Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows: (A) on each Distribution Date, the Available Funds will be distributed to the Senior Certificates as follows: first, to the Class I-A Certificates and Class I-X-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero. (B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds. (C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts. (D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates. (E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates. (b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero. (c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments. (d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs. (e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date. (f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available: (A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date; (B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and (C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount. (g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available: (A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date; (B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and (C) third, for deposit into the Cap Reserve Account, any remaining amount. (h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005June 2006, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005June 2006, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-3 Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest A-2 Certificates, on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005September 2007, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005September 2007, the Class R R-I Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-II Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-III Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(i) With respect to the Group I Certificates:
(A) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest A-2 Certificates, on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, based on in reduction of the Current Principal Amounts thereof, the Senior Optimal Principal Amount for the Group I Senior Certificates for such Distribution Date, to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(B) On on each Distribution Date on or prior to a Cross-Over Date, an amount equal the Group II Available Funds will be distributed to the sum of any remaining Available Funds after the distributions in clause (A) aboveGroup II Senior Certificates as follows: first, as applicable, and, with respect to the Class III-B A-1 Certificates and Class II-A-2 Certificates, including amounts withdrawn from the Class A/B Reserve Fundon a pro rata basis, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the such Class I-M-X Certificates for such Distribution Date (or Date. As described below, accrued interest on the Class III-X-1 A-1 Certificates with respect and Class II-A-2 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the initial Distribution Date only)Class II-A-1 Certificates and Class II-A-2 Certificates, (c) on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each caseDates, to the extent of remaining Group II Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second ; and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date onlythird, to the Class III-B-1 A-1 Certificates and the Class III-B-2 A-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with reduction of the amount of interest accrued on such Class at its Pass-Through Rate Current Principal Amounts thereof, the Senior Optimal Principal Amount for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Group II Senior Certificates for such Distribution Date, to the extent not covered by of remaining Group II Available Funds for Funds, until the Current Principal Amounts of such Distribution Date;
(B) from any remaining amounts, Classes have been reduced to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; andzero.
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On on each Distribution Date, the Group III Available Funds will be distributed to the Group III Senior Certificates as follows: first, to the Class IIII-B Corridor Contract Payment Amount with respect to A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date shall be distributed Date. As described below, accrued interest on the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates is subject to reduction in the following order event of prioritycertain Net Interest Shortfalls allocable thereto; second, in each case to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of amounts available:
(A) remaining Group III Available Funds; and third, to pay any Accrued Certificate Interest for the Class IIII-B-1 A-1 Certificates and Class III-A-2 Certificates on a pro rata basis, in reduction of the Class I-B-2 Certificates Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution Date, Date to the extent not covered by of remaining Group III Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.Funds,
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005October 2006, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005October 2006, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-3 Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest A-2 Certificates, on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-4)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005January 2006, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005January 2006, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-3 Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(i) With respect to the Group I Certificates:
(A) on each Distribution Date, the Group I-1 Available Funds will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class II-1-A A-1 Certificates and Class II-1-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class II-1-A A-1 Certificates and Class I-1-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class II-1-A A-1 Certificates and Class I-1-A-2 Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I-1 Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class II-1-A A-1 Certificates and Class I-1-A-2 Certificates, on a pro rata basis, based on in reduction of the Current Principal Amounts thereof, the Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I-1 Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(B) On on each Distribution Date, the Group I-2 Available Funds will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2-A-1 Certificates and Class I-2-A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2-A-1 Certificates and Class I-2-A-2 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class I-2-A-1 Certificates and Class I-2-A-2 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I-2 Available Funds; and third, to the Class I-2-A-1 Certificates and Class I-2-A-2 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group I-2 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I-2 Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(C) on each Distribution Date, the Group I-3 Available Funds will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3-A-1 Certificates and Class I-3-A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3-A-1 Certificates and Class I-3-A-2 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class I-3-A-1 Certificates and Class I-3-A-2 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I-3 Available Funds; and third, to the Class I-3-A-1 Certificates and Class I-3-A-2 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group I-3 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I-3 Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(D) Except as provided in clauses (a)(i)(E) and (F) below, on each Distribution Date on or prior to a the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I-1, Group I-2 and Group I-3 Available Funds after the distributions in clause clauses (Ai), (ii) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, and (iii) above will be distributed sequentially, in the following order: , to the Class I-M-X, 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: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I-1, Group I-2 and Group I-3 Available Funds.
