the aggregate Certificate Principal Amount of all of the Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such date, on each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event has occurred, to the extent of Monthly Excess Interest for such Distribution Date, to the Certificates, in the following order of priority:
(1) up to an including the Distribution Date in August 1999, to the Class X Certificateholders;
(2) concurrently, to each Class of the Group 2pro rata, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate their respective Class Principal Amount of the related Group Amounts after giving effect to distributions on such Distribution Date, to the Class A1 Certificates and to the Class A2 Certificates and the Class A3 Certificates, as a group, as follows:
(A) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates and Class A3 Certificates, sequentially in that order, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(6) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(ii) to the Basis Risk Reserve Fund, and then, concurrently, to the Senior Certificates, in proportion to any outstanding Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to each such Senior Certificate, and then sequentially, to the Class M1, Class M2, Class M3 and Class B Certificates, in that order, from the Basis Risk Reserve Fund, in an amount equal to the unpaid amount of any applicable Basis Risk Shortfall for such date and any applicable Unpaid Basis Risk Shortfall for such date, as required by Section 5.07 of this Agreement;
(iii) to the Class M1 Certificates, any Carryforward Interest for such Class and such date;
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such date;
(v) to the Class M2 Certificates, any Carryforward Interest for such Class and such date;
(vi) to the Class M2 Certificates, any Deferred Amount for such Class and such date;
(vii) to the Class M3 Certificates, any Carryforward Interest for such Class and such date;
(viii) to the Class M3 Certificates, any Deferred Amount for such Class and such date;
(ix) to the Class B Certificates, any Carryforward Interest for such Class and such date;
(x) to the Class B Certificates, any Deferred Amount for such Class and such date;
(xi) to the Basis Risk Reserve Fund, an amount equal to the Required Reserve Fund Deposit for such Distribution Date;
(xii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date, together with any amounts withdrawn from the Basis Risk Reserve Fund for distribution to such Class X Certificate pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1Section 5.07(c) and 5.02(d) on such date; and
(xiii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificate.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cer Se 1999-Bc2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior A and Class A-IO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such Classes of Certificates in proportion to the amount of Current Interest interest that would otherwise be distributable thereon;.
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallyto the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M9 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Credit Risk Manager, the Credit Risk Manager’s Fee for such Distribution Date;
(xiii) to the Trustee and the Master Servicer, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee or the Master Servicer, as applicable; and
(xiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (xiii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount for such date as follows:
(i) On each Distribution Date prior to the Stepdown Date, until the aggregate Certificate Principal Amount of the Class A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount shall be distributed to the Class A Certificates, until the Class Principal Amount of such class has been to zero;
(ii) On the Stepdown Date, without regard to whether a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount, the remaining Principal Distribution Amount shall be distributed in the order of priority specified in subparagraph (c)(iii) below.
(iii) On each Distribution Date (a) after the Stepdown Date and (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount shall be distributed in the following order of priority:
(A) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M9 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(K) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (J) of this Section 5.02(c)(iii).
(iv) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date shall be distributed in the following order of priority:
(A) to the Class M1 Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1 Certificates on such Distribution Date pursuant to clause (A) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1 and Class M2 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date pursuant to clauses (A), (B), (C) and (D) above, respectively, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D) and (E) above, respectively, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E) and (F) above, respectively, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F) and any Carryforward Interest (G) above, respectively, and (y) the M8 Principal Distribution Amount for each such Class and such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(vI) to the Credit Risk ManagerClass M9 Certificates, an amount equal to the product lesser of (x) the excess of (a) the Credit Risk Manager’s Fee and Principal Distribution Amount for such Distribution Date over (b) the Pool Percentage for Pool 1 amount distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates on such Distribution Date pursuant to clauses (A), (B), (C), (D), (E), (F), (G) and (H) above, respectively, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(viJ) to the TrusteeClass B Certificates, any amounts reimbursable an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates on such Distribution Date pursuant to Section 4.04(b)(iclauses (A), (B), (C), (D), (E), (F), (G), (H) and not previously reimbursed (I) above, respectively, and (y) the B Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to the Trustee; andzero;
(viiK) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (iA) through (viJ) above.
(c) On each . Notwithstanding the foregoing, on any Distribution Date, Date on which the Trustee shall distribute the Interest Remittance Class Principal Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior CertificatesCertificates having a higher priority of distribution has been reduced to zero, Current Interest for any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion has been reduced to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) abovezero.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Monthly Excess Cashflow for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to occurring before the Stepdown Date or (b) with respect to which a Trigger Event is in effectDate, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until then until the aggregate Certificate Principal Amount of the Offered Class A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 A Certificates, sequentially, in that orderreduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(2ii) concurrentlyfor each Distribution Date occurring on or after the Stepdown Date but for which a Trigger Event is in effect, to each Class then until the aggregate Certificate Principal Amount of the Group 2Class M1, Group 3 Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Group 4 Senior Class B Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(F) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(iii) for each case Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in proportion effect, in the following order of priority:
(A) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(B) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the related Group Class M1 and Class M2 Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the M2 Target Amount;
(C) to subsections 5.02 (f)(i)(B)(1)the Class M3 Certificates, 5.02(f)(i)(C)(1) in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class M1, Class M2 and 5.02Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp 2004-S3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Amount, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato payment of the Trustee Fee for such Distribution Date;
(ii) from the remaining Available Distribution Amount, to each Class of Group 1 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for the Mortgage Pool shall be allocated among such the Classes of Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the remaining Available Distribution Amount, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Certificates in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount, to the Senior Certificates (other than any Class of Notional Certificates), an amount equal to the Senior Principal Distribution Amount in reduction of the Class Principal Amounts thereof, sequentially as follows:
(A) to the Class R Certificate, in reduction of its Class Principal Amount, until its Class Principal Amount has been reduced to zero; and
(B) pro rata, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 A1 and Class M7 A2 Certificates, in that order (the “reduction of their Class M Priority”)Principal Amounts, Current Interest for each such until their Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution DatePrincipal Amounts thereof have been reduced to zero;
(v) from the remaining Available Distribution Amount, to the Credit Risk ManagerSubordinated Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for Pool 2 remaining after application pursuant such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to clauses zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) through If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (viii) aboveand (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date; and (v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to Holders of the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and P Certificates any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion Prepayment Penalty Amounts related to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Mortgage Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Holder of the Class R Certificate any Available Distribution Amount remaining for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Secs Corp Mort Pass-Thru Cert Sers 2004-2ac)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Amount, and shall distribute such amount as specified to itself (in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
the case of clause (b) On each Distribution Datei)), the Trustee shall distribute Credit Risk Manager and to the Interest Remittance Amount for Pool 1 for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) pro ratafrom the Available Distribution Amount, to the Trustee, the Trustee Fee for such Distribution Date;
(ii) from the Available Distribution Amount, to the Credit Risk Manager, the Credit Risk Manager's Fee for such Distribution Date;
(iii) from the Available Distribution Amount, to each Class of Group 1 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiv) pro ratafrom the Available Distribution Amount, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Certificates in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(v) to the Credit Risk ManagerSenior Certificates in reduction of the Class Principal Amounts thereof sequentially, to the product of (a) Class R and Class A Certificates, in that order, from the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Available Distribution Amount for such Distribution Date, in an amount up to the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amounts thereof have been reduced to zero;
(vi) from the remaining Available Distribution Amount, to the TrusteeSubordinated Certificates, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for each such Class's Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to Percentage of the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class Balance thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class's Subordinate Class Percentage of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), 5.02(f)(i)(C)(1until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Securities Administrator, as initial Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the allocable portion of the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date with respect to the Group 1 Insured Certificates (allocated pro rata on the basis of the aggregate Certificate Principal Amount of the Group 1 Insured Certificates immediately before such Distribution Date);
(ii) pro rata, to each Class of the Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Carryforward Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for due each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iviii) sequentiallyconcurrently, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(va) to the Credit Risk ManagerCertificate Insurer, any due and owing Reimbursement Amounts attributable to the product of (a) the Credit Risk Manager’s Fee Group 1 Insured Certificates and (b) in the Pool Percentage for Pool priority provided in the last paragraph of this Section 5.02(b), to the Group 1 for Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Distribution DateClasses and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, based on the amounts owed under each of clause (a) and clause (b) of this subsection (iii);
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viiii) above. Any payments made pursuant to subsection 5.02(b)(iii) on a Distribution Date shall be made in the following order of priority:
(1) to the Group 1 Certificates, all accrued and unpaid interest at the related Interest Rate for each such Class on any Deferred Amounts previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class for such date; and
(2) to the Group 1 Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Certificate Insurer, the allocable portion of the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for such Distribution Date with respect to the Group 2 Insured Certificates (allocated pro rata on the basis of the Class Principal Amount of the Group 2 Insured Certificates immediately before such Distribution Date);
(ii) pro rata, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for due each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(iviii) sequentiallyconcurrently, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(va) to the Credit Risk ManagerCertificate Insurer, any due and owing Reimbursement Amounts attributable to the product of (a) the Credit Risk Manager’s Fee Group 2 Insured Certificates and (b) in the Pool Percentage for Pool priority provided in the last paragraph of this Section 5.02(c), to the Group 2 for Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and nor previously distributed to such Distribution DateClasses and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, based on the amounts owed under each clause (a) and (b) of this subsection (iii);
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (viiii) above. Any payments made pursuant to subsection 5.02(c)(iii) above on a Distribution Date shall be made in the following order of priority:
(1) to the Group 2 Certificates, all accrued and unpaid interest at the related Interest Rate for each such Class on any Deferred Amounts previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class for such date; and
(2) to the Group 2 Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, on Deferred Amounts owed to each such Class for such date.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee Securities Administrator shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Securities Administrator shall distribute the Principal Distribution Amount for Pool 1 will be distributed each Mortgage Pool, concurrently, in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount amounts as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Certificate Insurer, the monthly premium due under the Certificate Insurance Policy with respect to the Insured Certificates;
(ii) for deposit into the Swap Account, an amount equal to the lesser of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(iii) concurrently, on a pro ratarata basis, to each Class of Group 1 the Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, provided, further, that the Trustee shall make no distributions to each the Class of Subordinate Senior Certificates, Current Interest for each such Class and such AIO Certificates after the Distribution Date and Carryforward Interest for each such Class and such Distribution Datein May 2012;
(iv) sequentially, to the Class M1Certificate Insurer, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (any Reimbursement Amounts owed to the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution DateCertificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to interest;
(v) to the Credit Risk ManagerSubordinate Certificates, in accordance with the product of (a) the Credit Risk Manager’s Fee Interest Subordinate Priority, Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Monthly Excess Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) abovesuch Distribution Date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above[Reserved].
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(iDate or related Swap Payment Date on or prior to a Section 7.01(d) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution DatePurchase Event, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date date, as follows:
(i) On each Distribution Date (or with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Senior Certificates (other than the Class AIO Certificates) and the Subordinate Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed such date, in the following order of priority:
(1A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with Section 5.02(b)(ii) above);
(B) to the Senior Certificates (other than the Class A1 AIO Certificates), sequentially as follows:
(1) pro rata, to the Class A1-1, Class A1-2, Class A2-1-1, Class A2-1-2, Class A2-2 and Class A2 A4 Certificates, based on (x) the aggregate Class Principal Amount of the Class A1-1 and Class A1-2 Certificates, (y) the aggregate Class Principal Amount of the Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates and (z) the Class Principal Amount of the Class A4 Certificates, as follows:
a. sequentially, to the Class A1-1 and Class A1-2 Certificates, in that order, until the Class Principal Amount of each such class has been reduced to zero;
b. to the Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates, in the following order of priority:
i. pro rata, to the Class A2-1-1 and Class A2-1-2 Certificates, based on the Class Principal Amount of each such class, until the Class Principal Amount of each such class has been reduced to zero; and
ii. to the Class A2-2 Certificates, until the Class Principal Amount of such class has been reduced to zero; and
c. to the Class A4 Certificates, until the Class Principal Amount of such class has been reduced to zero;
(2) to the Class A3 Certificates, until the Class Principal Amount of such Class has been reduced to zero.
(C) to the Certificate Insurer, any Reimbursement Amounts owed to the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(D) to the Subordinate Certificates, in accordance with the Principal Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(E) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for such date in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not distributed previously pursuant to subsection 5.02(b)(ii));
(B) to the Senior Certificates (other than the Class AIO Certificates), in accordance with the Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero;
(2C) to the Certificate Insurer, any Reimbursement Amounts owed to the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(D) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date and the amount distributed to the Certificate Insurer pursuant to clauses (A) through (C) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1 and Class M2 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2 and Class M3 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3 and Class M4 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Interest Rate Swap Account pursuant to clauses (A) through (K) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(M) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Interest Rate Swap Account pursuant to clauses (A) through (L) above, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero; and
(N) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (M) above.
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date, after making all distributions pursuant to Sections 5.02(g) and 5.02(h) below, in the following order of priority:
(i) (A) concurrently, on a pro rata basis, based on amounts due, to each Class of the Group 2Senior Certificates, Group 3 Current Interest and Group 4 Senior Certificates (any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to Sections 5.02(b)(iii), 5.02(g)(i) and 5.02(h)(iii); provided, however, that any shortfall in each case Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the aggregate Class Principal Amount amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) Current Interest and 5.02Carryforward Interest that would otherwise be distributable thereon;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Collateral Group, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of Accrued Certificate Interest on each Class of Group 1 Senior Certificates (other than the Class AP Certificates, Current Interest for each such Class and such Distribution Date ) and any Carryforward interest bearing component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest for each Shortfalls relating to such Collateral Group allocated to that Class and such of Certificates or component thereof on that Distribution Date, as described herein); provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the Classes and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than the Class AP Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateinterest-bearing component thereof relating to that Collateral Group; provided, however, that any shortfall in Current Interest available amounts for that Collateral Group shall be allocated among the Classes of Senior Certificates and any such Classes component related to that Collateral Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateCollateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) sequentiallyto the Class AP Certificates, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order extent of the remaining Available Distribution Amount for all Collateral Groups (the “Class M Priority”other than Collateral Group P), Current Interest the AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that (x) distributions pursuant to this priority (iv) shall not exceed the aggregate of the Subordinate Principal Distribution Amounts for all Collateral Groups (other than Collateral Group P) for such date; and (y) such amounts will not reduce the Class Principal Amount of the Class AP Certificates;
(v) from the remaining Available Distribution Amounts for all the Collateral Groups (other than Collateral Group P), to the Credit Risk ManagerSubordinate Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) subject to the Trustee, any prior distribution of amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date5.02(f), as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivB) sequentiallyto the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(U) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Class AP Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates, if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in accordance with Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the Class M Priority, Current Interest for each definition of the related Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) pursuant to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest immediately preceding paragraph shall be allocated among such the remaining Classes of Subordinate Certificates in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each their respective Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) abovePrincipal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount Holder of the Class R Certificate any amounts remaining in REMIC III for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (e) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution DateDate prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to one or more Collateral Groups have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Trustee shall distribute the Subordinate Principal Distribution Amount with respect relating to each Mortgage Pool for such date retired Certificates, shall be distributed as follows:
(iprincipal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) On each until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) prior to the Stepdown Aggregate Subordinate Percentage for all Collateral Groups (other than Collateral Group P) for such Distribution Date is less than 200% of such Aggregate Subordinate Percentage for the Subordinate Certificates, as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of such Collateral Groups that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a Trigger Event percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the Class Principal Amounts of the Non-AP Senior Certificates relating to one or more Collateral Groups have been reduced to zero, any amounts distributable pursuant to this Section 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in effectproportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate. On each Distribution Date on which the Non-AP Senior Certificates for one or more Collateral Groups remain outstanding, the Trustee shall make the following distributions, concurrently:
(Aany amounts distributable pursuant to this Section 5.02(f) For Pool 1: Until will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(g) (A) On any Distribution Date on which the Offered Non-AP Senior Certificates relating to any Collateral Group constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Certificate Principal Amount of the Undercollateralized Class or Classes equals the Target Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, Undercollateralization Distributions will be made from any Available Distribution Amount not related to an Undercollateralized Class or Classes remaining after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date, the Principal Distribution Amount for Pool 1 ) will be distributed to such Undercollateralized Class or Classes prior to the payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1preceding sentence), 5.02(f)(i)(C)(1) and 5.02.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations to the Certificates Insurer and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amounts for each Mortgage Pool, to the payment to the Certificate Insurer the Aggregate Certificate Insurance Premium for such Mortgage Pool, allocable on the basis of the Component Principal Amount of the related Components of the Class A4 Certificates for such Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group 1 Senior Certificates(other than any related Principal Only Certificates or Principal Only Components), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Component in the related Certificate Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(iother than any related Principal Only Certificates or Principal Only Components), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iiiiv) pro rata, from the remaining Available Distribution Amount for each Mortgage Pool to each the Senior Certificates or Components of any Class of Subordinate Senior CertificatesCertificates of each Certificate Group, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallyother than any related Notional Certificates or Notional Components, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateword "approximately";
(v) to the Credit Risk ManagerAP(1) Component, AP(2) Component and AP(3) Component, to the extent of the remaining Available Distribution Amount for all three Mortgage Pools, the product AP Deferred Amount for such Component and Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools for such date; (B) such amounts will not reduce the Component Principal Amounts of (a) the Credit Risk Manager’s Fee such Components; and (bC) in the Pool Percentage event the aggregate Subordinate Principal Distribution Amount for Pool 1 all three Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the AP(1) Component, AP(2) Component and AP(3) Component, the amount shall be distributed pro rata to such Distribution Date;Components on the basis of their respective AP Deferred Amounts; and
(vi) from the Available Distribution Amount for all three Mortgage Pools, to the TrusteeCertificate Insurer, any unreimbursed Insured Payments, plus all amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed due to the TrusteeCertificate Insurer under the Insurance Agreement, together with interest thereon at the Late Payment Rate (collectively, the "Reimbursement Amounts"); and
(vii) for application as part of Monthly Excess Cashflow for such from the remaining Available Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application all three Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (iC), (F), (I), (L), (O) through and (viR) above.
