Common use of Distributions of Interest Clause in Contracts

Distributions of Interest. On each Distribution Date, the Securities Administrator shall withdraw from the Certificate Account (to the extent funds are available therein) the Interest Remittance Amount and apply such amounts in the following order of priority and to the extent of such funds: first, concurrently, as follows: (i) from the Interest Remittance Amount for Loan Group 1, to the Group 1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; and (ii) from the Interest Remittance Amount for Loan Group 2, concurrently, to the Group 2 Certificates, pro rata, the Accrued Certificate Interest thereon for such Distribution Date; second, concurrently, as follows: (i) from the remaining Interest Remittance Amount for Loan Group 1, to the Group 1 Certificates, the Interest Carryforward Amount thereon for such Distribution Date; and (ii) from the remaining Interest Remittance Amount for Loan Group 2, concurrently, to the Group 2 Certificates, pro rata, the Interest Carryforward Amount thereon for such Distribution Date; third, concurrently, as follows: (i) if the Interest Remittance Amount for Loan Group 1 is insufficient to pay the Accrued Certificate Interest for the Group 1 Certificates for such Distribution Date in priority first, clause (i), from the remaining Interest Remittance Amount for Loan Group 2, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if the Interest Remittance Amount for Loan Group 2 is insufficient to pay the Accrued Certificate Interest for the Group 2 Certificates for such Distribution Date in priority first, clause (ii), concurrently from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Certificates, pro rata, to cover such shortfall for such Distribution Date; fourth, concurrently, as follows: (i) if the remaining Interest Remittance Amount for Loan Group 1 is insufficient to pay the Interest Carryforward Amount for the Group 1 Certificates for such Distribution Date in priority second, clause (i), from the remaining Interest Remittance Amount for Loan Group 2, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if the remaining Interest Remittance Amount for Loan Group 2 is insufficient to pay the Interest Carryforward Amount for the Group 2 Certificates for such Distribution Date in priority second, clause (ii), concurrently, from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Certificates, pro rata, to cover such shortfall for such Distribution Date; fifth, to the Class M-1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; sixth, to the Class M-2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; seventh, to the Class M-3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eighth, to the Class M-4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; ninth, to the Class M-5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; tenth, to the Class M-6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eleventh, to the Class M-7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; twelfth, to the Class M-8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; and thirteenth, the amount, if any, of the Interest Remittance Amount remaining after application with respect to the priorities set forth above will be applied as described below under Section 5.02(c) hereof.

Distributions of Interest. (a) On each Special Distribution Date and each Scheduled Distribution Date, the Securities Administrator Trustee shall withdraw from distribute the Certificate Account (to the extent funds are available therein) on deposit in the Interest Remittance Amount and apply such amounts Subaccount (the “Interest Collections”) in the following order of priority, each priority being fully paid before such funds are used to pay any lower priority and to no payment being made on any priority if such funds have been exhausted in the extent payment of such funds: first, concurrently, as followshigher priorities: (i) from the Interest Remittance Amount for Loan Group 1, to the Group 1 Trustee, an amount equal to the Trustee Fee; (ii) to the Holders of Class A Certificates, an amount equal to the Accrued Certificate Interest thereon for Distributions on the Class A Certificates; provided that with respect to a Special Distribution Date on which less than all of the Bonds have been redeemed, sold, or liquidated, the amount distributable shall be limited to the Accrued Certificate Distributions on the Certificate Balance of the Class A Certificates being redeemed on such Distribution Datedate; (iii) to the Trustee, an amount equal to any unreimbursed Trust Expenses; (iv) to the Servicer, an amount equal to the Servicing Fee; (v) to the Credit Enhancement Provider, any unreimbursed amounts on the Credit Enhancement Agreement; and (iivi) from to the Holder of the Class B Certificate, any remaining Interest Collections. (b) If the funds on deposit in the Interest Remittance Amount for Loan Group 2, concurrently, to the Group 2 Certificates, pro rata, the Accrued Certificate Interest thereon for such Distribution Date; second, concurrently, as follows: (i) from the remaining Interest Remittance Amount for Loan Group 1, to the Group 1 Certificates, the Interest Carryforward Amount thereon for such Distribution Date; and (ii) from the remaining Interest Remittance Amount for Loan Group 2, concurrently, to the Group 2 Certificates, pro rata, the Interest