(CE) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Group I Certificate Group or Groups to zero, the remaining Class or Classes of Senior Certificates in the remaining Group I Certificate Groups will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current 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 Senior Certificates, 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the Class or Classes of Senior Certificates of the fully repaid Group I Certificate Group; provided, however, that if (A) the weighted average of the Subordinate Percentages of the Group I Subordinate Certificates on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages of the Group I Subordinate Certificates and (B) the aggregate Scheduled Principal Balance of the Group I Mortgage Loans delinquent 60 days or more (including for this purpose any such Group I Mortgage Loans in foreclosure and bankruptcy and Group I 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 aggregate Current Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1, Group I-2 and Group I-3 Senior Certificates in accordance with this clause (a)(i)(E) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Group I Subordinate Certificates.
(F) If on any Distribution Date on which the aggregate Current Principal Amount of the Group I-1, Group I-2 or Group I-3 Senior Certificates, as applicable, would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the 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, (A) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1, Group I-2 or Group I-3 Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Group I-1, Group I-2 or Group I-3 Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (B) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the Loan Group I. Any such reduction in the Accrued Certificate Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class I-B-6 Certificates.
(G) If, after distributions have been made pursuant to priorities firstfirst and second of clauses (a)(i)(A), second (B) and third of paragraph (AC) aboveabove on any Distribution Date, the remaining Group I-1, Group I-2 or Group I-3 Available Funds is are less than the Group I-1, Group I-2 or Group I-3 Senior Optimal Principal AmountAmounts for the Group I-1, Group I-2 or Group I-3 Senior Certificates, respectively, the Senior Optimal Principal Amount for such Loan Group shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of related Senior Certificates Certificates, on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(EH) On each Distribution Date, any Group I Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-I Certificates; provided that if on any Distribution Date there are any Group I-1, Group I-2 or Group I-3 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 Current Principal Amounts, until all amounts due to all Classes of Group I Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-I Certificates.
(bii) No With respect to the Group II Certificates:
(A) on each Distribution Date, the Group II-1 Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-1-A-1 Certificates the Accrued Certificate Interest will be payable with respect on such Class for such Distribution Date. As described below, accrued interest on the Class II-1-A-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-1-A-1 Certificates any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-1 Available Funds; and third, to the Class II-1-A-1 Certificates in reduction of Certificates after the Current Principal Amount thereof, the Group II Senior Optimal Principal Amount for such Distribution Date on which to the extent of remaining Group II-1 Available Funds, until the Current Principal Amount of such Certificate Class has been reduced to zero.
(cB) If on any each Distribution Date Date, the Group II-2 Available Funds for will be distributed to the Group II Senior Certificates is less than as follows: first, to the Class II-2-A-1 Certificates and Class II-2-A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on the Senior Certificates such Classes for such Distribution Date prior Date. As described below, accrued interest on the Class II-2-A-1 Certificates and Class II-2-A-2 Certificates is subject to reduction for in the event of certain Net Interest Shortfalls and the interest portion of Realized Lossesallocable thereto; second, the shortfall will be allocated to the holders of the Senior Class II-2-A-1 Certificates and Class II-2-A-2 Certificates, on a pro rata basis in accordance with the amount of basis, any Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent thereon remaining undistributed from previous Distribution Dates, to the extent of the applicable remaining Group II-2 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses Funds; and fees of the Trust shall be paid by each of the 2005-AR1 REMICsthird, to the extent that such expenses relate to the assets of each of such respective 2005Class II-2-AR1 REMICs, A-1 Certificates and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005Class II-2-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocatedA-2 Certificates, on a pro rata basis, in accordance with reduction of the amount Current Principal Amounts thereof, the Group II-2 Senior Optimal Principal Amount for such Distribution Date to the extent of interest accrued remaining Group II-2 Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(C) on each Distribution Date, the Group II-3 Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-3-A-1 Certificates and Class II-3-A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class at its Pass-Through Rate for the Interest Accrual Period Classes for such Distribution Date. The remainder As described below, accrued interest on the Class II-3-A-1 Certificates and Class II-3-A-2 Certificates is subject to reduction in the event of the certain Net Deferred Interest will be allocated Shortfalls allocable thereto; second, to the Class III-3-B CertificateA-1 Certificates and Class II-3-A-2 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-3 Available Funds; and third, to the Class II-3-A-1 Certificates and Class II-3-A-2 Certificates, on a pro rata basis, in accordance with reduction of the amount Current Principal Amounts thereof, the Group II-2 Senior Optimal Principal Amount for such Distribution Date to the extent of interest that accrued on remaining Group II-3 Available Funds, until the Current Principal Amounts of such Class at its Pass-Through Rate for the Interest Accrual Period related Classes have been reduced to that Distribution Datezero.