(c) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date Subordinated Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group after giving effect (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Non-AP Senior Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to other than the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Class E Distributable Amount), and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On the Holders of record of each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date Class of Certificates in the following order of prioritypriority based on the report of the Securities Administrator:
(i) pro rata, to each Class of Group 1 Senior Certificates (other than any Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than any Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; providedPROVIDED, howeverHOWEVER, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate the Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Dateother than any Notional Certificates, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word "approximately";
(iv) sequentiallyto the Class AP Certificates, to the Class M1extent of the remaining Available Distribution Amount, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Date, until the Class and Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for such Distribution Date;date; and (B) such amounts will not reduce the Class Principal Amount of such Class; and
(v) to the Credit Risk ManagerSubordinate Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B_ Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B_ Certificates, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeInterest Shortfall for such Class on such Distribution Date; and
(viiC) for application as part to the Class B_ Certificates, in reduction of Monthly Excess Cashflow the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in subsection Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(gb) of this Section, Net Prepayment Interest Shortfalls shall be allocated among the Certificates (other than any Principal Only Certificates) PRO RATA based on the Accrued Certificate Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses otherwise distributable thereon.
(c) (i) through If on any Distribution Date the Credit Support Percentage for the Class B_ Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (viii) aboveand (iii) of the definition of Subordinate Principal Distribution Amount will be 69 made in respect of the Class B_ Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.[Reserved]
(e) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall distribute to the Interest Remittance Amount for Pool 4 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest Upper Tier REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(i), 5.02(c)(ithis paragraph (e) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(f) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall distribute to the Principal Distribution Holders of the Class P Certificate the Class P Distributable Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to and the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Class E Distributable Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will date shall be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until holder of the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02E Certificates.
Appears in 1 contract
Sources: Trust Agreement (Banccap Asset Securization Issuance Corp)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Securities Administrator:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group 1 Senior (other than any related Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Component in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any related Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(iii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates or Components of any Class of Senior Certificates of each Certificate Group, other than any related Notional Certificates or Notional Components, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”; provided that all references to each Class of Subordinate Senior Certificates, Current Interest for PAC Principal Amount Schedule shall be deemed to refer to such schedule included in the Scheduled Balance Tables attached as Exhibit P-1 hereto and all references to each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateSchedule shall be deemed to refer to the Principal Amount Schedules attached as Exhibit P-2 hereto;
(iv) sequentiallyto the Class 2-AP Certificates, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (extent of the “Class M Priority”), Current Interest remaining Available Distribution Amount for each Mortgage Pool, the AP Deferred Amount for such Class and such Distribution Date and any Carryforward Interest Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool for such date; and (B) such amounts will not reduce the Class and Principal Amounts of such Distribution Date;Classes; and
(v) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the Credit Risk Manager, the product prior distribution of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i5.02(f) in the case of clauses (C), (F), (I), (L), (O) and not previously reimbursed (R) below, to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution DateSubordinated Certificates, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group after giving effect (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Non-AP Senior Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified to itself (in this Section. All allocations the case of clause (i)) and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to the Trustee, the Trustee Fee allocable to such Mortgage Pool for such Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 1 Senior (other than any Class of Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class' allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any Class of Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 of Notional Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;as follows.
(vA) to the Credit Risk ManagerClass 1-A1, Class 1-A2 and Class R Certificates, from the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage Available Distribution Amount for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part in reduction of Monthly Excess Cashflow for such Distribution Datetheir respective Class Principal Amounts, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i1) pro ratato the Class R Certificate, to each Class of Group 2 the Senior Certificates, Current Interest Principal Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 1 for each such Class and such Distribution Date, until the Class Principal Amount thereof has been reduced to zero; providedand
(2) to the Class 1-A1 and Class 1-A2 Certificates, however, that any shortfall in Current Interest shall be allocated among such Classes pro rata in proportion to their respective Class Principal Amounts, the amount of Current Interest that would otherwise be distributable thereonremaining Senior Principal Distribution Amount for Pool 1 for such Distribution Date, until the respective Class Principal Amounts thereof have been reduced to zero;
(iiB) pro ratato the Class 2-A1, to each Class of Group 1, Group 3 2-A2 and Group 4 Senior Class 2-AP Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) from the Available Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 2 for each such Class and such Distribution Date; provided, howeverin reduction of their respective Class Principal Amounts, that any shortfall in Current Interest shall be allocated among such Classes concurrently, as follows:
(1) to the Class 2-A1 and Class 2-A2 Certificates, pro rata in proportion to their respective Class Principal Amounts, the amount of Current Interest that would otherwise be distributable thereonSenior Principal Distribution Amount for Pool 2 for such Distribution Date, until the respective Class Principal Amounts thereof have been reduced to zero; and
(2) to the Class 2-AP Certificates, the AP Principal Distribution Amount for Pool 2 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(iiiC) pro rata, to each the Class of Subordinate Senior 3-A1 and Class 3-AP Certificates, Current Interest from the Available Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 3 for each such Class and such Distribution Date;, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(iv1) sequentially, to each the Class of Subordinate 3-A1 Certificates, in accordance with the Class M Priority, Current Interest Senior Principal Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 3 for each such Class and such Distribution Date, until the respective Class Principal Amounts thereof have been reduced to zero; and
(2) to the Class 3-AP Certificates, the AP Principal Distribution Amount for Pool 3 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(v) to the Credit Risk ManagerClass 2-AP and Class 3-AP Certificates, to the product extent of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage remaining Available Distribution Amount for Pool 2 and Pool 3, respectively, the Class AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for the related Mortgage Pool for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Classes;
(vi) to the Trusteeextent of the remaining Available Distribution Amounts for each Mortgage Pool, any amounts reimbursable pursuant to Section 4.04(b)(ithe Components, concurrently, as follows:
(A) to the extent of the remaining Available Distribution Amount for Pool 1 and Pool 2, to the B1(1-2), B2(1-2), B3(1-2), B4(1-2), B5(1-2) and not B6(1-2) Components, in that order, of the following amounts, in the following order of priority: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to such Component on such Distribution Date), (y) any outstanding Interest Shortfalls previously reimbursed allocated to such Component, and (z) such Component's Subordinate Component Percentage of the Trustee; and
(vii) Subordinate Principal Distribution Amount for application as part of Monthly Excess Cashflow Pool 1 and Pool 2 for such Distribution Date, except as provided below, in subsection reduction of the Component Principal Amounts thereof; and
(gB) to the extent of this Section, any Interest Remittance remaining Available Distribution Amount for Pool 2 3, to the B1(3), B2(3), B3(3), B4(3), B5(3) and B6(3) Components, in that order, of the following amounts, in the following order of priority: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to such Component on such Distribution Date), (y) any outstanding Interest Shortfalls previously allocated to such Component, and (z) such Component's Subordinate Component Percentage of the Subordinate Principal Distribution Amount for Group 3 for such Distribution Date, except as provided below, in reduction of the Component Principal Amounts thereof.
(b) If on any Distribution Date the Component Principal Amount of each Component having the same parenthetical designation has been reduced to zero, the Available Distribution Amount with respect to the related Mortgage Pool or Mortgage Pools remaining after application pursuant distribution of interest to clauses the related Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a).
(i) through If on any Distribution Date the Credit Support Percentage for any Component of the Class B1 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (viii) aboveand (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool or Mortgage Pools will be made in respect of the Components of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates having the same parenthetical designation as such Component on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for any Component of the Class B2 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool or Mortgage Pools will be made in respect of the Components of the Class B3, Class B4, Class B5 or Class B6 Certificates having the same parenthetical designation as such Component on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for any Component of the Class B3 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool or Mortgage Pools will be made in respect of the Components of the Class B4, Class B5 or Class B6 Certificates having the same parenthetical designation as such Component on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for any Component of the Class B4 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool or Mortgage Pools will be made in respect of the Components of the Class B5 or Class B6 Certificates having the same parenthetical designation as such Component on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for any Component of the Class B5 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for the related Mortgage Pool or Mortgage Pools shall be made in respect of the Components of the Class B6 Certificates having the same parenthetical designation as such Component on such Distribution Date. Any amount not distributed in respect of any Component on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Components having the same parenthetical designation as such Component in proportion to their respective Component Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 3 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest Upper Tier REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, 2 and Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 1 Senior Certificates1-A1 and Class 1-A2 Certificates and the A-SIO(1) Component, Current Interest for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 1-A1 and Class 1-A2 Certificates and the A-SIO(1) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 2-A Certificates, to each the A-SIO(2) Component, the Class of Group 2, Group 3 3-A1 and Group 4 Senior CertificatesClass 3-A2 Certificates and the A-SIO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i5.02(d)(i) below, as applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class A4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M1 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 2 Senior Certificates2-A Certificates and the A-SIO(2) Component, Current Interest for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 2-A Certificates and the A-SIO(2) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 1-A1 and Class 1-A2 Certificates, to each the A-SIO(1) Component, the Class of Group 1, Group 3 3-A1 and Group 4 Senior CertificatesClass 3-A2 Certificates and the A-SIO(3) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, above and subsections subsection 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class A4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvi) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 3 Senior Certificates3-A1 and Class 3-A2 Certificates and the A-SIO(3) Component, Current Interest for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 3-A1 and Class 3-A2 Certificates and the A-SIO(3) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 1-A1 and Class 1-A2 Certificates, to each the A-SIO(1) Component, the Class of Group 1, Group 2 2-A Certificates and Group 4 Senior Certificatesthe A-SIO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) belowabove, as applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class A4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(ivv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvi) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vixii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vixii) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Securities Administrator (or the any successor Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, to the Total extent of funds available therefor, the Available Distribution Amount (excluding all Prepayment Penalty Amounts) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Securities Administrator:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates in the related Certificate Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for a Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Group 2Senior Certificates in the related Certificate Group, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
Shortfall (iiias so reduced) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iviii) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group in reduction of the Class Principal Amounts thereof, concurrently, as follows:
(A) to the Class R, Class 1-A1 and Class 1-A2 Certificates from the Available Distribution Amount for Pool 1, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amounts, sequentially as follows:
(I) first, to the Class M1R Certificate, until its Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) Principal Amount has been reduced to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trusteezero; and
(viiII) for application as part of Monthly Excess Cashflow for such Distribution Datesecond, as provided in subsection (g) of this Sectionpro rata, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.the Class 1-A1 and Class 1-A2 Certificates until their Class Principal Amounts have been reduced to zero;
(cB) On each to the Class 2-A Certificates from the Available Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero;
(C) to the Class 3-A Certificates from the Available Distribution Amount for Pool 3 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero;
(D) pro rata, to the Class 4-A1 and Class 4-A2 Certificates from the Available Distribution Amount for Pool 4 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(E) pro rata, to the Class 5-A1 and Class 5-A2 Certificates from the Available Distribution Amount for Pool 5 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(F) to the Class 6-A Certificates from the Available Distribution Amount for Pool 6 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero; and
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O), (R), (U), (X), (AA), (DD), (GG), (JJ) and (MM) below, to the Subordinated Certificates, in the following order of priority:
(iA) pro rataconcurrently, to each the Class of Group 2 Senior B1 and Class B1X Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) concurrently, to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) Class B1 and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1X Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class's Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrently, to each the Class B2 and Class B2X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) concurrently, to the Class B2 and Class B2X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) concurrently, to the Class B3 and Class B3X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) concurrently, to the Class B3 and Class B3X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1)Class Principal Amount thereof, 5.02(f)(i)(C)(1) and 5.02such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Certificate Insurer, the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date;
(ii) to each the Class of Group 1 Senior A Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest thereon for each such Class and such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and classes on such Distribution Date;
(iviii) sequentiallyconcurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 A Certificates, in that order all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated to such classes and any Deferred Amounts previously allocated to such classes not previously reimbursed, pro rata based on the amounts owed under each of subclause (a) and (b);
(iv) to the “Class M Priority”)M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interests for Pool 1 such Class and for such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest and any Carryforward Interests for such Class and for such Distribution Date;
(vii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Class A, Class M1, Class M2 and Class M3 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Class A6 Certificates, the Class A6 Priority Amount, until the Class Principal Amount of such Class has been reduced to zero;
(B) sequentially to the Class A Certificates (other than the Class A6 Certificates) in the following order of priority:
(1) concurrently, to the Class A1 A1A and Class A2 A1B and A1C Certificates, sequentially, in that orderpro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(3) concurrently, pro rata, in proportion to the Class Principal Amounts in clauses (i) and (ii), (i) to the Class A3 Certificates and (ii) sequentially, to (A) the Class A4 Certificates and (B) pro rata, to the Class A5A and Class A5B Certificates, until the respective Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A) and (B) above is referred to hereinafter as the “Senior Priority.” Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M1, Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Class M1 Certificates and the Class M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the Group 2remaining Certificates in the order of priority set forth above.
(d) On each Distribution Date, Group 3 the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date if a Trigger Event is in effect on such Distribution Date, then until the aggregate Certificate Principal Amount of the Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in reduction of the Class Principal Amounts of the Certificates and Group 4 in the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Senior Certificates Priority, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in proportion effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M2 Certificates, the Class M1 Certificates and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Class A1A Reserve Fund, first, to the Class A1A Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class X Certificates, the sum of (a) any amounts remaining in the Class A1A Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (f)(i)(B)(1b) any amounts payable under the Class A1A Cap Agreement and distributable to the Class X Certificates under Section 5.07(b);
(iv) to the Class A Certificates, 5.02(f)(i)(C)(1pro rata based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xii) on the earlier of (a) Distribution Date occurring in March 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and 5.02(b) the final Distribution Date, to the Class P Certificates, $100 in payment of its Class P Principal Amount; and
(xiii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
(f) Any payments made pursuant to Section 5.02(b)(iii)(b) on a Distribution Date shall be made in the following order of priority:
(i) to the Class A Certificates, all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004 6xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Pool 1 Total Distribution Amount (to and the extent such amount is on deposit in the Certificate Account) Pool 2 Total Distribution Amount and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rataconcurrently, to each Class of Group 1 Senior Certificates and the Class 1-AX Certificates, pro rata on the basis of the amount of interest distributable thereon, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and Classes on such Distribution Date;
(ivii) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Group 1 Subordinate Certificates, in that order (accordance with the “Class M Group 1 Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 Classes for such Distribution Date;
(viiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) aboveMonthly Excess Interest for such Distribution Date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Certificate Insurer, the Aggregate Certificate Insurance Premium due under the Certificate Insurance Policy for such Distribution Date (together with any interest thereon at the rate set forth in the Insurance Agreement);
(ii) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among due such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Group 2 Senior Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, on the amounts owed under each subclause (a) and (b);
(iv) sequentially, to each Class of Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application Monthly Excess Interest for such Distribution Date. Any Distributions made pursuant to clauses subclause (iiii)(b) through above on a Distribution Date shall be made in the following order of priority:
(vi1) aboveto the Group 2 Senior Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Group 2 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 1 for such date in the following order of priority:
(i) pro ratadate, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Group 1 Senior Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) pro rata, to the Group 1 Senior Certificates until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if on a Distribution Date, the aggregate Class Principal Amount of the Group 1 Subordinate Certificates has been reduced to zero, the Pool 1 Overcollateralization Amount is equal to zero or less and Pool 1 Monthly Excess Interest is equal to zero, then any amounts that would otherwise be distributed to the Group 1 Senior Certificates pro rata in accordance with this clause (A) shall be distributed to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero; provided, further, the preceding proviso will remain in effect irrespective of whether the Pool 1 Overcollateralization Amount or Pool 1 Monthly Excess Interest is greater than zero on any subsequent Distribution Dates;
(B) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(C) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) and (B) above.