Carryforward Amount thereon for such Distribution Date; third, concurrently, as follows: (i) if the Interest Remittance Amount for Loan Group 1 is Subaccount are insufficient to pay the Accrued Certificate Interest for Distributions on the Group 1 Class A Certificates for such Distribution Date in pursuant to priority first, clause (i) and (ii) in Section 4.02(a), from the remaining Interest Remittance Amount Trustee shall demand payment under the Credit Enhancement Agreement in the amount of any such shortfall. The Trustee shall distribute the proceeds of such demand for Loan Group 2payment under the Credit Enhancement Agreement, upon receipt, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if Holders of the Interest Remittance Amount for Loan Group 2 is insufficient to pay the Accrued Certificate Interest for the Group 2 Certificates for such Distribution Date in priority first, clause (ii), concurrently from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Class A Certificates, pro rata, up to cover an amount equal to the unpaid Accrued Certificate Distributions thereon. If the proceeds of any such shortfall for such Distribution Date; fourth, concurrently, as follows: (i) if demand on the remaining Interest Remittance Amount for Loan Group 1 is Credit Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets are insufficient to pay the Interest Carryforward Amount for the Group 1 Certificates for such Distribution Date in priority second, clause (i), from the remaining Interest Remittance Amount for Loan Group 2, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if the remaining Interest Remittance Amount for Loan Group 2 unpaid portion of any Accrued Certificate Distributions that is insufficient to pay the Interest Carryforward Amount for the Group 2 Certificates for such Distribution Date in priority second, clause (ii), concurrently, from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Certificates, pro rata, to cover such shortfall for such Distribution Date; fifth, to due on the Class M-1 A Certificates, the Accrued Certificate Interest thereon for such Distribution Date; sixth, Trustee shall declare a Trust Termination Event pursuant to the Class M-2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; seventh, to the Class M-3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eighth, to the Class M-4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; ninth, to the Class M-5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; tenth, to the Class M-6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eleventh, to the Class M-7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; twelfth, to the Class M-8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; and thirteenth, the amount, if any, of the Interest Remittance Amount remaining after application with respect to the priorities set forth above will be applied as described below under Section 5.02(c) hereof5.01.

Distributions of Interest. On All interest collections with respect to each Distribution Date, the Securities Administrator shall withdraw from the Certificate Account (Group are required to the extent funds are available therein) the Interest Remittance Amount and apply such amounts be distributed in the following order of priority until such amounts have been fully distributed: A. For interest collections with respect to Group I: 1. To the Trustee, the Trustee Fee and any Transition Expenses for Group I; 2. To each Class of the Senior Certificates of Group I, the Class Monthly Interest Amount and any Class Interest Carryover Shortfall for such Class on that Distribution Date; provided, however, if the interest collections for Group I are not sufficient to make a full distribution of the Class Monthly Interest Amount and any Class Interest Carryover Shortfall with respect to the extent Senior Certificates of such funds: firstGroup I, concurrently, as followsthe interest collections for Group I will be distributed pro rata among each class of Senior Certificates of Group I based on the ratio of: (i) from the Class Monthly Interest Remittance Amount and Class Interest Carryover Shortfall for Loan that Class to (ii) the total amount of Class Monthly Interest Amount and any Class Interest Carryover Shortfall for the Senior Certificates of Group 1, to I; 3. To the Group 1 Class MF-1 Certificates, the Accrued Certificate Class Monthly Interest thereon Amount for such that Class and Distribution Date; 4. To the Class MF-2 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 5. To the Class MF-3 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 6. To the Class BF Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; and 7. Any remainder will be treated as Excess Interest of Group I and distributed pursuant to clause (iiiii) Distributions of Excess Interest, below. B. For interest collections with respect to Groups II and III: 1. To the Trustee, (a) from interest collections for Group II, the Interest Remittance Amount Trustee Fee and any Transition Expenses for Loan Group 2II, concurrentlyand (b) from interest collections for Group III, the Trustee Fee and any Transition Expenses for Group III; (a) From interest collections for Group II, to the Group 2 Class AV-1 Certificates, pro ratathe Class Monthly Interest Amount and any Class Interest Carryover Shortfall for such Class on that Distribution Date, and (b) from interest collections for Group