(fD) On on each Distribution Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class III-4-A Corridor Contract Payment A-1 Certificates the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class II-4-A-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-4-A-1 Certificates any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-4 Available Funds; and third, to the Class II-4-A-1 Certificates in reduction of the Current Principal Amount with respect to thereof, the Group II Senior Optimal Principal Amount for such Distribution Date shall to the extent of remaining Group II-4 Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(E) on each Distribution Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-5-A-1 Certificates the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class II-5-A-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-5-A-1 Certificates any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-5 Available Funds; and third, to the Class II-5-A-1 Certificates in reduction of the Current Principal Amount thereof, the Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II-5 Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(F) Except as provided in clauses (a)(ii)(G) and (H) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Group II-1, Group II-2, Group II-3, Group II-4 and Group II-5 Available Funds after the distributions in clauses (a)(ii)(A), (B), (C), (D) and (E) above will be distributed sequentially, in the following order of priorityorder, to the Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, in each case up to an amount equal to and in the extent of amounts available:
following order: (A) to pay any the Accrued Certificate Interest for the Class I-A Certificates thereon for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates thereon remaining undistributed from previous Distribution Dates and the Class I-B-2 Certificates (C) such Class’s Allocable Share for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificatesin each case, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date of remaining Group II-1, Group II-2, Group II-3, Group II-4 or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amountGroup II-5 Available Funds.
(hG) On each Distribution Date prior to the Group II Cross-Over Date but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Group II Certificate Group or Groups to zero, the remaining Class or Classes of Senior Certificates in the remaining Group II Certificate Groups will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the addition to any Principal Prepayments related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution such remaining Senior Certificates’ respective Loan Group allocated to the Holders of any other Class of Certificates.such Senior Certifica
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2005-12)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005September 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005September 2004, the Class R R-I Deposit will be distributed to the Holder of the Class R Certificates in reduction R-I Certificate, the Class R-II Deposit will be distributed to the Holder of the Current Principal Amount thereofClass R-II Certificate and the Class R-III Deposit will be distributed to the Holder of the Class R-III Certificate. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A A-1 Certificates and Class I-X-1 A-2 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to Accrued Certificate Interest on the Class I-A A-1 Certificates and Class I-A-2 Certificates is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such A-1 Certificates and Class I-A Certificates (in accordance with clause (D) below) A-2 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Dateof remaining Group I Available Funds; and third, to the Class I-A A-1 Certificates and the Class I-X-1 A-2 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the remaining Group I Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-A-1 Certificates and Class II-X Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class II-A-1 Certificates and Class II-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-A-1 Certificates and Class II-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; and third, to the Class II-A-1 Certificates, in reduction of the Current Principal Amount thereof, the Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Current Principal Amounts of such Class has been reduced to zero.
(iii) on each Distribution Date, the Group III Available Funds will be distributed to the Group III Senior Certificates as follows: first, to the Class III-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class III-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group III Available Funds; and fourththird, to the extent Class III-A Certificates, in reduction of remaining Available Fundsthe Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution DateDate to the extent of remaining Group III Available Funds, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on until the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(Biv) On on each Distribution Date, the Group IV Available Funds will be distributed to the Group IV Senior Certificates as follows: first, to the Class IV-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class IV-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class IV-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group IV Available Funds; and third, to the Class IV-A Certificates, in reduction of the Current Principal Amount thereof, the Group IV Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group IV Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(v) Except as provided in clauses (vi) and (vii) below, on each Distribution Date on or prior to a the Cross-Over Date, an amount equal to the sum of any remaining Group I, Group II, Group III and Group IV Available Funds after the distributions in clause clauses (Ai), (ii), (iii) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, and (iv) above will be distributed sequentially, in the following order: , to the Class I-M-X, 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: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s 's Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I, Group II, Group III, Group IV Available Funds.
(Cvi) On each Distribution Date prior to the Cross-Over Date but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Certificate Group to zero, the remaining Class or Classes of Senior Certificates in the remaining Certificate Groups (other than the Interest Only Certificates) will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current 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 Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the Class or Classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the 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 aggregate Current Principal Amount of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (vi) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Subordinate Certificates.