(ii) On each Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, in the following order of priority:
(1) so long as any Class of Group 1 Subordinate Certificates is outstanding, to the Group 1 Senior Certificates in accordance with the Group 1 Senior Priority, in an amount equal to the lesser of (x) the Principal Distribution Amount of Pool 1 for such Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Group 1 Subordinate Certificates are outstanding, the Trustee shall distribute the entire Principal Distribution Amount for Pool 1 in accordance with the Group 1 Senior Priority until the Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates on such Distribution Date pursuant to clause (1) above, and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates and the Class 1-M1 Certificates on such Distribution Date pursuant to clauses (1) and (2) above, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates on such Distribution Date pursuant to clauses (1) through (3) above, and (y) the 1-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(5) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (1) through (4) above.
(e) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) with respect to which a Pool 2 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 in the following order of priority:
(A) to the Group 2 Senior Certificates, in the following order of priority:
(1) to the Class 2-A4 Certificates, the Class 2-A4 Priority Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(2) sequentially to the Group 2 Senior Certificates, in the following order of priority:
(a) concurrently, to the Class 2-A1A and Class 2-A1B Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class 2-A2 Certificate, until the Class Principal Amount of such Class has been reduced to zero;
(c) concurrently, to the Class 2-A3A and Class 2-A3B Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero; and
(d) to the Class 2-A4 Certificates, without regard to the Class 2-A4 Priority Amount, until the Class Principal Amount of such Class has been reduced to zero;
(B) sequentially, to the Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(C) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (A) and (B) above.
(ii) On each Distribution Date (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date in the following order of priority:
(A) so long as any of the Group 2 Subordinate Certificates are outstanding, to the Group 2 Senior Certificates in accordance with the Group 2 Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for Pool 2 for such Distribution Date and (y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Group 2 Subordinate Certificates are outstanding, the Trustee shall distribute the entire Principal Distribution Amount for Pool 2 on such Distribution Date to the Group 2 Senior Certificates in accordance with the Group 2 Senior Priority;
(B) to the Class 2-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates on such date pursuant to clause (A) above, and (y) the 2-M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 2-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates and the Class 2-M1 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the 2-M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 2-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates, the Class 2-M1 Certificates and the Class 2-M2 Certificates on such date pursuant to clauses (A) through (C) above, and (y) the 2-M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to subclauses (A) through (D) above.
(f) On each Distribution Date, the Trustee shall distribute the Pool 1 Monthly Excess Cashflow for such date, together with any payments received under the Group 1 Cap Agreement in the case of distributions made pursuant to subclause (iii) below, in the following order of priority:
(i) for each Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount, in reduction of the Class Principal Amounts of the Group 1 Certificates in the following order of priority:
(A) to each Class of Group 1 Senior Certificates, in accordance with the Group 21 Senior Priority, in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero; and
(B) to the Group 3 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, in reduction of their Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is not in effect, in the following order of priority:
(A) to each Class of Group 4 1 Senior Certificates (in each case accordance with the Group 1 Senior Priority, in proportion to reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group 1 Senior Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Pool 1 Senior Target Amount;
(B) to subsections 5.02 the Class 1-M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M1 Target Amount;
(f)(i)(B)(1C) to the Class 1-M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M2 Target Amount; and
(D) to the Class 1-M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M3 Target Amount;
(iii) to the Pool 1 Basis Risk Reserve Fund, an amount equal to the Pool 1 Basis Risk Payment with respect to the Group 1 Certificates and any payments received under the Group 1 Cap Agreement, and then from the Pool 1 Basis Risk Reserve Fund, in the following order of priority:
(A) pro rata, to the Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such Class and such Distribution Date (to be paid first, from any payments under the Group 1 Cap Agreement and second, from amounts on deposit in the Pool 1 Basis Risk Reserve Fund, in proportion to the amount of such shortfalls);
(B) to the Group 1 Subordinate Certificates, 5.02(f)(i)(C)(1) in accordance with the Group 1 Subordinate Priority, any applicable Basis Risk Shortfall and 5.02Unpaid Basis Risk Shortfall fo
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust, an amount equal to each the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) to the Class of Group 1 Senior A1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (in each case taking into account distributions pursuant to subsections 5.02(c)(i5.02(c)(ii), 5.02(d)(i5.02(d)(ii) and 5.02(e)(i5.02(e)(ii) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest or Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest or Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 M6, Class M7, Class M8, Class M9 and Class M7 B Certificates, sequentially, in that order (the “Class M Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Investment Loan Trust 2005-3)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) Securities Administrator shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (k), (l) and (m) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below) for such Distribution Date;
(iii) on the Distribution Date in December 2016 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1;
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2 to the extent not paid from subsection 5.02(c)(iii) below for such Distribution Date;
(iv) to the Class A1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(v) for application pursuant to Section 5.02(d), any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(b)(i) above) for such Distribution Date;
(iii) on the Distribution Date in December 2016 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2;
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1 to the extent not paid from subsection 5.02(b)(iii) above for such Distribution Date;
(iv) concurrently, to each Class of the Group 1 Senior 2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;; and
(iiv) pro ratafor application pursuant to Section 5.02(d), any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Securities Administrator shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(v) and 5.02(c)(v) above in the following order of priority:
(i) concurrently, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i5.02(b)(iv) and 5.02(e)(i5.02(c)(iv)) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest above for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) 4.02 and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee Securities Administrator shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the Trustee aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Securities Administrator shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;; and
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions for application pursuant to subsections 5.02 (f)(i)(B)(1)subsection 5.02(e)(ii) below, 5.02(f)(i)(C)(1) and 5.02any such Principal Distribution Amount for Pool 1 remaining undistributed for such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (to other than the extent such amount is on deposit in Class E Distributable Amount and the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Class P Distributable Amount), and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each Class of Group 1 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current any Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate the Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Dateas set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;” and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Subordinate Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B2 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for Pool 2 remaining after application such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Senior Certificates and the Subordinate Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(c) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to clauses (i) through (vi) abovethe immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 3 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount paragraph (a) of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account this Section 5.02. Any distributions pursuant to subsections 5.02(b)(ithis paragraph (d) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with not reduce the Class M Priority, Current Interest for each such Principal Amount of the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveR Certificate.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Class P Distributable Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such P Certificates and the Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance E Distributable Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount Holder of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02E Certificate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1 Termination Event or a Pool 2 Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution sum of the Interest Remittance Amount (for Pool 1 and the Principal Remittance Amount for Pool 1 and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b), (d), (f), (h) and (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date, and (ii) the sum of the Interest Remittance Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall allocate such amount to the interests issued in respect of each REMIC and shall distribute such amount as specified in subparagraphs (c), (e), (g) and (i) of this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in subparagraphs (b) other than clause (i) thereof, (c), (d) other than clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) to the Certificate Insurer, the Aggregate Class 1-A4 Insurance Premium due under the Certificate Insurance Policy for the Class 1-A4 Certificates for that Distribution Date;
(iii) concurrently, to each Class of the Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (and in the case of the Class 1-A4 Certificates, calculated without regard to the Certificate Insurance Policy for each the Class 1-A4 Certificates) for such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) concurrently, pro rata based on amounts due, (a) to the Certificate Insurer, any due unreimbursed Insured Amounts attributable to the Class 1-A4 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(b), to the Group 1 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, to based on the amounts owed under each Class of Subordinate Senior Certificates, Current Interest for each such Class clause (a) and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
clause (ivb) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order of this subsection (the “Class M Priority”iii), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerGroup 1 Subordinate Certificates, in accordance with the product of (a) the Credit Risk Manager’s Fee Group 1 Subordinate Priority, Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application Monthly Excess Interest for such Distribution Date. Any distributions made pursuant to clauses subclause (iiv)(b) through above on a Distribution Date shall be made in the following order of priority:
(vi1) aboveto the Group 1 Senior Certificates, all Current Interest and Carryforward Interest for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such Current Interest and Carryforward Interest owed to each such Class, for such date; and
(2) to the Group 1 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratato the Certificate Insurer, the Aggregate Class 2-A3 Insurance Premium due under the Certificate Insurance Policy for the Class 2-A3 Certificates for such Distribution Date;
(ii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (and in the case of the Class 2-A3 Certificates, calculated without regard to the Certificate Insurance Policy for each the Class 2-A3 Certificates) for such Class and Classes for such Distribution Date; , provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) concurrently, pro rata based on amounts due, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Class 2-A3 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(c), to the Group 2 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, to based on the amounts owed under each Class of Subordinate Senior Certificates, Current Interest for each such Class clause (a) and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateclause (b) of this subsection (iii);
(iv) sequentially, to each Class of the Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable . Any distributions made pursuant to Section 4.04(b)(isubclause (iii)(b) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such above on a Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed made in the following order of priority:
(1) to the Group 2 Senior Certificates, all Current Interest and Carryforward Interest at the related Interest Rate for each applicable Class A1 on any Deferred Amounts previously allocated to such Class, pro rata, based on amounts of such Current Interest and Carryforward Interest owed to each such Class, for such date; and
(2) to the Group 2 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, as follows:
(i) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for Pool 1) and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(B) concurrently to (a) the Class 1-A1, Class 1-A2 and Class A2 1-A3 Certificates, sequentiallyand (b) the Class 1-A4 Certificates, in proportion to the aggregate Class Principal Amounts of the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates and the Class Principal Amount of the Class 1-A4 Certificates, provided that orderamounts distributable to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates pursuant to clause (a) shall be made sequentially to such classes, in such order of priority;
(C) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(2D) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Certificate Insurer, any unreimbursed Insured Amounts plus all amounts due to the Certificate Insurer under the Certificate Insurance Policy with regard to the Class Principal Amount of 1-A4 Certificates, together with interest thereon at the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02Default Rate;and
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 1 Senior CertificatesA1 and the A3(1) and A-IO(1) Components, Current Interest for each such Class and Components and such Distribution Date and any Carryforward Interest for each such Class and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes Class and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class A-2, to each Class of Group 2, Group 3 A-4 and Group 4 Senior CertificatesClass A5 Certificates and the A3(2) and A-IO(2) Components, Current Interest (after taking into account distributions pursuant to subsections 5.02(c)(i) below), 5.02(d)(i) for such Classes and 5.02(e)(i) below, as applicable) for each such Class Components and such Distribution Date and any Carryforward Interest for each such Class Classes and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes Class and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vixi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratarata to the Class A2, to each Class of Group 2 Senior CertificatesA4 and Class A5 Certificates and the A3(2) and A-IO(2) Components, Current Interest for each such Class Classes and Components and such Distribution Date and any Carryforward Interest for each such Class Classes and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class A1 Certificates, to each Class of Group 1, Group 3 and Group 4 Senior Certificatesthe A3(1) and A-IO(1) Components, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and Components and such Distribution Date and any Carryforward Interest for each such Class and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Securities Administrator (or the any successor Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, to the Total extent of funds available therefore, the Available Distribution Amount (excluding all Prepayment Penalty Amounts) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Securities Administrator:
(i) pro ratathe payment of the Securities Administrator Fee for such Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates in the related Certificate Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for a Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;.
(iiiii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2(reduced, Group 3 and Group 4 Senior Certificatesin each case, Current by any Net Prepayment Interest (taking into account distributions pursuant Shortfalls for the related Mortgage Pool allocated to subsections 5.02(c)(ithat Class of Certificates in that Distribution Date, as described herein), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
Shortfall (iiias so reduced) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates (other than the Class 3-AX and Class 4-AX Certificates) of the related Certificate Group in reduction of the Class Principal Amounts thereof, concurrently, as follows:
(A) to the Class R and Class 1-A1 and Class 1-A2 Certificates from the Available Distribution Amount for Pool 1, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amounts, sequentially as follows:
(I) first, to the Class M1R Certificate, until its Class M2Principal Amount has been reduced to zero;
(II) second, pro rata to the Class M3, Class M4, Class M5, Class M6 1-A1 and Class M7 1-A2 Certificates, in that order reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero:
(B) pro rata, to the “Class M Priority”)2-A1 and Class 2-A2 Certificates, Current Interest from the Available Distribution Amount for each Pool 2, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class and such Distribution Date and any Carryforward Interest for each such Principal Amounts, until their Class and such Distribution DatePrincipal Amounts have been reduced to zero;
(vC) to the Credit Risk ManagerClass 3-A1, Class 3-A2 and Class 3-A3 Certificates from the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage Available Distribution Amount for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow 3 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts, concurrently as provided follows:
(a) to the Class 3-A1 and Class 3-A2 Certificates, in subsection that order, until their Class Principal Amounts have been reduced to zero; and
(gb) of this Section, any Interest Remittance to the Class 3-A3 Certificates until its Class Principal Amount has been reduced to zero;
(D) to the Class 4-A Certificates from the Available Distribution Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each 4 for such Distribution Date, the Trustee shall distribute the Interest Remittance Senior Principal Distribution Amount for such Mortgage Pool 2 for such date Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero; and
(v) from the remaining Available Distribution Amount for Mortgage Pools 1 through 3, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O), (R) and (U) below, to the Group I Subordinate Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1-I Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1-I Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B2-I Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for Pool 2 remaining after application pursuant such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to clauses zero;
(iG) through to the Class B3-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B7-I Certificates, any Interest Shortfall for such Class on such Distribution Date; (U) to the Class B7-I Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(vi) above.
(d) On each from the remaining Available Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Mortgage Pool 3 for such date 4, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O), (R) and (U) to the Group II Subordinate Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior B1-II Certificates, Current the Accrued Certificate Interest thereon for each such Class and Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Carryforward Deferred Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1-II Certificates, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1-II Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for such Class’s Subordinate Class Percentage of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Subordinate Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(E) to the Class B2-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(H) to the Class B3-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(K) to the Class B4-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(N) to the Class B5-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(Q) to the Class B6-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date and as further reduced by such Class’s allocable share of any Deferred Interest for such Distribution Date;
(T) to the Class B7-II Certificates, any Interest Shortfall for such Class on such Distribution Date; and (U) to the Class B7-II Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group and the Subordinate Certificates related to the applicable Mortgage Group proportionately based on (i) in the case of the related Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon (without regard to reductions for allocations of Deferred Interest), and (ii) in the case of the Group 2I Subordinate Certificates and the Group II Subordinate Certificates, Group 3 and Group 4 Senior interest accrued (at the Underlying Subordinate Rate for the relevant Mortgage Pool) on their related Apportioned Principal Balances.
(c) (i) if on any Distribution Date the Credit Support Percentage for the Class B1-I Certificates (in each case in proportion is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the aggregate Class Principal Amount contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the related Group after giving effect definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I or Class B7-I Certificates on such Distribution Date; (ii) if on any Distribution Date the Credit Support Percentage for the Class B2-I Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to distributions pursuant to subsections 5.02 (f)(i)(B)(1the contrary in Section 5.02(a), 5.02(f)(i)(C)(1no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3-I, Class B4-I, Class B5-I, Class B6-I or Class B7-I Certificates on such Distribution Date; (iii) if on any Distribution Date the Credit Support Percentage for the Class B3-I Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4-I, Class B5-I, Class B6-I or Class B7-I Certificates on such Distribution Date; (iv) if on any Distribution Date the Credit Support Percentage for the Class B4-I Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of
Appears in 1 contract
Sources: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Class A Certificates, pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest resulting shortfalls shall be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereonand Carryforward Interest due such Classes on such Distribution Date;
(ii) to the Class A Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, on the amounts owed under each subclause (a) and (b);
(iii) to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerM3 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 such Class and for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above. Any payments made pursuant to clause (ii)(b) of this paragraph (b) shall be made in the following order of priority:
(1) to the Class A Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amount previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Class A Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(A) to the Class A6A, Class A6B and Class A6C Certificates, pro rata, the Class A6 Priority Amount until the Class Principal Amount of each such Class has been reduced to zero;
(B) sequentially, to the Class A Certificates (other than the Class ▇▇▇, ▇▇▇ and Class A6C Certificates) in the following order of priority:
(1) to the Class A1 A1A, Class A1B and Class A1C Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class A2 Certificates, sequentiallyuntil the Class Principal Amount of such Class has been reduced to zero; and
(3) concurrently, pro rata,
(a) to the Class A3A, Class A3B and Class A3C Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero; and
(b) to the Class A4 and Class A5 Certificates, sequentially in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2C) concurrentlyto the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates, in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Group 2Class M Certificates are outstanding, Group 3 and Group 4 Senior the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above.