III, to each Class of Senior Certificates of Group III, the Accrued Certificate Class Monthly Interest thereon Amount and any Class Interest Carryover Shortfall for such Class on that Distribution Date; secondprovided, concurrentlyhowever, as followsif the interest collections for Group III and (to the extent described in paragraph (3.) of this clause (i)(B.), below) Group II are not sufficient to make a full distribution of the Class Monthly Interest Amount and any Class Interest Carryover Shortfall with respect to the Senior Certificates of Group III, the interest collections for Group III and (if available, to the extent described in paragraph (3.) of this clause (i)(B.), below) Group II will be distributed pro rata among each Class of Senior Certificates of Group III based on the ratio of: (i) from the remaining Class Monthly Interest Remittance Amount and Class Interest Carryover Shortfall for Loan that Class to (ii) the total amount of Class Monthly Interest Amount and any Class Interest Carryover Shortfall for the Senior Certificates of Group 1III; (a) From interest collections for Group II, to each Class of Senior Certificates of Group III, to the extent that the Class Monthly Interest Amount and any Class Interest Carryover Shortfall for such Class for that Distribution Date have not otherwise been distributed in full for that Distribution Date, and (b) from interest collections for Group 1 III, to the Class AV-1 Certificates, to the extent that the Class Monthly Interest Amount and any Class Interest Carryover Shortfall for the Class AV-1 Certificates for that Distribution Date have not otherwise been distributed in full for that Distribution Date; 4. From the aggregate interest collections for Groups II and III, to the Class MV-1 Certificates, the Class Monthly Interest Carryforward Amount thereon for such that Class and Distribution Date; 5. From the aggregate interest collections for Groups II and III, to the Class MV-2 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 6. From the aggregate interest collections for Groups II and III, to the Class MV-3 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 7. From the aggregate interest collections for Groups II and III, to the Class MV-4 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 8. From the aggregate interest collections for Groups II and III, to the Class MV-5 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 9. From the aggregate interest collections for Groups II and III, to the Class MV-6 Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; 10. From the aggregate interest collections for Groups II and III, to the Class BV Certificates, the Class Monthly Interest Amount for that Class and Distribution Date; and (ii) from 11. Any remainder of the remaining aggregate interest collections for Groups II and III will be treated as Excess Interest Remittance Amount for Loan of Group 2, concurrently, II/III and distributed as described pursuant to the Group 2 Certificates, pro rata, the Interest Carryforward Amount thereon for such Distribution Date; third, concurrently, as follows: (i) if the Interest Remittance Amount for Loan Group 1 is insufficient to pay the Accrued Certificate Interest for the Group 1 Certificates for such Distribution Date in priority first, clause (i)iii) Distributions of Excess Interest, from the remaining Interest Remittance Amount for Loan Group 2, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if the Interest Remittance Amount for Loan Group 2 is insufficient to pay the Accrued Certificate Interest for the Group 2 Certificates for such Distribution Date in priority first, clause (ii), concurrently from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Certificates, pro rata, to cover such shortfall for such Distribution Date; fourth, concurrently, as follows: (i) if the remaining Interest Remittance Amount for Loan Group 1 is insufficient to pay the Interest Carryforward Amount for the Group 1 Certificates for such Distribution Date in priority second, clause (i), from the remaining Interest Remittance Amount for Loan Group 2, to the Group 1 Certificates, to cover such shortfall for such Distribution Date; and (ii) if the remaining Interest Remittance Amount for Loan Group 2 is insufficient to pay the Interest Carryforward Amount for the Group 2 Certificates for such Distribution Date in priority second, clause (ii), concurrently, from the remaining Interest Remittance Amount for Loan Group 1, to the Group 2 Certificates, pro rata, to cover such shortfall for such Distribution Date; fifth, to the Class M-1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; sixth, to the Class M-2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; seventh, to the Class M-3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eighth, to the Class M-4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; ninth, to the Class M-5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; tenth, to the Class M-6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; eleventh, to the Class M-7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; twelfth, to the Class M-8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date; and thirteenth, the amount, if any, of the Interest Remittance Amount remaining after application with respect to the priorities set forth above will be applied as described below under Section 5.02(c) hereofbelow.