(vii) If on any Distribution Date on which the aggregate Current Principal Amount of any Class or Classes of Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group and any Subordinate Certificates are still outstanding, in each case after giving effect to distributions to be made on such Distribution Date, (A) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to such Class or Classes of Senior Certificates (other than the Interest Only Certificates) in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (B) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities firstfirst and second of clauses (a)(i), second (ii), (iii) and third of paragraph (Aiv) aboveabove on any Distribution Date, the remaining Group I, Group II, Group III or Group IV Available Funds is are less than the Group I, Group II, Group III and Group IV Senior Optimal Principal AmountAmounts, respectively, the Senior Optimal Principal Amount for such Loan Group shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of related Senior Certificates (other than the Interest Only Certificates), on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(Ec) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-III Certificates; provided that if on any Distribution Date there are any Group I, Group II, Group III or Group IV 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-III Certificates.
(bd) For any Distribution Date, "pro rata" distributions among Classes of Certificates in respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest will be made in proportion to the amount of Accrued Certificate Interest or unpaid Accrued Certificate 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 Current Principal Amount of such Classes immediately prior to such Distribution Date.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount or Notional Amount of such Certificate has been reduced to zero.
(cf) If on any Distribution Date the Available Funds for the Senior Certificates in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to among the holders of the each Class of Senior Certificates on a pro rata basis in accordance with such Certificate Group in proportion to the amount respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for that such Distribution Date absent such shortfallsDate. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(dg) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005November 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005November 2004, the Class R R-I Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereofR-I Certificate. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(i) With respect to the Group I Certificates:
(A) on each Distribution Date, the Group I-1 Available Funds will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1-A-1, Class I-1-X-1, Class R-I, Class R-A Certificates II and Class IR-X-1 III Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed on the Class I-1-A-1, Class I-1-X-1, Class R-I, Class R-II and Class R-III Certificates is subject to each such Classreduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class I-1-A-1, Class I-1-X-1, Class R-I, Class R-A II and Class R-III Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I-1 Available Funds; and fourththird, to the extent of remaining Available FundsClass R-I, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class IR-A II and Class R-III Certificates, on a pro rata basis, based on in reduction of the Current Principal Amounts thereof, the Group I-1 Senior Optimal Principal Amount for such Distribution Date to the extent of Group I-1 Available Funds until the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been class is reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005September 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A Certificates A-1, Class R-I and Class IR-X-1 II Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to Accrued Certificate Interest on the Class I-A A-1, Class R-I and Class R-II Certificates and is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A A-1, Class R-I and Class R-II Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class IR-A I and Class R-II Certificates, on a pro rata basis, based on in reduction of the Current Principal Amounts thereof, the remaining Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005May 2007, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005May 2007, the Class R R-I Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-II Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-III Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A Certificates A-1, Class I-A-2 and Class I-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1, Class I-A-2 and Class I-X-1 Certificates and is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A CertificatesA-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates A-2 and the Class I-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, based on in reduction of the Current Principal Amount thereof, the Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(Bii) On on each Distribution Date, the Group II Available Funds will be distributed to the Group II Senior Certificates as follows: first, to the Class II-A-1, Class II-A-2, Class II-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class II-A-1, Class II-A-2, Class II-X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-A-1, Class II-A-2, Class II-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds; and third, to the Class II-A-1 Certificates and Class II-A-2 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group III Available Funds will be distributed to the Group III Senior Certificates as follows: first, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, accrued interest on the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds; and third, to the Class III-A-1 Certificates and Class III-A-2 Certificates on a pro rata basis, in reduction of the Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Current 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 a the Cross-Over Date, an amount equal to the sum of any remaining Group I, Group II and Group III Available Funds after the distributions in clause clauses (Ai), (ii) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, and (iii) above will be distributed sequentially, in the following order: , to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 B-5, Class B-6 and Class I-B-6 B-7 Certificates, in each case up to an amount equal to and in the following order: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I, Group II and Group III Available Funds.