(d) On each case Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in proportion the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount, in reduction of the Aggregate Class Principal Amount of the Offered Certificates in the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Senior Priority, until the Class Principal Amount of each such Class have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of its Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Reserve Fund, first: to the Class A1A, Class A1B and Class A1C Certificates, pro rata, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date; and second, to the Class X Certificates, the sum of (a) any amounts remaining in the Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clause first above in excess of the Required Reserve Fund Amount for such Distribution Date, and (f)(i)(B)(1b) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 5.06(b);
(iv) to the Class A Certificates, 5.02(f)(i)(C)(1pro rata, based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation with respect to the Class A1A, Class A1B or Class A1C Certificates being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates, pro rata, based on their respective Deferred Amounts, any accrued but unpaid interest on any Deferred Amount and any unpaid Deferred Amount for each such Class and such Distribution Date;
(ix) to the Class M1 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(x) to the Class M2 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xi) to the Class M3 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xii) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date;
(xiii) on the earlier of (a) Distribution Date occurring in October 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and 5.02(b) the final Distribution Date, to the Class P Certificates, $100 in payment of the Class P Principal Amount; and
(xiv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement hereby and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior A1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ii) pro rata to the Class A2, Class A3, Class A4 and Class A5 Certificates, Current Interest for such Classes and such Distribution Date and any Carryforward Interest for such Classes and such Distribution Date (in each case, after taking into account distributions pursuant to subsection 5.02(c)(i) below); provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class M9 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xiv) to the Trustee, any amounts reimbursable pursuant to Section 6.12 and not previously reimbursed to the Trustee; and
(xv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (xiv) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata to the Class A2, Class A3, Class A4 and Class A5 Certificates, Current Interest for such Classes and such Distribution Date and any Carryforward Interest for such Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior A1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; providedDate (in each case, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion taking into account distributions pursuant to the amount of Current Interest that would otherwise be distributable thereonsubsection 5.02(b)(i) above);
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior M3 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iivi) pro rata, to each the Class of Group 1, Group 3 and Group 4 Senior M4 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiivii) pro rata, to each the Class of Subordinate Senior M5 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivviii) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM6 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class M9 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) 6.12 and not previously reimbursed to the Trustee; and
(viixv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixiv) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A2, Class A3, Class A4 and Class A5 Certificates, after giving effect to distributions pursuant to subsection 5.02(d)(i)(B)(1), concurrently, as follows:
(a) to the Class A2, Class A3 and Class A4 Certificates in proportion to the Class Principal Amount of the Class A2 Certificates and the aggregate Class Principal Amount of the Class A3 and Class A4 Certificates, concurrently, as follows:
(i) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(ii) to the Class A3 and Class A4 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class A5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class M9 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(12) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(13) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (12) of this Section 5.02(d)(i)(A).
(B) For Pool 2: Until the aggregate Certificate Principal Amount of the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 2 will be distributed in the following order of priority:
(1) to the Class A2, Class A3, Class A4 and Class A5 Certificates, concurrently, as follows:
(a) to each the Class of the Group 2A2, Group 3 Class A3 and Group 4 Senior Class A4 Certificates (in each case in proportion to the Class Principal Amount of the Class A2 Certificates and the aggregate Class Principal Amount of the related Group Class A3 and Class A4 Certificates, concurrently, as follows:
(i) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(ii) to the Class A3 and Class A4 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class A5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A1 Certificates, after giving effect to distributions pursuant to subsections 5.02 subsection 5.02(d)(i)(A)(1) above, until the Class Principal Amount of such Class has been reduced to zero;
(f)(i)(B)(13) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class M9 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(12) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(13) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (1) through (12) of this Section 5.02(d)(i)(B). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (e) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for each Mortgage Pool for such date will be distributed in the following order of priority:
(A) (1) so long as the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 or Class B Certificates are outstanding, to the Class A1 Certificates (from amounts generated by Pool 1, except as provided below) and to the Class A2, Class A3, Class A4 and Class A5 Certificates (from amounts generated by Pool 2, except as provided below), 5.02(f)(i)(C)(1in accordance with the Pool 2 Senior Priority, in each case, an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Related Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Senior Principal Distribution Amount for such Mortgage Pool, such excess shall be applied to the Senior Certificates of the other Mortgage Pool (in the case of Senior Certificates in Pool 2, in accordance with the Pool 2 Senior Priority), but in an amount not to exceed the Senior Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) and 5.02(y) of this clause (1) on such Distribution Date); or (2) if none of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 or Class B Certificates are outstanding, to the Class A1 Certificates and to the Class A2, Class A3, Class A4 and Class A5 Certificates (in accordance with the Pool 2 Senior Priority), the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4 and Class A5 Certificates on such date pursuant to clause (A) above and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5 and Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the aggregate of the Principal Distribution Amounts for each of Pool 1 and Pool 2 for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (D) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero
Appears in 1 contract
Sources: Trust Agreement (First Franklin Mortgage Loan Trust 2004-Ff7)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, 2 and Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, pro rata, rata to each the Class of Group 1 Senior Certificates1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable) for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro ratarata to the Class 2-A Certificates, to each the A-IO(2) Component, the Class of Group 23-A1, Group 3 Class 3-A2 and Group 4 Senior CertificatesClass 3-A3 Certificates and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i5.02(d)(i) below, as applicable, and the related Net Funds Cap, if applicable) for each such Class Classes and Components and such Distribution Date and any Carryforward Interest for each such Class Classes and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class (taking into account the Subordinate Net Funds Cap, if applicable) and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata, rata to each the Class of Group 2 Senior Certificates2-A Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 2-A Certificates and the A-IO(2) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro ratarata to the Class 1-A1 and Class 1-A2 Certificates, to each the A-IO(1) Component, the Class of Group 13-A1, Group 3 Class 3-A2 and Group 4 Senior CertificatesClass 3-A3 Certificates and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, above and subsections subsection 5.02(d)(i) and 5.02(e)(i) below, as applicable, and the related Net Funds Cap, if applicable) for each such Class Classes and Components and such Distribution Date and any Carryforward Interest for each such Class Classes and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vix) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) concurrently, pro ratarata to the Class 3-A1, to each Class of Group 3 Senior Certificates3-A2 and Class 3-A3 Certificates and the A-IO(3) Component, Current Interest (taking into account the Pool 3 Net Funds Cap, if applicable) for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 3-A1, Class 3-A2 and Class 3-A3 Certificates and the A-IO(3) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro ratarata to the Class 1-A1 and Class 1-A2 Certificates, to each the A-IO(1) Component, the Class of Group 1, Group 2 2-A Certificates and Group 4 Senior Certificatesthe A-IO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) belowabove, as applicable, and the related Net Funds Cap, if applicable) for each such Class Classes and Components and such Distribution Date and any Carryforward Interest for each such Class Classes and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and for such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM2 Certificates, Current Interest for each such Class and such Distribution Date (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vix) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class 1-A1, Class 1-A2, Class 2-A, Class 3-A1, Class 3-A2, Class 3-A3, Class M1, Class M2, Class M3, Class M4, Class M5 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrentlyconcurrently to the Class 2-A, to each Class of the Group 23-A1, Group 3 Class 3-A2 and Group 4 Senior Certificates (in each case Class 3-A3 Certificates, in proportion to the aggregate Class Principal Amount of the Class A Certificates related Group to each Mortgage Pool, after giving effect to distributions pursuant to subsections 5.02 5.02(e)(i)(B)(1) and 5.02(e)(i)(C)(1) below for such Distribution Date, as follows:
(f)(i)(B)(1a) to the Class 2-A Certificates, after giving effect to distributions pursuant to subsection 5.02(e)(i)(B)(1) below, until the Class Principal Amount of such Class has been reduced to zero; and
(b) concurrently, to (x) the Class 3-A1 and Class 3-A2 Certificates (as a group), 5.02(f)(i)(C)(1in proportion to the aggregate Class Principal Amount of such Classes, and (y) the Class 3-A3 Certificates, in proportion to the Class Principal Amount of such Class, as follows:
(I) to the Class 3-A1 and 5.02Class 3-A2 Certificates, sequentially, in that order, after giving effect to distributions pursuant to subsection 5.02(e)(i)(C)(1) below, until the Class Principal Amount of each such Class has been reduced to zero; and
(II) to the Class 3-A3 Certificates, after giving effect to distributions pursuant to subsection 5.02(e)(i)(C)(1) below, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(9) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (8) of this Section 5.02(e)(i)(A).
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified to itself (in this Section. All allocations the case of clause (i)) and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to the Trustee, the Trustee Fee allocable to such Mortgage Pool for such Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 1 Senior (other than any Class of Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class' allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any Class of Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M1of Notional Certificates), as follows.
(A) to the Class 1-A1, Class M21-A2, Class M3, Class M4, Class M5, Class M6 1-AP and Class M7 R Certificates, in that order (from the “Class M Priority”), Current Interest Available Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest Pool 1 for each such Class and such Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class R Certificate, the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(2) to the Class 1-A1 and Class 1-A2 Certificates, pro rata in proportion to their respective Class Principal Amounts, the remaining Senior Principal Distribution Amount for Pool 1 for such Distribution Date, until the respective Class Principal Amounts thereof have been reduced to zero; and
(3) to the Class 1-AP Certificates, the AP Principal Distribution Amount for Pool 1 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(B) to the Class 2-A1, Class 2-A2 and Class 2-AP Certificates, from the Available Distribution Amount for Pool 2 for such Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class 2-A1 and Class 2-A2 Certificates, pro rata in proportion to their respective Class Principal Amounts, the Senior Principal Distribution Amount for Pool 2 for such Distribution Date, until the respective Class Principal Amounts thereof have been reduced to zero; and
(2) to the Class 2-AP Certificates, the AP Principal Distribution Amount for Pool 2 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(v) to the Credit Risk ManagerClass 1-AP and Class 2-AP Certificates, to the extent of the remaining Available Distribution Amount for each Mortgage Pool, the product Class AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all Mortgage Pools for such date; (B) such amounts will not reduce the Class Principal Amounts of (a) the Credit Risk Manager’s Fee such Classes; and (bC) in the Pool Percentage event the aggregate Subordinate Principal Distribution Amount for Pool 1 all Mortgage Pools is insufficient to fully pay the Class AP Deferred Amount for the Class 1-AP and Class 2-AP Certificates, such amount shall be distributed pro rata to such Classes on the basis of their respective Class AP Deferred Amounts;
(vi) from the remaining Available Distribution Amount for all Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, as follows:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by each such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for reduced by each such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viE) to the TrusteeClass B2 Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(F) and not previously reimbursed to the Trustee; andClass B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(viiG) for application as part of Monthly Excess Cashflow to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gH) of this Sectionto the Class B3 Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool 2 remaining after application pursuant to clauses shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) through in the case of the related Non-AP Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (viii) abovein the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Interest Remittance Amount for Pool 3 for such date Holder of the Class R Certificate any amounts remaining in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest Upper Tier REMIC for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall after application of all amounts described in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of paragraph (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) aboveSection 5.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount (other than the Class P Distributable Amount) with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates or Components, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Group 2, Group 3 and Group 4 Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Classes Mortgage Pool in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest from the remaining Available Distribution Amount for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DateMortgage Pool to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) sequentiallyfrom the remaining Available Distribution Amounts for Pool 1, to the Class M1AP(1) Component, Class M2to the extent of the remaining Available Distribution Amounts for Pool 1, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest related AP Deferred Amount for each such Class and such Distribution Date and any Carryforward Interest Component for each such Class and such Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for Pool 1 for such date; (B) such amounts will not reduce the Component Principal Amount of the AP(1) Component; and (C) in the event the Subordinate Principal Distribution Amounts for Pool 1 is insufficient to fully pay the related AP Deferred Amount for the AP(1) Component, the amount will be distributed to such Component;
(v) from the remaining Available Distribution Amounts for Pool 2 and Pool 4, to the Credit Risk ManagerAP(2) and AP(4) Components, respectively, to the extent of the remaining Available Distribution Amounts for Pool 2 and Pool 4, respectively, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 related AP Deferred Amount for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow Component for such Distribution Date, as provided until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amounts for Pool 2 and Pool 4 for such date; (B) such amounts will not reduce the Component Principal Amounts of the related Component; and (C) in subsection the event the aggregate of the Subordinate Principal Distribution Amounts for Pool 2 and Pool 4 is insufficient to fully pay the related AP Deferred Amount for the AP(2) and AP(4) Components, the amount will be distributed proportionately among such Components based on their respective AP Deferred Amounts; and
(gvi) of this Section, any Interest Remittance from the remaining Available Distribution Amount for Pool 1, to the Group 1 remaining after application Subordinate Components, subject to the prior distribution of amounts pursuant to Section 5.02(h) in the case of clauses (iC), (F), (I), (L), (O), (R) through and (viU) above.
(c) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date Group 1 Subordinate Components, in the following order of priority:
(iA) pro ratato the B1(1) Component, to each Class of Group 2 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Component’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeB1(1) Component, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Component on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andB1(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the B2(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the B2(1) Component, any Interest Remittance Shortfall for such Component on such Distribution Date;
(F) to the B2(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(G) to the B3(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the B3(1) Component, any Interest Shortfall for such Component on such Distribution Date;
(I) to the B3(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(J) to the B4(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the B4(1) Component, any Interest Shortfall for such Component on such Distribution Date;
(L) to the B4(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(M) to the B5(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the B5(1) Component, any Interest Shortfall for such Component on such Distribution Date;
(O) to the B5(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(P) to the B6(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the B6(1) Component, any Interest Shortfall for such Component on such Distribution Date;
(R) to the B6(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(S) to the B7(1) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the B7(1) Component, any Interest Shortfall for such Component on such Distribution Date; and
(U) to the B7(1) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(vii) from the remaining Available Distribution Amount for Pool 2 remaining after application 2, Pool 3 and Pool 4, to the Group 2-4 Subordinate Components, subject to the prior distribution of amounts pursuant to Section 5.02(h) in the case of clauses (iC), (F), (I), (L), (O), (R) through and (viU) above.
(d) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date Group 2-4 Subordinate Components, in the following order of priority:
(iA) pro ratato the B1(2-4) Component, to each Class of Group 3 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Component’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the TrusteeB1(2-4) Component, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Component on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andB1(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the B2(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the B2(2-4) Component, any Interest Remittance Shortfall for such Component on such Distribution Date;
(F) to the B2(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(G) to the B3(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the B3(2-4) Component, any Interest Shortfall for such Component on such Distribution Date;
(I) to the B3(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(J) to the B4(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the B4(2-4) Component, any Interest Shortfall for such Component on such Distribution Date;
(L) to the B4(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(M) to the B5(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the B5(2-4) Component, any Interest Shortfall for such Component on such Distribution Date;
(O) to the B5(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(P) to the B6(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the B6(2-4) Component, any Interest Shortfall for such Component on such Distribution Date;
(R) to the B6(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(S) to the B7(2-4) Component, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the B7(2-4) Component, any Interest Shortfall for such Component on such Distribution Date; and
(U) to the B7(2-4) Component, in reduction of the Component Principal Amount thereof, such Component’s Subordinate Component Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool 3 remaining after application pursuant shall be allocated among the Certificates and Components related to clauses such Mortgage Pool (other than the related Components of the Class AP Certificates) pro rata based on (i) through in the case of the related Non-AP Senior Certificates and Components and the Group 1 Subordinate Components, the Accrued Certificate Interest otherwise distributable thereon and (viii) abovein the case of the Group 2-4 Subordinate Components, interest accrued on the related Apportioned Principal Balances.
