Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in the Distribution Account shall be distributed as follows: (i) on each Distribution Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero. (ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero. (iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero. (iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds. (v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates. (vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates. (b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
Appears in 1 contract
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in the Distribution Account shall be distributed as follows:: 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(i) on each Distribution Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As 217412 HomeBanc 2007-1 Pooling and Servicing Agreement described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.. 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
(c) On each Distribution Date, any Group I Available Funds remaining after payment of interest and principal to the classes of Group I Certificates entitled thereto, as described above, will be distributed to the Class R Certificates; provided, that if on any Distribution Date there are any Group I Available Funds remaining after payment of interest and principal to a class or classes of Certificates entitled thereto, such amounts will be distributed to the other classes of Group I Senior Certificates, pro rata, based upon their Class Principal Amounts, until all amounts due to all classes of Group I Senior Certificates have been paid in full, before any amounts are distributed to the Class R Certificates.
(d) For any Distribution Date, “pro rata” distributions among Classes of Group I Certificates in respect of Group I Accrued Interest or unpaid Group I Accrued Interest will be made in proportion to the amount of Group I Accrued Interest or unpaid Group I Accrued 217412 HomeBanc 2007-1 Pooling and Servicing Agreement Interest, respectively, due on such Classes for such Distribution Date. For any Distribution Date, “pro rata” distributions among Classes of Certificates in respect of principal will be made in proportion to the Class Principal Amount of such Classes immediately prior to such Distribution Date.
(e) No Group I Accrued Certificate Interest will be payable with respect to any Class of Group I Certificates after the Distribution Date on which the Class Principal Amount of such Certificate has been reduced to zero.
(f) If on any Distribution Date the related Group I Available Funds for a Loan Group is less than the Group I Accrued Interest on the related Senior Certificates for such Distribution Date prior to reduction for Group I Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated among the holders of each Class of Senior Certificates in such Certificate Group in proportion to the respective amounts of Group I Accrued Interest that would have been allocated thereto in the absence of such Group I Net Interest Shortfalls and/or Realized Losses for such Distribution Date. In addition, the amount of any interest shortfalls will constitute unpaid Group I Accrued Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Group I Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Servicer and the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(g) On each Distribution Date, the Paying Agent shall pay the Group II Interest Funds for such date, from funds in the Certificate Account, as follows in accordance with the report of the Securities Administrator:
(i) to the Class II-A Certificates, in an amount equal to Group II Current Interest and any Group II Carryforward Interest for such class for such Distribution Date;
(ii) to the Class II-M-1, Class II-M-2 and Class II-B Certificates, sequentially, in that order, in an amount equal to any Group II Current Interest and any Group II Carryforward Interest for each such class for such Distribution Date;
(iii) for application as part of Group II Monthly Excess Interest for such Distribution Date, as provided in subsection (i) of this Section, any Group II Interest Funds remaining after application pursuant to clauses (i) and (ii) above;
(h) On each Distribution Date, the Paying Agent shall pay the Group II Principal Distribution Amount for such Distribution Date from funds in the Certificate Account as follows:
(i) On each Distribution Date (a) prior to the Group II Stepdown Date or (b) with respect to which a Group II Trigger Event is in effect, in the following order of priority:
(1) to the Class II-A Certificates, until its Class Principal Amount has been reduced to zero; 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(2) to the Class II-M-1, Class II-M-2 and Class II-B 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; and
(3) for application as part of Group II Monthly Excess Cashflow for such Distribution Date, as provided in subsection (i) of this Section, any Principal Payment Amount remaining after application pursuant to clauses (1) and (2) above.
(ii) On each Distribution Date (a) on or after the Group II Stepdown Date and (b) with respect to which a Group II Trigger Event is not in effect, in the following order of priority:
(1) to the Class II-A Certificates, an amount equal to the Class II-A Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(2) to the Class II-M-1 Certificates, an amount equal to the Class II-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 II-M-2 Certificates, an amount equal to the Class II-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 II-B Certificates, an amount equal to the Class II-B 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 Group II Monthly Excess Cashflow for such Distribution Date, as provided in subsection (i) of this Section, any Group II Principal Distribution Amount remaining after application pursuant to clauses (1) through (4) above.