(Cv) On each Distribution Date prior to the Cross-Over Date but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Certificate Group to zero, the remaining Class or Classes of Senior Certificates in the remaining Certificate Groups will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current 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 Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the Class or Classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the 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 aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (vi) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Current Principal Amount of the Group I, Group II or Group III Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group and any Subordinate Certificates are still outstanding, in each case after giving effect to distributions to be made on such Distribution Date, (A) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Group I, Group II or Group III Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (B) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities firstfirst and second of clauses (a)(i), second (ii) and third of paragraph (Aiii) aboveabove on any Distribution Date, the remaining Group I, Group II or Group III Available Funds is are less than the Group I, Group II and Group III Senior Optimal Principal AmountAmounts, respectively, the Senior Optimal Principal Amount for such Loan Group shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of related Senior Certificates Certificates, on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(Ec) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-III Certificates; provided that if on any Distribution Date there are any Group I, Group II and Group III 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-III Certificates.
(bd) For any Distribution Date, “pro rata” distributions among Classes of Certificates in respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest will be made in proportion to the amount of Accrued Certificate Interest or unpaid Accrued Certificate 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 Current Principal Amount of such Classes immediately prior to such Distribution Date.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(cf) If on any Distribution Date the Available Funds for the Senior Certificates in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to among the holders of the each Class of Senior Certificates on a pro rata basis in accordance with such Certificate Group in proportion to the amount respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for that such Distribution Date absent such shortfallsDate. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(dg) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-3)
Distributions on the Certificates. (aa)(i) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in December 2005September 2007, in an amount equal to the Available Funds on deposit in the Distribution Account and the Pre-Funding Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(A) on each Distribution Date, the Available Funds for Sub-Group I will be distributed to the Senior Class I-A-1, Class I-A-2 and Class I-X-1 Certificates as follows: first, to the Class I-A Certificates A-1, Class I-A-2 and Class I-X-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A CertificatesA-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates A-2 and the Class I-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available FundsFunds for Sub-Group I; and fourththird, to the Class I-A-1 Certificates and the Class I-A-2 Certificates, in reduction of their Certificate Principal Balances, pro rata, based on each respective Certificate Principal Balance, the Senior Optimal Principal Amount with respect to the Senior Certificates in Sub-Group I for such Distribution Date, to the extent of remaining Available Funds, the Senior Optimal Principal Amount Funds for such Distribution Date, sequentially to: (i) the Class Sub-Group I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Certificate Principal Amount, until such amount Balance has been reduced to zero.
(B) On on each Distribution Date, the Available Funds for Sub-Group II will be distributed to the Class II-A-1, Class II-A-2 and Class II-X-1 Certificates as follows: first, to the Class II-A-1, Class II-A-2 and Class II-X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class II-A-1, Class II-A-2 and Class II-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Group II; and third, to the Class II-A-1 Certificates and the Class II-A-2 Certificates, in reduction of their Certificate Principal Balances, pro rata, based on each respective Certificate Principal Balance, the Senior Optimal Principal Amount with respect to the Senior Certificates in Sub-Group II for such Distribution Date, to the extent of remaining Available Funds for Sub-Group II, until each such Certificate Principal Balance has been reduced to zero.
(C) on each Distribution Date, the Available Funds for Sub-Group III will be distributed to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates as follows: first, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each such Class, to the extent of remaining Available Funds for Sub-Group III; and third, to the Class III-A-1 Certificates and the Class III-A-2 Certificates, in reduction of their Certificate Principal Balances, pro rata, based on each respective Certificate Principal Balance, the Senior Optimal Principal Amount with respect to the Senior Certificates in Sub-Group III for such Distribution Date, to the extent of remaining Available Funds for Sub-Group III, until each such Certificate Principal Balance has been reduced to zero..
(D) Except as provided in paragraphs (E) and (F) below, on each Distribution Date on or prior to a the Distribution Date on which the Certificate Principal Balances of the Subordinate Certificates are reduced to zero, such date being referred to herein as the Cross-Over Date, an amount equal to the sum of any the remaining Available Funds after the distributions set forth in clause paragraphs (A), (B) and (C) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: sequentially to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 B-5, Class B-6, Class B-7 and Class I-B-6 B-8 Certificates, in that order, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dc) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentiallyClass's Allocable Share, as described hereinapplicable, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of the remaining Available FundsFunds for all Sub-Groups.