(i) After the Group 1 Credit Support Depletion Date, the Senior Distribution Amount with respect to Pool 1 remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii); and (ii) after the Group 2-4 Credit Support Depletion Date, the Senior Distribution Amount with respect to Pool 2, Pool 3 and Pool 4 remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(i) With respect to any of the B1(1), B2(1), B3(1), B4(1), B5(1), B6(1) and B7(1) Components, if on any Distribution Date the Credit Support Percentage for that Component is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to any Group 1 Component of lower priority and (ii) with respect to any of the B1(2-4), B2(2-4), B3(2-4), B4(2-4), B5(2-4), B6(2-4) and B7(2-4) Components, if on any Distribution Date the Credit Support Percentage for that Component is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to any related Group 2-4 Component of lower priority. Any amount not distributed in respect of any Group 1 Subordinate Component on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Group 1 Subordinate Components in proportion to their respective Component Principal Amounts. Any amount not distributed in respect of any Group 2-4 Subordinate Component on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Group 2-4 Subordinate Components in proportion to their respective Component Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp. 2005-14)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to Amount, determined in accordance with the extent Remittance Report provided by the Securities Administrator for such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Distribution Date, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Class A-X Certificates, and then from the Class A-X Certificates, to the Swap Agreement Payment Account, solely with respect to the Available Distribution Amount derived from or with respect to interest, the aggregate Net Swap Payments, if any, due to the Swap Counterparty under the Swap Agreements on that Distribution Date;
(ii) to each Class of Group 1 Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates (other than the Class A-X Certificates) in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; provided, further, to the extent of the Required Reserve Fund Deposit for that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iiiii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates (other than the Class A-X Certificates) in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro rata; provided, further, to each Class the extent of Subordinate Senior Certificates, Current Interest the Required Reserve Fund Deposit for each such Class and such Distribution Date and Carryforward Interest for each such Class and such that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 A and Class M7 R Certificates, in that order (reduction of their respective Class Principal Amounts, from the “Class M Priority”)Available Distribution Amount, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) in an amount up to the Credit Risk ManagerSenior Principal Distribution Amount, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro ratato the Class R Certificate, until its Class Principal Amount has been reduced to each zero; and
(B) to the Class of Group 2 Senior A Certificates, Current Interest for each such until their Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion Principal Amount has been reduced to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Datezero;
(v) from the remaining Available Distribution Amount to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date Subordinate Certificates in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for each such Class’s Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to Percentage of the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Subordinate Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2Class Principal Amount thereof, Group 3 such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero; and
(S) to the Swap Agreement Payment Account, any Additional Swap Payment due to the Swap Counterparty under the Swap Agreements for such Distribution Date.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(c) (i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and Group 4 Senior (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in each case Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to the aggregate Class their respective Certificate Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02Amounts.
Appears in 1 contract
Sources: Trust Agreement (Thornburg Mortgage Securities Trust 2004-3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for the related Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) pro rata, to each the Class of Group 1 Senior A1 Certificates, Current Interest for each such Class and such Distribution Date class and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior A2 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date class and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M1 Certificates, Current Interest for each such Class class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date class and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass B1 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest for such class and (b) the Pool Percentage for Pool 1 for any Carryforward Interest and such Distribution Date;
(vi) to the TrusteeClass B2 Certificates, Current Interest for such class and any amounts reimbursable Carryforward Interest and such Distribution Date;
(vii) to the Trustee and the Master Servicer, previously unreimbursed extraordinary costs, liabilities and expenses pursuant to Section 4.04(b)(i);
(viii) and not previously reimbursed to the TrusteeCredit Risk Manager, such Pool’s allocable portion (based on the Pool percentage) of the Credit Risk Manager’s Fee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any such Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viviii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage for the related Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Class Principal Amount of the Offered Class A1, Class A2, Class M1, Class M2, Class B1 and Class B2 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (g) of this Section. All allocations and distributions made among and with respect ; provided that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (h) and (j) of this Section; provided that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clause (i) below, on the related Swap Payment Date, ) the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(ii) concurrently, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date's Fee;
(viv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viv) above.
(c) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) for deposit into the Swap Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date, to the extent not paid pursuant to Section 5.02(b)(i) and (y) the Principal Remittance Amount for such Distribution Date;
(B) to the Class A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for Pool 1 such date will be distributed in the following order of priority:
(1A) for deposit into the Swap Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event)owed to the Swap Counterparty on the related Swap Payment Date, to the extent not paid pursuant to Section 5.02(b)(i) and (y) the Principal Remittance Amount for such Distribution Date;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account pursuant to clause (A) above and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (C) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (A) through (E) above, and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such date pursuant to clauses (A) through (F) above, and (y) the M6 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such date pursuant to clauses (A) through (G) above, and (y) the M7 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates on such date pursuant to clauses (A) through (H) above, and (y) the M8 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates on such date pursuant to clauses (A) through (I) above, and (y) the M9 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses (A) through (J) above, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class B2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust for deposit into the Swap Account or distributed to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates on such date pursuant to clauses (A) through (K) above, and (y) the B2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(M) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(d), any Principal Distribution Amount remaining after application pursuant to clauses (A) through (L) above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, in the following order of priority:
(A) to the Class A1 and Class A2 Certificates, sequentiallyin reduction of their Class Principal Amount, after giving effect to distributions pursuant to clause (c) above on such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(B) to each Class of Subordinate Certificates, in that orderaccordance with the Subordinate Priority, in reduction of their respective Class Principal Amounts, in each case after giving effect to distributions pursuant to clause (c) above on such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero;
(2ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(B) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(C) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(D) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(E) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(F) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(G) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(H) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(I) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving effect to distributions on such Distribution Date, equals the M9 Target Amount;
(J) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount; and
(K) to the Class B2 Certificates, in reduction of their Class Principal Amount, until the aggregate of the Class Principal Amounts of the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class B1 and Class B2 Certificates, after giving effect to distributions on such Distribution Date, equals the B2 Target Amount;
(iii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, any Deferred Amount for each such Class and such Distribution Date;
(iv) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) concurrently, in proportion to their respective Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, to each Class of the Group 2Senior Certificates, Group 3 any applicable Basis Risk Shortfall and Group 4 Senior Certificates (in Unpaid Basis Risk Shortfall for each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02such Cla
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-S3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1 and REMIC 2 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerTrustee, the product of (a) the Credit Risk Manager’s its Trustee Fee Rate for such Distribution Date and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(ii) to the Guarantor, the Guarantee Fee payable with respect to the Class A1 Certificates for such Distribution Date;
(iii) to the Guarantor, previously unreimbursed Guarantor Reimbursement Amounts;
(iv) to the Class A1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date;
(vi) to the TrusteeClass M2 Certificates, Current Interest for such Class and such Distribution Date;
(vii) to the Class B Certificates, Current Interest for such Class and such Distribution Date;
(viii) to the Loss Mitigation Advisor, the Loss Mitigation Advisor's Fee for such Distribution Date;
(ix) to the Master Servicer, any amounts reimbursable reimburseable pursuant to Section 4.04(b)(i4.02(v) and not previously reimbursed to the TrusteeMaster Servicer; and
(viix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viix) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerTrustee, the product of (a) the Credit Risk Manager’s its Trustee Fee Rate for such Distribution Date and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(ii) to the Class A2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date;
(v) to the Class B Certificates, Current Interest for such Class and such Distribution Date;
(vi) to the TrusteeLoss Mitigation Advisor, the Loss Mitigation Advisor's Fee for such Distribution Date;
(vii) to the Master Servicer, any amounts reimbursable reimburseable pursuant to Section 4.04(b)(i4.02(v) and not previously reimbursed to the TrusteeMaster Servicer; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vivii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effecthas occurred, the Trustee shall will make the following distributions, concurrently:
(A) : For Pool 1: Until the aggregate Certificate Principal Amount of all of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1A) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2B) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the related Group Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after giving effect to distributions application pursuant to subsections 5.02 clauses (f)(i)(B)(1), 5.02(f)(i)(C)(1A) and 5.02through (E) above.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Se 2000-Bc2)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) (A) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 2 pursuant to clause (b)(B)(i) below;
(iii) concurrently, to each Class of the Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection pursuant to clause (gb)(C) of this Sectionbelow, any such Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) Securities Administrator shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) and (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below) for such Distribution Date;
(iii) to the Class A1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(iv) for application pursuant to Section 5.02(d), any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(b)(i) above) for such Distribution Date;
(iii) concurrently, to each Class of the Group 1 Senior 2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;and
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable application pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section5.02(d), any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses clause (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivthis Section 5.02(c) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-Bc2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Pool 1 Total Distribution Amount (to and the extent such amount is on deposit in the Certificate Account) Pool 2 Total Distribution Amount and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Certificate Insurer, the Aggregate Class 1-A4 Insurance Premium due under the Certificate Insurance Policy for that Distribution Date;
(ii) concurrently, to each Class of the Group 1 Senior Certificates and the Class 1-AX Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Class 1-A4 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(b), to the Group 1 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, to based on the amounts owed under each Class of Subordinate Senior Certificates, Current Interest for each such Class clause (a) and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;clause (b) of this subsection (iii); and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Group 1 Subordinate Certificates, in that order (accordance with the “Class M Group 1 Subordinate Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application Monthly Excess Interest for such Distribution Date. Any distributions made pursuant to clauses subclause (iii) through above on a Distribution Date shall be made in the following order of priority:
(vi1) aboveto the Group 1 Senior Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Group 1 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratato the Certificate Insurer, the Aggregate Class 2-A4 Insurance Premium due under the Certificate Insurance Policy for such Distribution Date;
(ii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; , provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Class 2-A4 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(c), to the Group 2 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, to based on the amounts owed under each Class of Subordinate Senior Certificates, Current Interest for each such Class clause (a) and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Dateclause (b) of this subsection (iii);
(iv) sequentially, to each Class of the Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viivi) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application Monthly Excess Interest for such Distribution Date. Any distributions made pursuant to clauses subclause (iiii) through above on a Distribution Date shall be made in the following order of priority:
(vi1) aboveto the Group 2 Senior Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Group 2 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 1 for such date date, as follows:
(i) On each Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 in the following order of priority:
(A) concurrently to (a) the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, and (b) the Class 1-A4 Certificates, in proportion to the aggregate Class Principal Amounts of the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates and the Class Principal Amount of the Class 1-A4 Certificates, provided that amounts distributable to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates pursuant to clause (a) shall be made sequentially to such classes, in such order of priority;
(B) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(C) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) and (B) above.
(ii) On each Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, in the following order of priority:
(A) so long as any Class of Group 1 Subordinate Certificates are outstanding, to the Group 1 Senior Certificates in accordance with the Group 1 Senior Priority in an amount equal to the lesser of (x) the Principal Distribution Amount of Pool 1 for such Distribution Date and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Group 1 Subordinate Certificates are outstanding, the Trustee shall distribute the entire Principal Distribution Amount for Pool 1 in accordance with the Group 1 Senior Priority until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates on such Distribution Date pursuant to clause (A) above, and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates and the Class 1-M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the 1-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (A) through (D) above.
(e) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date, as follows:
(i) On each Distribution Date (a) prior to the Pool 2 Stepdown Date or (b) on or after the Pool 2 Stepdown Date and with respect to which a Pool 2 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 in the following order of priority:
(A) to the Group 2 Senior Certificates, in the following order of priority:
(i) pro rata, to each the Class of Group 3 Senior 2-A5A and Class 2-A5B Certificates, Current Interest for on a pro rata basis, the Class 2-A5 Priority Amount, until the Class Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion has been reduced to the amount of Current Interest that would otherwise be distributable thereonzero;
(ii) pro rata, to each the Class of Group 1, Group 2 2-A1A and Group 4 Senior Class 2-A1B Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for until the Class Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion has been reduced to the amount of Current Interest that would otherwise be distributable thereonzero;
(iii) pro rata, to each the Class of Subordinate Senior 2-A2 Certificates, Current Interest for each until the Class Principal Amount of such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Datehas been reduced to zero;
(iv) sequentiallypro rata, to the Class 2-A3A and Class 2-A3B Certificates, until the Class Principal Amount of each such Class has been reduced to zero; and
(v) to the Class 2-A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(B) to the Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for until the Class Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) has been reduced to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trusteezero; and
(viiC) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance such Principal Distribution Amount for Pool 3 remaining after application pursuant to clauses (iA) through and (viB) above.
(eii) On each Distribution DateDate (a) on or after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger Event is not in effect, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 4 2 for such date date, in the following order of priority:
(iA) pro rata, to each so long as any Class of Group 4 2 Subordinate Certificates are outstanding, to the Group 2 Senior Certificates, Current Interest Certificates in accordance with the Group 2 Senior Priority in an amount equal to the lesser of (x) the Principal Distribution Amount of Pool 2 for each such Class and such Distribution Date and any Carryforward Interest (y) the Pool 2 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class and such Distribution Datehas been reduced to zero; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to if none of the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior CertificatesSubordinate Certificates are outstanding, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) the Trustee shall distribute the entire Principal Distribution Amount for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, Pool 2 in accordance with the Group 2 Senior Priority until the Class M Priority, Current Interest for Principal Amount of each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Datehas been reduced to zero;
(vB) to the Credit Risk ManagerClass 2-M1 Certificates, an amount equal to the product lesser of (x) the excess of (a) the Credit Risk Manager’s Fee and Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the Pool Percentage for Pool 4 amount distributed to the Group 2 Senior Certificates on such Distribution Date pursuant to clause (A) above, and (y) the 2-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(viC) to the TrusteeClass 2-M2 Certificates, any amounts reimbursable an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates and the Class 2-M1 Certificates on such Distribution Date pursuant to Section 4.04(b)(iclauses (A) and not previously reimbursed (B) above, and (y) the 2-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Trustee; andClass 2-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 2 for such Distribution Date over (b) the amount distributed to the Group 2 Senior Certificates and the Class 2-M1 and Class 2-M2 Certificates on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the 2-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(viiE) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Principal Distribution Amount for Pool 4 remaining after application pursuant to clauses subclauses (iA) through (viD) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage any Pool 1 Monthly Excess Cashflow for such date as follows:
date, together with any payments received under the Group 1 Cap Agreement in the case of distributions made pursuant to subclause (iiii) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effectbelow, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1i) for each Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount, in reduction of the Class Principal Amounts of the Group 1 Certificates in the following order of priority:
(A) to each Class of Group 1 Senior Certificates, in accordance with the Group 1 Senior Priority, in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero; and
(B) to the Class A1 and Class A2 Group 1 Subordinate Certificates, sequentiallyin accordance with the Group 1 Subordinate Priority, in that orderreduction of their Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(2ii) concurrentlyfor each Distribution Date occurring on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is not in effect, in the following order of priority:
(A) to each Class of Group 1 Senior Certificates in accordance with the Group 21 Senior Priority, Group 3 and Group 4 Senior Certificates (in each case in proportion to reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group 1 Senior Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the Pool 1 Senior Target Amount;
(B) to subsections 5.02 the Class 1-M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M1 Target Amount;
(f)(i)(B)(1)C) to the Class 1-M2 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1 and Class 1-M2 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M2 Target Amount; and
(D) to the Class 1-M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Group 1 Senior Certificates and 5.02the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates, after giving effect to distributions on such Distribution Date, equals the 1-M3 Target Amount;
(iii) to the Pool 1 Bas
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato the Certificate Insurer, the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date;
(ii) to each the Class of Group 1 Senior A Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest thereon for each such Class and such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any shortfall in Current Interest shall resulting shortfalls will be allocated among such Classes in proportion to pro rata on the amount basis of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each due such Class and classes on such Distribution Date;
(iii) to the Certificate Insurer, any due and owing Reimbursement Amounts;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M1 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interests for Pool 1 such Class and for such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest and any Carryforward Interest for such Class and for such Distribution Date;
(vii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (gd) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Principal Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, distribute the Principal Distribution Remittance Amount for Pool 1 will be distributed in the following order of priority:
(A) Concurrently,
(1) to the Class A1 and Class A2 A6 Certificates, sequentiallypro rata based on their respective Class Principal Amount, in that orderthe Class A6 Priority Amount, until the Class Principal Amount of each such Class has been reduced to zero;; and
(2) concurrentlysequentially (1) to the Class A1, Class A2, Class A3, Class A4 and Class A5 Certificates in that order, until the respective Class Principal Amount of each such Class has been reduced to zero;
(B) to the Certificate Insurer, any due and owing Reimbursement Amounts, but only to the extent not paid pursuant to Section 5.02(b)(iii) above;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Remittance Date, as provided in subsection (d) of this Section, any Principal Remittance Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A)(1) and (2) above is referred to hereinafter as the “Senior Priorities.”