(i) On each Distribution Date, the Paying Agent shall pay the Group II 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) to the holders of the class or classes of Group II Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Group II Extra Principal Distribution Amount, distributable as part of the Group II Principal Distribution Amount for each such class and such Distribution Date;
(ii) to the Class II-A, Class II-M-1, Class II-M-2 and Class II-B Certificates, sequentially, in that order, in an amount equal to the Group II Deferred Amount for each such class and such Distribution Date; 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(iii) to the Class II-A, Class II-M-1, Class II-M-2 and Class II-B Certificates, sequentially, in that order, in an amount equal to any Group II Basis Risk Carryover Amount for each such class and such
Appears in 1 contract
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Funds on deposit Distribution Amount with respect to each Loan Pool, 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 Account Amount for each Loan Pool, to each Class of Senior Certificates or Component in the related Certificate Group (other than any related Class of Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's or Component's allocable share of any Net Prepayment Interest Shortfalls for the related Loan Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Loan Pool shall be distributed allocated among the Classes or Component of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Loan Pool, to each Class of Senior Certificates or Component in the related Certificate Group (other than any related Class of Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Loan Pool shall be allocated among the Classes or Component of the related Certificate Group in proportion to the Interest Shortfall for each such Class or Component on such Distribution Date;
(iii) from the remaining Available Distribution Amount for each Loan Pool, to the Senior Certificates or Components of the related Certificate Group (other than any Class of Notional Certificates), as follows:
(iA) to the A1(A) Component, the A1(B) Component, the A2(1) Component, the A3(1) Component and the APO (1) Component, from the Available Distribution Amount for Pool 1 for such Distribution Date, in reduction of their respective Class Principal Amounts or Component Principal Amounts, concurrently, as follows:
(1) to the A1(A) Component, the A1(B) Component, the A2(1) Component and the A3(1) Component, in an amount up to the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the following order of priority:
(a) to the A1(A) Component, until the Component Principal Amount thereof has been reduced to zero;
(b) pro rata, the A1(B) Component and the A3(1) Component, until the respective Component Principal Amounts thereof have been reduced to zero;
(c) to the A2(1) Component, until the Component Principal Amount thereof has been reduced to zero;
(2) to the APO(1) Component, the APO Principal Distribution Amount for Pool 1 for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero;
(B) to the A2(2) Component, the A3(2) Component and the APO(2) Component, in reduction of their respective Component Principal Amounts, from the Available Distribution Amount for Pool 2, concurrently, as follows:
(1) pro rata, to the A2(2) Component and the A3(2) Component, in an amount up to the Senior Principal Distribution Amount for Pool 2, until the Component Principal Amount thereof has been reduced to zero; and
(2) to the Class APO(2) Component, the APO Principal Distribution Amount thereof for Pool 2 for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero;
(C) to the A3(3) Component and the APO(3) Component, in reduction of their respective Component Principal Amounts from the Available Distribution Amount for Pool 3, concurrently, as follows:
(1) to the Class A3(3) Component, the Senior Principal Distribution Amount for Pool 3, until the Component Principal Amount thereof has been reduced to zero; and
(2) to the APO(3) Component, the APO Principal Distribution Amount for Pool 3, until the Component Principal Amount thereof has been reduced to zero; and
(iv) on each Distribution Date on and after the Credit Support Depletion Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of the remaining Group I Available Funds Distribution Amount for any Loan Group I-1Pool the related Senior Certificates and Components of which have been reduced to zero, pro rata, to each Class or Component of Senior Certificates remaining outstanding, on the basis of their respective Class Principal Amounts or Component Principal Amounts, any Non-APO Senior Certificate Deferred Amount for that Class or Component; provided, however, that any Non-APO Senior Certificate Deferred Amount in respect of the Class A1 Certificates shall only be paid to the extent of such Class's pro rata share of any such remaining Available Distribution Amount in respect of Pool 1 and thirdany other Loan Pool all of the remaining Assistance Loans in which are, at the time such payment is made in respect of any Non-APO Senior Certificate Deferred Amount for the Class A1 Certificates, ▇▇▇▇▇▇ Mae Conforming Mortgage Loans;
(v) to the APO(1), APO(2) and APO(3) Components, to the Class I-1A-1 Certificates extent of the remaining Available Distribution Amount for the related Loan Pool, the Component Deferred Amount for that Component, until the related Component Principal Amount has been reduced to zero; provided, however, that (x) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for the related Loan Pool for such date; and Class I-1A-2 (y) such amounts will not reduce the Component Principal Amounts of such Components; and;
(vi) from the remaining Available Distribution Amount for all Loan Pools, 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 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 a pro rata basissuch Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for the Group I-1 Senior Certificates for such Distribution Date Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(D) to the extent Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of remaining Group I Available Funds any Net Prepayment Interest Shortfalls for Loan Group I-1such 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 Amounts 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 Classes have 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 Loan Pool shall be allocated among the Certificates and Components of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-APO Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) on each Distribution Date, in the Group I Available Funds for Loan Group I-2 will be distributed to case of the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Subordinate Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, interest accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class related Apportioned Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zeroBalances.
(iiic) (i) If on each any Distribution DateDate the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, the Group I Available Funds for Loan Group I-3 will be distributed then, notwithstanding anything to the Group I-3 Senior Certificates as follows: firstcontrary in Section 5.02(a), to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As no distribution of amounts described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.the
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Sources: Trust Agreement (Structured Asset Sec Corp Pass Through Cert Series 2002-Al1)