(E) On each Distribution Date prior to the Cross-Over Date but after the reduction of the aggregate Certificate Principal Balance of the Senior Certificates in any Certificate Group or Sub-Groups to zero, the remaining Certificate Group or Sub-Groups will be entitled to receive in reduction of their Certificate Principal Balances, in addition to any Principal Prepayments related to such remaining Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Sub-Group or Sub-Groups relating to the fully paid Certificate Group or Sub-Groups. Such amounts allocated to Senior Certificates shall be treated as part of the Available Funds for the related Sub-Group and distributed as part of the related Senior Optimal Principal Amount in accordance with the priorities set forth in clause third in each of paragraphs (A), (B) and (C) above in reduction of the Certificate Principal Balances thereof. Notwithstanding the foregoing, if (i) the weighted average of the Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (ii) the aggregate Stated Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure 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 Certificate Principal Balance of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this paragraph (E) will not be made and 100% of the Principal Prepayments on any mortgage loan relating to the fully paid Certificate Group will be allocated to the Subordinate Certificates.
(F) If on any Distribution Date on which the aggregate Certificate Principal Balance of the Senior Certificates in a Certificate Group would be greater than the aggregate Stated Principal Balance of the related Mortgage Loans and any 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 Subordinate Certificates in respect of principal will be distributed to such Senior Certificates in reduction of the Certificate Principal Balances thereof, until the aggregate Certificate Principal Balance of such Senior Certificates is equal to the aggregate Stated Principal Balance of the related Mortgage Loans, and (ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced and distributed to such Senior Certificates, to the extent of any amount due and unpaid on such Senior Certificates, in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Certificate Principal Balance of such Senior Certificates over (y) the aggregate Stated Principal Balance of the Mortgage Loans. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated first to the Subordinate Certificates in reverse order of their respective numerical designations, commencing with the Class B-8 Certificates. If there exists more than one undercollateralized Certificate Group on a Distribution Date, amounts distributable to such undercollateralized Certificate Groups pursuant to this paragraph will be allocated between such undercollateralized Certificate Groups, pro rata, based upon the amount by which their respective aggregate Certificate Principal Balances exceeds the aggregate Stated Principal Balance of the Mortgage Loans in their respective Sub-Groups.
(G) If, after distributions have been made pursuant to priorities first, first and second and third of paragraph paragraphs (A), (B) aboveand (C) above on any Distribution Date, the remaining Available Funds for any Sub-Group is less than the Senior Optimal Principal AmountAmount for that Sub-Group, the Senior Optimal Principal Amount for that Sub-Group shall be reduced by that amount, and the remaining Available Funds for that Sub-Group will be distributed as principal among the Classes related classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued their respective Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X CertificatesPrincipal Balances.
(EH) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, thereto will be distributed to the Class R Residual Certificates; provided provided, that if on any Distribution Date there are any Available Funds for any Sub-Group remaining after payment of interest and principal to a Class or Classes of the Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Current respective Certificate Principal AmountsBalances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any remaining Available Funds are distributed in accordance with this clause paragraph to the Class R Residual Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust II 2007-1)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December November 2005, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December November 2005, the Class R R-1 Deposit will be distributed to the Holder Holders of the Class R R-1 Certificates in reduction and the Class R-2 Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-2 Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Available Funds will be distributed to the Senior Certificates as follows: first, to the Class I▇-A Certificates ▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class X and Class I-X-1 M Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class for such Distribution Date. As described below, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed on the Class A-1, Class A-2, Class A-3, Class X and Class M Certificates is subject to each such Classreduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class I▇-A ▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class X and Class M Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates and the Class I-X-1 Certificatesa pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Available Funds; and fourththird, concurrently, on a pro rata basis, in reduction of the Current Principal Amounts thereof, (i) sequentially, to the Class A-1, Class A-2 and Class A-3 Certificates, in that order, and (ii) to the Class M Certificates, in each case in reduction of the Current Principal Amounts thereof, the remaining Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on in each case until the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(Bii) On Except as provided in paragraph (b) below, on each Distribution Date on or prior to a the Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (Ai) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, above will be distributed sequentially, in the following order: , to the Class I-M-X, Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 B-5, Class B-6 and Class I-B-6 B-7 Certificates, in each case up to an amount equal to and in the following order: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(Cb) If, after distributions have been made pursuant to priorities first, first and second and third of paragraph clauses (Aa)(i) aboveabove on any Distribution Date, the remaining Available Funds is are less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of Senior Certificates (other than the Interest Only Certificates), on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(Ec) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-2 Certificates; provided that if on any Distribution Date there are any 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 Class of Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes Class of Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-2 Certificates.
(bd) For any Distribution Date, “pro rata” distributions among Classes of Certificates in respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest will be made in proportion to the amount of Accrued Certificate Interest or unpaid Accrued Certificate 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 Current Principal Amount of such Classes immediately prior to such Distribution Date.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount or Notional Amount of such Certificate has been reduced to zero.