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Remittance Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates (other than the Class A-IO Certificates) in accordance with the Senior Priorities, an amount equal to the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M1,Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priorities);
(B) to the Certificate Insurer, any due and owing Reimbursement Amounts, but only to the extent not paid pursuant to Section 5.02(b)(iii) or 5.02(c)(i)(B);
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Certificate Insurer on such date pursuant to clauses (A) and (B) above, and (y) the M1 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Certificate Insurer and the Class M1 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M2 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date or (b) the amount distributed to the Class A Certificates, the Certificate Insurer, the Class M1 Certificates and Class M2 Certificates on such date pursuant to clauses (A), (B), (C) and (D) above, respectively, and (y) the M3 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Remittance Amount remaining after application pursuant to sub-clauses (A) through (E) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the Group 2remaining Certificates in the order of priority set forth above.
(d) On each Distribution Date, Group 3 and Group 4 Senior the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Certificates is equal to the Pool Balance for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates (other than the Class A-IO Certificates), in reduction of their respective Class Principal Amounts, in accordance with the Senior Priorities, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in proportion effect, in the following order of priority,
(A) to the Class A Certificates (other than the Class A-IO Certificates), in accordance with the Senior Priorities, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the related Group Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, the Class M2 and the Class A Certificates, after giving effect to distributions on such date, equals the M3 Target Amount;
(iii) to the Class A Certificates (other than the Class A-IO Certificates), pro rata based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date;
(iv) from the Class M1 Reserve Fund, first, to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class X Certificates, the sum of (a) any amounts remaining in the Class M1 Reserve Fund, after taking into account distributions pursuant to subsections 5.02 clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (f)(i)(B)(1b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(v) to the Class M1 Certificates, any remaining Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates (other than the Class A-IO Certificates), 5.02(f)(i)(C)(1all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date;
(ix) to the Class A Certificates (other than the Class A-IO Certificates), any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date;
(x) to the Class M1 Certificates, any Deferred Amount for such Class and 5.02such Distribution Date;
(xi) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xii) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xiii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xiv) on the Distribution Date occurring in August 2008 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) to the Class P Certificates, $100 in payment of its Class P Principal Amount; and
(xv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xiv) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Ser 2003-25xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (Subject to the extent such amount is on deposit in the Certificate AccountSections 5.02(g) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1(h), Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On on each Distribution Date, the Trustee shall distribute the Interest Remittance Available Distribution Amount for the related Mortgage Pool 1 for such date (in the case of the Senior Certificates other than the Class X-B Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates and the Class X-B Certificates) shall be allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) pro rataConcurrently, from the related Available Distribution Amount, to the payment of the Interest Distribution Amount and any Interest Shortfalls for each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current on each Distribution Date, the Interest shall be allocated among such Classes in proportion to the amount of Current Interest Distribution Amount that would otherwise be distributable thereonto a Class of Interest-Only Certificates shall be deposited in the Basis Risk Reserve Fund to the extent of the Required Basis Risk Deposit for such Class and shall not be distributed to such Class;
(ii) pro rataConcurrently, to each the Senior Certificates from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause (i) above, as follows:
(a) sequentially to the Class of Group A-R, Class 1A-1 and Class 1A-2 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero;
(b) to the Class 2A Certificates, the Senior Principal Distribution Amount for Pool 2, Group 3 and Group 4 Senior until the Class Principal Amount of such Class has been reduced to zero; and
(c) to the Class 3A Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i)the Senior Principal Distribution Amount for Pool 3, 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each until the Class Principal Amount of such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion has been reduced to the amount of Current Interest that would otherwise be distributable thereon;zero.
(iii) pro rataFrom the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) and (ii) above, to each the Class of Subordinate Senior B-1 Certificates, Current the Interest Distribution Amount and any Interest Shortfalls, in each case, for each such Class and on such Distribution Date and Carryforward Interest for each such Class and such Distribution Datedate;
(iv) sequentially, to From the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, Available Distribution Amount from the Mortgage Pools in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 aggregate remaining after application of amounts pursuant to clauses (i) through (iii) above, to the Class B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(v) From the Basis Risk Reserve Fund, for payment to the Class 1A-1, Class 2A and Class B-1 Certificates, sequentially in that order, any related Basis Risk Shortfall or related Unpaid Basis Risk Shortfall for such date;
(vi) above.
From the remaining Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (ci) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date through (v) in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B-2 Certificates, Current the Interest Distribution Amount and any Interest Shortfalls, in each case, for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereondate;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vB) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior B-2 Certificates, Current Interest for each such Class' Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Subordinate Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that ordereach Mortgage Pool, until the its Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(E) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) to the Class B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(G) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(I) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; and
(vii) To the Class A-R Certificate and the Class LTR Certificate, any remaining amount of the Available Distribution Amount from the Mortgage Pools in the aggregate allocated as provided in Section 5.02(c).
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount for each Mortgage Pool shall be distributed to the remaining Classes of Certificates of a Certificate Group, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, to pay the Senior Principal Distribution Amount for such Mortgage Pool; third, to pay any related Basis Risk Shortfall or any related Unpaid Basis Risk Shortfall; and fourth, to the Class A-R Certificate, any remaining Available Distribution Amount from such Mortgage Pool. Amounts distributed pursuant to clause second, in respect of Pool 1 shall be allocated pro rata to the Class 1A-1 and Class 1A-2 Certificates.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(vi) above, if with respect to any Class of Subordinate Certificates on any Distribution Date the sum of the related Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates which have a higher numerical Class designation than such Class is less than the Original Applicable Credit Support Percentage for such Class, no distribution of Principal Prepayments shall be made to any such Classes and the amount of such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, pro rata, based on the Class Principal Amounts of the respective Classes immediately prior to such Distribution Date and shall be distributed in the sequential order provided in Section 5.02(a)(vi) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(vii) of this Section 5.02 on any Distribution Date shall be allocated among the REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the related REMIC over required distributions to the regular interests in such REMIC on such Distribution Date.
(e) For purposes of distributions provided in paragraph (a), each Mortgage Pool shall "relate" to the Senior Class or Classes of the applicable Related Certificate Group.
(f) To the extent a Basis Risk Shortfall is experienced on the Class 1A-1, Class 2A or Class B-1 Certificates, the Securities Administrator shall withdraw from the related Sub-Account of the Basis Risk Reserve Fund an amount for distribution to such Class equal to the lesser of (1) the amount of such Basis Risk Shortfall and (2) concurrentlythe amounts available therefor on deposit in the related Sub-Account as provided in Section 5.06.
(g) For purposes of distributions of interest in paragraph (a) such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect of Current Interest; and second, in respect of Interest Shortfalls.
(h) Notwithstanding the priority of distributions set forth in paragraph (a) above, if on any Distribution Date prior to the Credit Support Depletion (1) either one of the Rapid Prepayment Conditions is satisfied on such date and (2) the Certificate Principal Amount of the Senior Certificates relating to one or more Mortgage Pools have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Class A-R, Class 1A-1 and Class 1A-2 Certificates shall be distributed sequentially thereto in such order.
(i) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and one or both of the other Certificate Groups constitute an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for the Overcollateralized Group or Groups, to each Class the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group or Groups shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group 2, Group 3 and Group 4 or Groups to the Senior Certificates related to the Undercollateralized Group in payment of accrued but unpaid interest, if any, and then to such Senior Certificates as principal, in the same order and priority as such Certificates would receive other distributions of principal. To the extent (in each case 1) more than one Overcollateralized Group exists on a Distribution Date, amounts distributable therefrom shall be allocated in proportion to the aggregate Class Certificate Principal Amount Amounts of each related Certificate Group; and (2) more than one Undercollateralized Group exists on a Distribution Date, amounts distributable thereto shall be allocated first, on the related Group after giving effect basis of any outstanding Interest Shortfalls; and second, as principal to distributions pursuant the Undercollateralized Groups allocated in proportion to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02the Certificate Principal Amounts of each such Undercollateralized Group.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations to the Class A4 Certificate Insurer, and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Securities Administrator:
(i1) pro ratafrom the Available Distribution Amount for each Mortgage Pool, the Aggregate Class A4 Certificate Insurance Premium;
(2) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group 1 Senior (other than any Class of Principal Only Certificates), Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's or Component's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes or Components of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii3) pro ratafrom the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group 2, Group 3 and Group 4 Senior (other than any Class of Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any related Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes or Components of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and or Components on such Distribution Date;
(iv4) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates or Components of the related Certificate Group (other than any Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 of Notional Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;as follows:
(vA) to the Credit Risk ManagerClass 1-A1, Class 1-A2, Class 1-A3, Class 1-A5, Class 1-A6, Class 1-A7, Class 1-AP and Class R Certificates and to the product of (aA4(1) Component, from the Credit Risk Manager’s Fee and (b) the Pool Percentage Available Distribution Amount for Pool 1 for such Distribution Date;, in reduction of their respective Class Principal Amounts or Component Principal Amount, concurrently, as follows:
(vii) to the TrusteeClass 1-A1, any amounts reimbursable pursuant to Section 4.04(b)(iClass 1-A2, Class 1-A3, Class 1-A5, Class 1-A6, Class 1-A7 and Class R Certificates and the A4(1) and not previously reimbursed to Component, the Trustee; and
(vii) Senior Principal Distribution Amount for application as part of Monthly Excess Cashflow Pool 1 for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(ia) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereonClass R Certificate, until the Class Principal Amount thereof has been reduced to zero;
(iib) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such if the Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to occurs on or after the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentiallyin March 2004, an amount up to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow approximately $22,862.15 for such Distribution Date, as provided in subsection pro rata to the A4(i) Component and the Class 1-A7 Certificate until their respective Component Principal Amount and the Class Principal Amount have been reduced to zero;
(gc) to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, 72.90% of this Section, any Interest Remittance the remaining Senior Principal Distribution Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date1, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priorityas follows:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vI) to the Credit Risk ManagerClass 1-A1 and Class 1-A2 Certificates, the product until a total of $1,440,000 has been distributed under this clause (a4)(A)(i)(c)(I) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Sectionconcurrently, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount 85.00% of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
amount distributable pursuant to clause (14)(A)(i)(c)(I)(A) to the Class 1-A1 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(B) 15.00% of the amount distributable pursuant to clause (4)(A)(i)(c)(I) to the Class 1-A2 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(II) sequentially, to the Class 1-A2, Class 1-A1 and Class A2 1-A3 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero; and
(d) to the Class 1-A5 and Class 1-A6 Certificates, until a total of $430,000 has been distributed under this clause (4)(A)(i)(d) for such Distribution Date, concurrently, as follows:
(I) 90.00% of the amount distributable pursuant to clause (4)(A)(i)(d) to the Class 1-A5 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(II) 10.00% of the amount distributable pursuant to clause (4)(A)(i)(d) to the Class 1-A6 Certificates, until the Class Principal Amount thereof has been reduced to zero;
(2e) concurrentlysequentially, to each the Class of 1-A6, and 1-A5 Certificates, in that order, until the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of each of those Classes has been reduced to zero; and
(f) pro rata, to the related Group after giving effect A4(1) Component and the Class 1-A7 Certificates, until the Component Principal Amount of such Component and the Class Principal Amount of such Class has been reduced to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02zero;
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1-2 Termination Event and a Pool 3 Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution Amount for Pool 1 and Pool 2 (to the extent such amount is on deposit in the Certificate Account) and amounts that are available for payment to the Swap Counterparty and shall allocate such amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amounts as specified in subparagraphs (b), (c), (e), (g) and (i) through (k) of this Section 5.02 and (ii) the Total Distribution Amount for Pool 3 and shall allocate such amount to the interests issued in respect of each REMIC and shall distribute such amount as specified in subparagraphs (d), (f) and (h) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(d) Purchase Event but on or prior to a Pool 1-2 Termination Event and a Pool 3 Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution Amount for Pool 1 and Pool 2 (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (l) through (n) of this SectionSection 5.02 and (ii) the Total Distribution Amount for Pool 3 (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraph (l) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made among between and with respect to Pool 1, Pool 2, 2 and Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interest (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount for Pool 2 pursuant to Section 5.02(c)(i) below;
(iii) concurrently, to each Class of the Group 1 Senior Certificates, pro rata, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;; and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable application pursuant to Section 4.04(b)(i5.02(g) and not previously reimbursed to the Trustee; and
(vii) for application below, as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Pool 1 Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses (i) through (viiii) aboveof this Section 5.02(b).
(c) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, to each Class of the Group 2 Senior Swap Percentage of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(ii) to the Class 2-A1 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;and
(iiiii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions for application pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(iSection 5.02(g) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Pool 2 Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through and (viii) aboveof this Section 5.02(c).
(d) On each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro ratato the Class WF-1 Certificates, Current Interest and any Carryforward Interest for such Classes and for such Distribution Date;
(ii) to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Group 3 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(viiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiiv) for application pursuant to Section 5.02(h) below, as part of Pool 3 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Pool 3 Interest Remittance Amount for Pool 3 remaining undistributed after application pursuant to clauses (i) through (viiii) aboveof this Section 5.02(d).
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(iDate or related Swap Payment Date on or prior to a Section 7.01(d) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion Purchase Event related to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution DatePooling REMIC 1 Regular Interests, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage for Pool 1 and Pool 2 for such date concurrently, as follows:
(i) On each Distribution Date (or, with respect to clause (A)(1), (A)(2), (B)(1), and (B)(2) below of this Section 5.02(e)(i), on the related Swap Payment Date) (a) prior to the Pool 1-2 Stepdown Date or (b) on or after the Pool 1-2 Stepdown Date and with respect to which a Pool 1-2 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Senior Certificates, the Group 2 Senior Certificates and the Group 1-2 Subordinate Certificates equals the Pool 1-2 Target Amount for such Distribution Date, , the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will shall be distributed in the following order of priority:
(1) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class A1 Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount for Pool 1 and Class A2 CertificatesPool 2 in accordance with Sections 5.02(b)(i) and (ii) and Sections 5.02(c)(i) and (ii), sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zerorespectively);
(2) concurrentlyfor deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to each Class a Swap Counterparty Trigger Event) owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount for Pool 1 and Pool 2 pursuant to Sections 5.02(b)(i) and (ii) and Sections 5.02(c)(i) and (ii), respectively, pursuant to Section 5.02(e)(i)(A)(1) above and, for so long as any of the Group 21-2 Subordinate Certificates are outstanding, from the Principal Distribution Amount for Pool 2 pursuant to Section 5.02(e)(i)(B)(1) below;
(3) to the Group 3 and Group 4 1 Senior Certificates Certificates, pro rata, based on (in each case in proportion to x) the aggregate Class Principal Amount of the related Group after giving effect Class 1-A1, Class 1-A2, Class 1-A3 and Class 1-A4 Certificates, and (y) the Class Principal Amount of the Class 1-A5 Certificates, as follows as follows;
(I) to distributions pursuant to subsections 5.02 (f)(i)(B)(1)the Class 1-A1, 5.02(f)(i)(C)(1) Class 1-A2, Class 1-A3 and 5.02Class 1-A4 Certificates, as follows
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Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1 Termination Event or a Pool 2 Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution sum of the Interest Remittance Amount (for Pool 1 and the Principal Remittance Amount for Pool 1 and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount amounts as specified in subparagraphs (b), (d), (f), (h) and (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date, and (ii) the sum of the Interest Remittance Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall allocate such amounts to the interests issued in respect of each REMIC and shall distribute such amounts as specified in subparagraphs (c), (e), (g) and (i) of this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in subparagraphs (b) other than clause (i) thereof, (c), (d) other than clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date less the aggregate amount of Current Interest and any Carryforward Interest owed to the Class 1-AIO Certificates for such Distribution Date;
(ii) concurrently, pro rata, to each Class of the Group 1 Senior Certificates and the Class 1-AIO Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro ratasequentially, to each Class of the Group 1 Subordinate Senior Certificates, in accordance with the Group 1 Subordinate Priority, any Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and Classes for such Distribution Date;; and
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application pursuant as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(f), any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) aboveMonthly Excess Interest for such Distribution Date.
(c) On each Distribution DateDate on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Certificate Insurer, the Aggregate Certificate Insurance Premium, together with interest thereon at the rate set forth in the Insurance Agreement, for the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates for such Distribution Date;
(ii) concurrently, pro rata, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest (and in the case of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, calculated without regard to payments received under the Certificate Insurance Policy,) for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) concurrently, pro rata, based on the amounts due, (a) to each Class of Subordinate the Certificate Insurer, any due and owing Reimbursement Amounts and (b) in the priority provided below, to the Group 2 Senior Certificates, Current accrued and unpaid interest at the related Certificate Interest for each Rate on any Deferred Amounts previously allocated and not previously paid to such Class and such Distribution Date Classes and any Carryforward Interest for each Deferred Amounts previously allocated to such Class and such Distribution DateClasses not previously reimbursed;
(iv) sequentially, to each Class of the Group 2 Subordinate Certificates, in accordance with the Class M Group 2 Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and classes for such Distribution Date;; and
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application pursuant as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionSection 5.02(g), any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable . Any Distributions made pursuant to Section 4.04(b)(isubclause (iii)(b) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such above on a Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed made in the following order of priority:
(1) to the Group 2 Senior Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class A1 on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Group 2 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, as follows:
(a) Prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with clause (b)(i) above);
(B) concurrently, pro rata, based on (i) the aggregate Class Principal Amount of the Class 1-A1, Class 1-A2 and Class A2 1-A3 Certificates, (ii) the Class Principal Amount of the Class 1-A4A Certificates, (iii) the Class Principal Amount of the Class 1-A4B Certificates and (iv) the Class Principal Amount of the Class 1-A5 Certificates, as follows:
(1) sequentially, to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrentlyto the Class 1-A4A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class 1-A4B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(4) to the Class 1-A5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(f), any such Principal Distribution Amount remaining undistributed after application pursuant to clauses (A) through (C) above.
(a) On or after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with clause (b)(i) above);
(1) so long as any of the Group 1 Subordinate Certificates are outstanding, to the Group 1 Senior Certificates, in accordance with the Group 1 Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust on such Distribution Date pursuant to clause (A) above and (y) the Pool 1 Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (2, ) otherwise to the Group 3 and Group 4 1 Senior Certificates (in accordance with the Group 1 Senior Priority), the excess of (A) the Principal Distribution Amount for Pool 1 for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust with respect to such Distribution Date pursuant to clause (A) above, in each case in proportion to until the aggregate Class Principal Amount of each such class has been reduced to zero;
(C) to the related Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group after giving effect to distributions 1 Senior Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to subsections 5.02 clauses (f)(i)(B)(1)A) through (B) above, 5.02(f)(i)(C)(1and (y) the 1-M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1 Certificates and 5.02the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the 1-M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1 and Class 1-M2 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the 1-M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class 1-M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2 and Class 1-M3 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the 1-M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class 1-M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3 and Class 1-M4 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the 1-M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class 1-M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4 and Class 1-M5 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the 1-M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class 1-M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the 1-M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class 1-M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and Class 1-M7 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the 1-M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class 1-M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for Pool 1 for such Distribution Date over (b) the amount distributed to the Group 1 Senior Certificates, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7 and Class 1-M8 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the 1-M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (A) through (K) above.
(e) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 2 for such date, as follows, provided, however, that any payment of the Principal Distribution Amount for Pool 2 that constitutes a Subsequent Recovery that would otherwise be payable to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, will instead be payable to the Certificate Insurer to the extent that the proceeds under the Certificate Insurance Policy were previously applied to reimburse the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates with respect to any Pool 2 Applied Loss Amount previously allocated to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates:
(a) Prior to the Pool 2 Stepdown Date or (b) on or after the Pool 2 Stepdown Date and with respect to which a Pool 2 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 2 Certificates equals the Pool 2 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 2 in the following order of priority:
(A) to the Group 2 Senior Certificates, in the following order of priority:
(i) concurrently, to the Class WF-6-1 and Class WF-6-2 Certificates, pro rata, in accordance with the Class WF-6-1 Priority Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(ii) sequentially, as follows:
(a) concurrently, to the Class WF-1-1 and Class WF-1-2 Certificates, pro rata, based on Class Principal amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class WF-2 Certificates, until the Class Principal Amount of such class has been reduced to zero;
(c) concurrently, to the Class WF-3-1, Class WF-3-2 and Class WF-3-3 Certificates, pro rata, based on Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero;
(d) concurrently, to the Class WF-4-1 and Class WF-4-2 Certificates, pro rata, based on Class Princ
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1 and REMIC 2 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior A Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M3 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M4 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class B Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(viviii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (viviii) above.
(c) On each Distribution Date, the Trustee shall distribute Trustee, to the Interest Remittance Amount for Pool 2 for such date extent of amounts on deposit in the following order of priority:
(i) pro rataCertificate Account, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Class A, Class M1, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class A2 M1 Certificates on such date pursuant to clauses (1) and (2) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, sequentiallyan amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (1), (2) and (3) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1), (2), (3) and (4) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (1), (2), (3), (4) and (5) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in that ordersubsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On each Distribution Date, the Trustee, to the extent of funds on deposit in the Certificate Account, shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Class A, Class M1, Class M2, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount such Class has been reduced to zero;
(2B) concurrentlyto the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in reduction of the Group 2their Class Principal Amount, Group 3 and Group 4 Senior Certificates (in each case in proportion to until the aggregate Class Principal Amount of the related Group Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class and the Class M1 and Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M4, Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, the amount of any Basis Risk Payment for such Distribution Date and any payments under the Cap Agreement and then from the Basis Risk Reserve Fund in the following order of priority:
(A) to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(F) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(iv) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(v) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class X Certificates, the sum of (A) the Class X Distributable Amount for such Distribution Date and (B) any Class X Excess Cap Amount for such Distribution Date;
(xi) on the Distribution Date occurring in March 2009 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions), $100.00 to the Class P Certificates; and
(xii) to the Class R Certificate, any amount remaining on such date after application pursuant to subsections 5.02 clauses (f)(i)(B)(1)i) through (xi) above.
(e) On each Distribution Date, 5.02(f)(i)(C)(1) and 5.02an amount equal to the aggregate of all Prepayment Premiums remitted to the Certificate Account for the preceding Prepayment Period shall be distributed to the Class P Certificates.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato payment of the Trustee Fee for such Distribution Date;
(ii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates in the related Certificate Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for a Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Group 2Senior Certificates in the related Certificate Group, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class of Notional Certificates) in reduction of the Class Principal Amounts thereof, as follows.
(A) sequentially, to the Class M1R and Class 1-A1 Certificates from the Available Distribution Amount for Pool 1, the Senior Principal Distribution Amount for Mortgage Pool 1, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero;
(B) to the Class 2-A1, Class M22-A2, Class M3, Class M4, Class M5, Class M6 2-A3 and Class M7 2-A4 Certificates, in that order reduction of their Class Principal Amounts from the Available Distribution Amount for Pool 2, concurrently, as follows:
(i) the “Class M Priority”), Current Interest for each such Class Pool 2 Non-PO Principal Distribution Amount will be distributed
(a) up to and such including the Distribution Date in March 2007, concurrently, as follows:
(▇) ▇▇.▇▇▇▇▇▇▇▇▇▇% to the Class 2-A1 and Class 2-A2 Certificates in the following order of priority: first, to the Class 2-A1 Certificates, to the extent necessary to reduce their Class Principal Amount to their Planned Principal Balance; second, to the Class 2-A2 Certificates, until their Class Principal Amount has been reduced to zero; third, to the Class 2-A1 Certificates, without regard to their Planned Principal Balance, until their Class Principal Amount has been reduced to zero;
(▇) ▇▇.▇▇▇▇▇▇▇▇▇▇% to the Class 2-A3 Certificates, until their Class Principal Amount has been reduced to zero; and
(b) after the Distribution Date in March 2007, pro rata based upon their Class Principal Amounts prior to giving effect to any Carryforward Interest for each such Class and distributions on such Distribution Date, to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates, until their Class Principal Amounts have been reduced to zero;
(ii) the Pool 2 PO Principal Distribution Amount will be distributed to the Class 2-A4 Certificates, until their Class Principal Amount has been reduced to zero; and
(C) to the Class 3-A Certificates, from the Available Distribution Amount for Pool 3, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(D) to the Class 4-A Certificates, from the Available Distribution Amount for Pool 4, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(E) to the Class 5-A Certificates, from the Available Distribution Amount for Pool 5, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero; and
(F) to the Class 6-A Certificates from the Available Distribution Amount for Pool 6, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(v) to the Credit Risk ManagerClass 2-A4 Certificates, the product of Class 2-A4 Deferred Amount for that Distribution Date, until their Class Principal Amount has been reduced to zero; provided, however, that (ax) distributions pursuant to this priority will not exceed the Credit Risk Manager’s Fee remaining Available Distribution Amount for Pool 2 which is to be distributed to the related Subordinate Certificates pursuant to priority (vii) below and (by) such amount will not reduce the Pool Percentage for Pool 1 for such Distribution Date;Class Principal Amount of the Class 2-A4 Certificates.
(vi) from the remaining Available Distribution Amount for Pool 1, subject to the Trustee, any prior distribution of amounts reimbursable pursuant to Section 4.04(b)(i5.02(c) in the case of clauses (C), (H), (M), (P), (S), and not previously reimbursed (V) below, to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution DateSubordinated Certificates, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1-I Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the TrusteeClass B1-I Certificates, any amounts reimbursable pursuant to Section 4.04(b)(iInterest Shortfall for such Class on such Distribution Date;
(C) and not previously reimbursed to the Trustee; andClass B1-I Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(viiD) for application as part of Monthly Excess Cashflow to the Class B1-I-X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gE) of this Sectionto the Class B1-I-X Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(F) to the Class B2-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(G) to the Class B2-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(H) to the Class B2-I Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(I) to the Class B2-I-X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(J) to the Class B2-I-X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(K) to Component B3-I, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(L) to Component B3-I, any Interest Shortfall for such Component on such Distribution Date;
(M) to the Component B3-I, in reduction of the Certificate Principal Amount thereof, such Component's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Component Principal Amount thereof has been reduced to zero;
(N) to the Class B4-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(O) to the Class B4-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(P) to the Class B4-I Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(Q) to the Class B5-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(R) to the Class B5-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(S) to the Class B5-I Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(T) to the Class B6-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(U) to the Class B6-I Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(V) to the Class B6-I Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(vii) from the remaining Available Distribution Amount for Pool 2 remaining after application 2, Pool 3, Pool 4, Pool 5 and Pool 6, subject to the prior distribution of amounts pursuant to Section 5.02(d) in the case of clauses (iC), (F), (I), (L), (O) through and (viR) above.
(d) On each Distribution Datebelow, to the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date Subordinated Certificates, in the following order of priority:
(iA) pro rata, to each the Class of Group 3 Senior B1-II Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class's allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1-II Certificates, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1-II Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for each such Class's Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to Percentage of the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the related Subordinate Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(d), until the Class Certificate Principal Amount of each such Class Balance thereof has been reduced to zero;
(2D) concurrentlyto the Class B2-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-II Certificates, in reduction of the Group 2Certificate Principal Amount thereof, Group 3 and Group 4 Senior Certificates (such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in each case in proportion to Section 5.02(d), until the aggregate Class Principal Amount thereof has been reduced to zero;
(G) to the Component B3-II, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Component B3-II, any Interest Shortfall for such Component on such Distribution Date;
(I) to the Component B3-II, in reduction of the Certificate Principal Amount thereof, such Component's Subordinate Component Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Component Principal Amount thereof has been reduced to zero;
(J) to the Class B4-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4-II Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5-II Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6-II Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6-II Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the related Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Certificate Principal Balance thereof has been reduced to zero.
(i) Net Prepayment Interest Shortfalls for Pool 1 shall be allocated among the Group 1 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the related Group after giving effect to distributions pursuant to subsections 5.02 1 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (f)(i)(B)(1)y) in the case of the Class I-B Certificates, 5.02(f)(i)(C)(1interest accrued on the related Apportioned Principal Balances.
(ii) Net Prepayment Interest Shortfalls for Pool 2 shall be allocated among the Group 2 Certificates and 5.02the Class II-B Certificates pro rata based on (x) in the case of the Group 2 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(iii) Net Prepayment Interest Shortfalls for Pool 3 shall be allocated among the Group 3 Certificates and the Class II-B Certificates pro rata based on (x) in the case of the Group 3 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(iv) Net Prepayment Interest Shortfalls for Pool 4 shall be allocated among the Group 4 Certificates and the Class II-B Certificates pro rata based on (x) in the case of the Group 4 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(v) Net Prepayment Interest Shortfalls for Pool 5 shall be allocated among the Group 5 Certificates and the Class II-B Certificates pro rata based on (x) in the case of the Group 5 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(vi) Net Prepayment Interest Shortfalls for Pool 6 shall be allocated among the Group 6 Certificates and the Class II-B Certificates pro rata based on (x) in the case of the Group 6 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1-I Certificates is less than the Original Credit Support Percentage fo
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion an amount equal to the amount lesser of Current Interest that would otherwise be distributable thereon;
(iix) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (aA) the Credit Risk Manager’s Fee amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (bB) the Pool Percentage for Pool 1 for such Distribution Date;
Date (viy) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below), for such Distribution Date;
(iii) to the Class A1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date, and
(iv) for application pursuant to Section 5.02(d) below any Interest Remittance Amount remaining undistributed after application pursuant to clauses clause (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Distribution Date;
(iii) concurrently, on a pro ratarata basis, to each Class of the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro rata basis, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered LIBOR Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in Trustee shall make the following order of prioritydistributions, concurrently:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
Appears in 1 contract
Sources: Trust Agreement (Sasco 2006-Am1)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (to other than the extent such amount is on deposit in Class E Distributable Amount and the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Class P Distributable Amount), and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority to the extent of remaining Available Distribution Amount:
(i) pro rata, to each Class of Group 1 Senior Certificates (other than any Principal Only Certificates) of any Class of Senior Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced, in each case, by such Class’s allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates (other than any Principal Only Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) any Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts shall be allocated among such the Classes of Senior Certificates in proportion to the amount of Current Interest such interest (as so reduced) that would otherwise be distributable thereon;
(iii) pro ratato the Senior Certificates (other than any Notional Certificates), to each Class of Subordinate as set forth in the Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution DatePrincipal Priorities attached as Exhibit O hereto;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 AP Certificates, in any AP Deferred Amount, until the Class Principal Amount thereof has been reduced to zero; provided, however, that order (A) distributions pursuant to this priority shall not exceed the “Subordinate Principal Distribution Amount for such date and (B) such amounts will not reduce the Class M Priority”), Current Interest for each Principal Amount of such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;Class; and
(v) to the Credit Risk ManagerSubordinate Certificates, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1 Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each reduced by such Class and such Distribution Date and Class’s allocable share of any Carryforward Net Prepayment Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 Shortfalls for such Distribution Date;
(viB) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this SectionClass B1 Certificates, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 Shortfall for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(ivC) sequentially, to each the Class of Subordinate B1 Certificates, in accordance with reduction of the Class M PriorityPrincipal Amount thereof, Current Interest for each such Class’s Subordinate Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to Percentage of the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed except as provided in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that orderSection 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero;
(2D) concurrentlyto the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to each the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), 5.02(f)(i)(C)(1until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates (other than any Principal Only Certificates) pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and 5.02(iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 10)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) ), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section. All allocations and distributions made among and with respect ; provided, that amounts that are available for payment to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, to each Class of Group 1 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion an amount equal to the amount lesser of Current Interest that would otherwise be distributable thereon;
(iix) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (aA) the Credit Risk Manager’s Fee amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (bB) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(viii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsection 5.02(c)(i) below) for such Distribution Date;
(iii) to the TrusteeClass A1 Certificates, Current Interest and any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the TrusteeCarryforward Interest for such Class for such Distribution Date; and
(viiiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gpursuant to Section 5.02(d) of this Sectionbelow, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clauses clause (i) through (viiii) aboveof this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratafor deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Distribution Date;
(iii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;; and
(iiiv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro ratarata basis, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsection 5.02(b)(isubsections 5.02(b)(iii) and 5.02(c)(iii) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iiiii) pro rata, to each Class of Subordinate Senior Certificates, in accordance with the Subordinate Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution DateFee;
(viiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 undistributed for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date or related Swap Payment Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;; and
(24) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions for application pursuant to subsections 5.02 (f)(i)(B)(1)subsection 5.02(e)(ii) below, 5.02(f)(i)(C)(1) and 5.02any such Principal Distribution Amount for Pool 1 remaining undistributed for such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount (with respect to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement Mortgage Pool, and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1the Holders of record of each Class of Certificates, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratato payment of the Trustee Fee for such Distribution Date;
(ii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Group 1 Senior CertificatesCertificates in the related Certificate Group, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and Date, as reduced by such Class's allocable share of any Carryforward Net Prepayment Interest Shortfalls for each such Class and the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for a Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iiiii) pro ratafrom the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Group 2Senior Certificates in the related Certificate Group, Group 3 and Group 4 Senior Certificates, Current any related Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest available amounts for each Mortgage Pool shall be allocated among such the Classes of the related Certificate Group in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest Shortfall for each such Class and such Distribution Date and Carryforward Interest for each such Class and on such Distribution Date;
(iv) sequentiallyfrom the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M1of Notional Certificates) in reduction of the Class Principal Amounts thereof, concurrently, as follows.