(cf) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to among the holders of the each Class of Senior Certificates on a pro rata basis in accordance with proportion to the amount respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for that such Distribution Date absent such shortfallsDate. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(dg) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2005-10)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed by the Trustee monthly on each Distribution DateDate based on the Certificates Distribution Report for such Distribution Date furnished by the Trustee pursuant to 6.05 hereof, commencing in December 2005September 2007, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the related Available Funds on deposit in the Distribution Account shall be distributed as follows:
(AI) Distributions on the Group I Certificates:
(i) On each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Group I Senior Certificates (other than the Class I-A Certificates and Class I-X-1 PO Certificates), on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Group I Senior Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on other than the Class I-X-1 Certificates for such Distribution Date; thirdPO Certificates), to the Class I-A Certificates and the Class I-X-1 Certificateson a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Group I Senior Optimal Principal Amount for such Distribution Date, sequentially to: Certificates (i) other than the Class I-A PO Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above), as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificatesprincipal, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Group I Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order described below, in reduction of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005July 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005July 2004, the Class R R-I Deposit will be distributed to the Holder of the Class R Certificates in reduction R-I Certificate, the Class R-II Deposit will be distributed to the Holder of the Current Principal Amount thereof. On each Distribution DateClass R-II Certificate, the Available Funds on deposit in the Distribution Account shall Class R-III Deposit will be distributed as follows:to the Holder of the Class R-III Certificate and the Holder of the Class X-1 Certificate will be entitled to receive an additional distribution of $110,334.72.
(Ai) on each Distribution Date, the Available Funds will be distributed to the Senior Certificates as follows: firstFIRST, to the Senior Certificates, other than the Class I-A Certificates and Class I-X-1 R Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Senior Certificates for such Distribution Dateis subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; thirdSECOND, to the Class I-A Certificates and Senior Certificates, other than the Class I-X-1 R Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Available Funds; and fourth, to the extent of remaining Available FundsTHIRD, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: to the extent of remaining Available Funds, shall be distributed concurrently to (ia) the Class IA-1-A Certificates through Class A-6 Certificates and (b) the Class A-7 Certificates, on a pro rata basis, based on their respective aggregate Current Principal Amounts. The Senior Optimal Principal Amount in clause (a) of this priority THIRD will be distributed to the Class A-1-A, Class A-1-B, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates, in the following order of priority:
(1) to the Class A-1-A Certificates and Class A-1-B Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, until the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then ;
(2) to (ii) the Class I-X-1 A-2 Certificates, in reduction of its the Current Principal AmountAmount thereof, until the Current Principal Amount of such amount Class has been reduced to zero;
(3) to the Class A-3 Certificates, in reduction of the Current Principal Amount thereof, until the Current Principal Amount of such Class has been reduced to zero;
(4) to the Class A-4 Certificates, in reduction of the Current Principal Amount thereof, until the Current Principal Amount of such Class has been reduced to zero;
(5) to the Class A-5 Certificates, in reduction of the Current Principal Amount thereof, until the Current Principal Amount of such Class has been reduced to zero; and
(6) to the Class A-6 Certificates, in reduction of the Current Principal Amount thereof, until the Current Principal Amount of such Class has been reduced to zero. The Senior Optimal Principal Amount in clause (b) of this priority THIRD will be distributed to the Class A-7 Certificates until the Current Principal Amount of such Class has been reduced to zero.
(Bii) On Except as provided in paragraph (b) below, on each Distribution Date on or prior to a the Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (Ai) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, above will be distributed sequentially, in the following order: , to the Class I-M-X, 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: (aA) the Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (cB) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dC) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s 's Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(Cb) If, after distributions have been made pursuant to priorities first, second FIRST and third SECOND of paragraph clauses (Aa)(i) aboveabove on any Distribution Date, the remaining Available Funds is are less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of Senior Certificates (other than the Interest Only Certificates), on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(Ec) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-III Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-III Certificates.
(bd) For any Distribution Date, "pro rata" distributions among Classes of Certificates in respect of Accrued Certificate Interest or unpaid Accrued Certificate Interest will be made in proportion to the amount of Accrued Certificate Interest or unpaid Accrued Certificate 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 Current Principal Amount of such Classes immediately prior to such Distribution Date.
(e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount or Notional Amount of such Certificate has been reduced to zero.