(A) to the Class R, Class M2, Class M3, Class M4, Class M5, Class M6 1-A1 and Class M7 1-A3 Certificates from the Available Distribution Amount for Pool 1, the Senior Principal Distribution Amount for Mortgage Pool 1, in reduction of their Class Principal Amounts, sequentially, as follows:
1. to the Class R Certificate, until its Class Principal Amount has been reduced to zero;
2. to the Class 1-A1 and Class 1-A3 Certificates, pro rata, until their Class Principal Amounts have been reduced to zero;
(B) to the Class 2-A1 Certificates from the Available Distribution Amount for Pool 2, the Senior Principal Distribution Amount for such Mortgage Pool, in that order reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(C) to the “Class M Priority”)3-A1 Certificates, Current Interest from the Available Distribution Amount for each Pool 3, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class and Principal Amount, until their Class Principal Amount has been reduced to zero;
(D) to the Class 4-A1 Certificates, from the Available Distribution Amount for Pool 4, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(E) to the Class 5-A1 Certificates, from the Available Distribution Date and any Carryforward Interest Amount for each Pool 5, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class and such Distribution DatePrincipal Amount, until their Class Principal Amount has been reduced to zero;
(v) from the remaining Available Distribution Amount for Pool 1, subject to the Credit Risk Manager, the product prior distribution of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i5.02(b) in the case of clauses (C) and not previously reimbursed (H) below, to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution DateClass B1-I, as provided in subsection (g) of this SectionClass B1-I-X, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution DateClass B2-I and Class B2-I-X Certificates, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(iA) pro rata, to each the Class of Group 2 Senior B1-I Certificates, Current the Accrued Certificate Interest thereon for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivB) sequentially, to each the Class of Subordinate B1-I Certificates, in accordance with the Class M Priority, Current any Interest Shortfall for each such Class and such Distribution Date and any Carryforward Interest for each such Class and on such Distribution Date;
(vC) to the Credit Risk ManagerClass B1-I Certificates, in reduction of the Class Principal Amount thereof, such Class's pro rata share of the Pool 1 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), until the Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B1-I-X Certificates, the product Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B1-I-X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(G) to the Class B2-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(H) to the Class B2-I Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (ai) such Class's pro rata share of the Credit Risk Manager’s Fee Pool 1 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), and (bii) any portion of the Pool Percentage 1 B1-B2 Principal Distribution Amount allocated to the Class B1-I Certificates in excess of the Certificate Principal Amount of such Class, until the Class Principal Amount thereof has been reduced to zero;
(I) to the Class B2-I-X Certificates, the Accrued Certificate Interest thereon for Pool 2 such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(J) to the Class B2-I-X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(vi) from the remaining Available Distribution Amount for Pool 2, Pool 3, Pool 4 and Pool 5, subject to the Trustee, any prior distribution of amounts reimbursable pursuant to Section 4.04(b)(i5.02(b) in the case of clauses (C) and not previously reimbursed (F) below, to the Trustee; andClass B1-II and Class B2-II Certificates, in the following order of priority:
(viiA) for application as part of Monthly Excess Cashflow to the Class B1-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as provided in subsection reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(gB) of this Sectionto the Class B1-II Certificates, any Interest Remittance Shortfall for such Class on such Distribution Date;
(C) to the Class B1-II Certificates, in reduction of the Class Principal Amount thereof, such Class's pro rata share of the Pool 2-5 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), until the Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-II Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the Pool 2-5 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), and (ii) any portion of the Pool 2-5 B1-B2 Principal Distribution Amount allocated to the Class B1-II Certificates in excess of the Certificate Principal Amount of such Class, until the Class Principal Amount thereof has been reduced to zero;
(vii) from the remaining Available Distribution Amounts for all Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(c) in the case of clauses (C), (F), (I) and (L) below, to the Class B3, Class B4, Class B5 and Class B6 Certificates in the following order of priority
(A) to the Class B3 Certificates, Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Amount thereof has been reduced to zero;
(D) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and Pool 2-5 B3-B6 Principal Distribution Amount allocated to the Class B3 Certificates in excess of the Certificate Principal Amount of such Class, until the Certificate Principal Balance thereof has been reduced to zero;
(G) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount allocated to the Class B4 Certificates in excess of the Certificate Principal Amount of such Class, until the Class Principal Balance thereof has been reduced to zero;
(J) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(L) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount allocated to the Class B5 Certificates in excess of the Certificate Principal Amount of such Class, until the Certificate Principal Balance thereof has been reduced to zero.
(viii) Net Prepayment Interest Shortfalls for Pool 1 shall be allocated among the Group 1 Certificates and the Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the related Group 1 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B3, Class B4, Class B5 and Class B6 Certificates, interest accrued at the Pool 1 Net WAC on the related Apportioned Principal Balances.
(ix) Net Prepayment Interest Shortfalls for Pool 2 shall be allocated among the Group 2 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 2 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 2 Net WAC on the related Apportioned Principal Balances.
(x) Net Prepayment Interest Shortfalls for Pool 3 shall be allocated among the Group 3 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 3 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 3 Net WAC on the related Apportioned Principal Balances.
(xi) Net Prepayment Interest Shortfalls for Pool 4 shall be allocated among the Group 4 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 4 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 4 Net WAC on the related Apportioned Principal Balances.
(xii) Net Prepayment Interest Shortfalls for Pool 5 shall be allocated among the Group 5 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 5 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 5 Net WAC on the related Apportioned Principal Balances.
(i) Notwithstanding the foregoing, on any Distribution Date, the portion of the Pool 1 B1-B2 Principal Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 2 remaining after application pursuant 1 referred to above in Section 5.02(a)(v) will be distributed entirely to the Class B1-I Certificates if the Credit Support Percentage of the Class B1-I Certificates as of such Distribution Date (before giving effect to any distribution of principal on such Distribution Date) is less than the Original Credit Support Percentage for such Class.
(ii) Notwithstanding the foregoing, on any Distribution Date, the portion of the Pool 2-5 B1-B2 Principal Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 2, Pool 3, Pool 4 and Pool 5 referred to above in Section 5.02(a)(vi) will be distributed entirely to the Class B1-II Certificates if the Credit Support Percentage of the Class B1-II Certificates as of such Distribution Date (before giving effect to any distribution of principal on such Distribution Date) is less than the Original Credit Support Percentage for such Class.
(c) Notwithstanding the foregoing, on any Distribution Date, the portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-5 B3-B6 Principal Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1, Pool 2, Pool 3, Pool 4 and Pool 5 referred to above in Section 5.02(a)(vii) will be allocated pro rata among the following Classes of Certificates: (i) through any of the Class of Class B3, Class B4 and Class B5 Certificates which has a current Credit Support Percentage (vibefore giving effect to any distribution of principal on such Distribution Date) greater than or equal to the original Credit Support Percentage for such Class; (ii) the Class of Class B3, Class B4 and Class B5 Certificates having the lowest numerical class designation which does not meet the criteria in (i) above; and (iii) the Class B6 Certificates if all other outstanding Classes of Class B3, Class B4 and Class B5 Certificates meet the criteria in (i) above or if no other Class of Class B3, Class B4 and Class B5 Certificates is outstanding.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order to Holders of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityP-I and Class P-II Certificates any Prepayment Penalty Amounts related to Pool 1 and Pool 2, Current Interest for each such Class Pool 3, Pool 4 and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerPool 5, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 respectively, for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount Holder of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and R Certificate any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount portion of the Offered Certificates equals the Target Amount for such Available Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02Amo
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-21a)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, 2 and Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratarata to the Class 1-A1, to each Class of Group 1 Senior Certificates1-A2 and Class 1-A3 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable) for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 2-A1, to each Class of Group 2-A2, Group 3 Class 2-A3 and Group 4 Senior CertificatesClass 3-A Certificates and the A-IO(2) Component and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i5.02(d)(i) below, as applicable, and the related Net Funds Cap, if applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 M2 Certificates, in that order (the “Class M Priority”), Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vixi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vixi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro ratarata to the Class 2-A1, to each Class of Group 2 Senior Certificates2-A2 and Class 2-A3 Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates and the A-IO(2) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 1-A1, to each Class of Group 1-A2, Group 3 Class 1-A3 and Group 4 Senior CertificatesClass 3-A Certificates and the A-IO(1) Component and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsection subsections 5.02(b)(i) above, above and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable, and the related Net Funds Cap, if applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vixi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vixi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, rata to each the Class of Group 3 Senior Certificates3-A Certificates and the A-IO(3) Component, Current Interest (taking into account the Pool 3 Net Funds Cap, if applicable) for each such Class Classes and Component and such Distribution Date and any Carryforward Interest for each such Class Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes the Class 3-A Certificates and the A-IO(3) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro ratarata to the Class 1-A1, to each Class of Group 1-A2, Group 2 Class 1-A3, Class 2-A1, Class 2-A2 and Group 4 Senior CertificatesClass 2-A3 Certificates and the A-IO(1) Component and the A-IO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) belowabove, as applicable, and the related Net Funds Cap, if applicable) for each such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for each such Class and for such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiiv) pro rata, to each the Class of Subordinate Senior M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(ivv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M PriorityM3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(vvi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vixi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (gf) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vixi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Class 1-A1, Class 1-A2, Class 1-A3, Class 2-A1, Class 2-A2, Class 2-A3, Class 3-A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) concurrently, (x) to the Class 1-A1 Certificates in proportion to the aggregate Class Principal Amount of such Class, and (y) to the Class 1-A2 and Class 1-A3 Certificates (as a group) in proportion to the aggregate Class Principal Amounts of such Classes, until the Class Principal Amount of each such Class has been reduced to zero, concurrently as follows:
(a) to the Class 1-A1 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(b) to the Class 1-A2 and 1-A3 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrentlyto the Class 2-A1, to each Class of the Group 2-A2, Group 3 Class 2-A3 and Group 4 Senior Certificates (in each case Class 3-A Certificates, in proportion to the aggregate Class Principal Amount of the Senior Certificates related Group to each Mortgage Pool, after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(15.02(e)(i)(B)(1) and 5.025.02(e)(i)(C)(1) below, concurrently as follows:
(a) to the Class 2-A1, Class 2-A2 and Class 2-A3 Certificates, after giving effect to distributions pursuant to subsection 5.02(e)(i)(B)(1) below, in accordance with their Senior Priorities set forth in subsection 5.02(e)(i)(B)(1) below, until the Class Principal Amount of each such Class has been reduced to zero; and
(b) to the Class 3-A Certificates, after giving effect to distributions pursuant to subsection 5.02(e)(i)(C)(1) below, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(10) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to clauses (1) through (9) of this Section 5.02(e)(i)(A).
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among between and with respect to Pool 1, Pool 2, Pool 3 1 and Pool 4 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 1 Senior 1-A Certificates, Current Interest and any Carryforward Interest for such Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any resulting shortfalls shall be allocated pro rata on the basis of Current Interest and Carryforward Interest due each such Class on such Distribution Date;
(ii) pro rata, to the Class 1-A Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes;
(iii) pro rata, to the Class 2-A Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(c)(i) below, as applicable) for such Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiv) pro rata, to each the Class of Group 2, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 1 for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vivii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each the Class of Group 2 Senior 2-A Certificates, Current Interest and any Carryforward Interest for such Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any resulting shortfalls shall be allocated pro rata on the basis of Current Interest and Carryforward Interest due each such Class on such Distribution Date;
(ii) pro rata, to the Class 2-A Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes;
(iii) pro rata, to the Class 1-A Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) above, as applicable) for such Classes and such Distribution Date and any Carryforward Interest for each such Class Classes and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iiiv) pro rata, to each the Class of Group 1, Group 3 and Group 4 Senior M1 Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk ManagerClass M2 Certificates, the product of (a) the Credit Risk Manager’s Fee Current Interest and (b) the Pool Percentage any Carryforward Interest for Pool 2 for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiviii) for application as part of Pool 2 Monthly Excess Cashflow for such Distribution Remittance Date, as provided in subsection (ge) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vivii) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for each Mortgage Pool 1 will be distributed in the following order of priority:
(1) to the Class A1 and Class A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(2) concurrently, to each Class of the Group 2, Group 3 and Group 4 Senior Certificates (in each case in proportion to the aggregate Class Principal Amount of the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and 5.02
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Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (and amounts that are available for payment to the extent such amount is on deposit in the Certificate Account) Swap Counterparty and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be made concurrentlypaid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro ratafor deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(ii) concurrently, to each Class of Group 1 the Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 2, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro ratasequentially, to each Class of the Offered Subordinate Senior Certificates, in that order, any Current Interest for each such Class and such Distribution Date and Carryforward Interest for each such Class and Classes for such Distribution Date;
(iv) sequentially, to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiv) for application as part of Monthly Excess Cashflow pursuant to clause (f) below, any such Interest Remittance Amount remaining undistributed for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 1 remaining after application pursuant to clauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above[Reserved].
(d) On each Distribution DateDate or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Interest Remittance Principal Distribution Amount for Pool 3 for such date in the following order of prioritydate, as follows:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) Prior to the Credit Risk Manager’s Fee and Stepdown Date or (b) on or after the Pool Percentage for Pool 3 Stepdown Date and with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Senior Certificates and the Offered Subordinate Certificates equals the Target Amount for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with clause (b)(i) above);
(2) concurrently, pro rata, based on the aggregate Class Principal Amounts of the Class A1A, Class A1B and Class A1C Certificates and the Class Principal Amount of the Class A2 Certificates, to the Senior Certificates as follows:
(a) to the Class A1 A1A, Class A1B and Class A2 A1C Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero; and
(b) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Offered Subordinate Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(4) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (3) above.
(a) On or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for such date, in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not deposited previously);
(1) so long as any of the Offered Subordinate Certificates are outstanding, to the Senior Certificates, in accordance with the Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Distribution amount for such Distribution Date, until the Class Principal Amount of each such class has been reduced to zero; or (2) otherwise to the Senior Certificates, in accordance with the Senior Priority, the excess of (A) the Principal Distribution Amount for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust with respect to such Distribution Date pursuant to clause (A) above, in each case until the Class Principal Amount of each such class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (B) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1 and Class M2 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2 and Class M3 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3 and Class M4 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) through (K) above, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(M) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (A) through (L) above.
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.10(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date in the following order of priority:
(A) concurrently, to each Class of the Group 2Senior Certificates, Group 3 Current Interest and Group 4 Senior Certificates (any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to clause 5.02(b)(ii); provided, however, that any shortfall in each case Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(B) sequentially, to the Offered Subordinate Certificates, in that order, any Current Interest and Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to clause 5.02(b)(iii);
(ii) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount, in reduction of the Class Principal Amounts of the Offered Certificates in the following order of priority:
(A) after giving effect to principal distributions described above on such Distribution Date, to the Senior Certificates, in accordance with the Senior Priority, as applicable, in reduction of their respective Class Principal Amounts, until the Class Principal Amount of each such class has been reduced to zero; and
(B) to the Offered Subordinate Certificates, in accordance with the Subordinate Priority, in reduction of their Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(iii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) after giving effect to principal distributions described above on such Distribution Date, to the Senior Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of such Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the related Group Senior Certificates and the Class M1 Certificates, after giving effect to distributions pursuant on such Distribution Date, equals the M1 Target Amount;
(C) to subsections 5.02 the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(f)(i)(B)(1)D) to the Class M3 Certificates, 5.02(f)(i)(C)(1in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and 5.02the Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount;
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount;
(I) to the Class M8 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates, after giving effect to distributions on such Distribution Date, equals the M8 Target Amount;
(J) to the Class M9 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, after giving effect to distributions on such Distribution Date, equals the M9 Target Amount;
(K) to the Class M10 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates, after giving effect to distributions on such Distribution Date, equals the M10 Target Amount;
(iv) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) concurrently, to the Senior Certificates, any remaining applicable Basis Risk Shortfalls and U
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