(cf) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to among the holders of the each Class of Senior Certificates on a pro rata basis in accordance with proportion to the amount respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for that such Distribution Date absent such shortfallsDate. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(dg) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Certificates) will be distributed by the Trustee monthly on each Distribution DateDate based on the Certificates Distribution Report for such Distribution Date furnished by the Trustee pursuant to 6.05 hereof, commencing in December 20052006, in an amount equal to the related Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005, the Class R Deposit will be distributed to the Holder of the Class R Certificates in reduction of the Current Principal Amount thereof. On each Distribution Date, the related Available Funds on deposit in the Distribution Account shall be distributed as follows:
(AI) Distributions on the Group I Certificates, Class X Certificates and Class PO Certificates On each Distribution Date, the Group I Available Funds will be distributed as follows:
(i) on each Distribution Date, the Group I Available Funds will be distributed to the related Senior Certificates as follows: first, to the Class I-A Certificates and A1-1, Class I-X-1 CertificatesA1-2, Class I-A1-3, Class I-A1-4, Class I-A1-5, Class I-A2-1, Class I-A2-2 and the Class I-X Component, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A CertificatesA1-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the A1-2, Class I-X-1 Certificates for such Distribution Date; thirdA1-3, to the Class I-A Certificates A1-4, Class I-A1-5, Class I-A2-1, Class I-A2-2 and the Class I-X-1 CertificatesX Component, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourth, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On each Distribution Date on or prior to a Cross-Over Date, an amount equal to the sum of any remaining Available Funds after the distributions in clause (A) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with the amount of interest accrued on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder of the Net Deferred Interest will be allocated to the Class I-B Certificate, on a pro rata basis, in accordance with the amount of interest that accrued on such Class at its Pass-Through Rate for the Interest Accrual Period related to that Distribution Date.
(f) On each Distribution Date, the Class I-A Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005April 2004, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005April 2004, the Class R R-I Deposit will be distributed to the Holder of the Class R Certificates in reduction R-I Certificate, the Class R-II Deposit will be distributed to the Holder of the Current Principal Amount thereofClass R-II Certificate, the Class R-III Deposit will be distributed to the Holder of the Class R-III Certificate and the Class R-IV Deposit will be distributed to the Holder of the Class R-IV Certificate. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(i) With respect to the Group I Certificates:
(A) on each Distribution Date, the Group I-1 Available Funds will be distributed to the Group I-1 Senior Certificates as follows: firstFIRST, to the Class II-1-A Certificates and Class I-X-1 Certificates, the Accrued Certificate Interest on each such Class for such Distribution Date. As described below, and with respect to the Class I-A Certificates and the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate Interest owed to each such Class; second, to the Class I-A Certificates, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class II-1-X-1 A Certificates for such Distribution Dateis subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; thirdSECOND, to the Class II-1-A Certificates and the Class I-X-1 Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I-1 Available Funds; and fourthTHIRD, to the extent Class I-1-A Certificates, in reduction of remaining Available Fundsthe Current Principal Amount thereof, the Group I-1 Senior Optimal Principal Amount for such Distribution DateDate to the extent of remaining Group I-1 Available Funds, sequentially to: (i) the Class I-A Certificates, on a pro rata basis, based on until the Current Principal Amount of each such Class, in reduction of their Current Principal Amounts, until each such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has been reduced to zero.
(B) On on each Distribution Date, the Group I-2 Available Funds will be distributed to the Group I-2 Senior Certificates as follows: FIRST, to the Class I-2-A-1, Class I-2-A-2, Class I-2-A-3 and Class I-2-X Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, Accrued Certificate Interest on the Class I-2-A-1, Class I-2-A-2, Class I-2-A-3 and Class I-2-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class I-2-A-1, Class I-2-A-2, Class I-2-A-3 and Class I-2-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I-2 Available Funds; and THIRD, to the Class I-2-A-1, Class I-2-A-2 and Class I-2-A-3 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group I-2 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I-2 Available Funds, until the Current Principal Amount of each such Class has been reduced to zero.
(C) on each Distribution Date, the Group I-3 Available Funds will be distributed to the Group I-3 Senior Certificates as follows: FIRST, to the Class I-3-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class I-3-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class I-3-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I-3 Available Funds; and THIRD, to the Class I-3-A Certificates, in reduction of the Current Principal Amount thereof, the Group I-3 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I-3 Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(D) on each Distribution Date, the Group I-4 Available Funds will be distributed to the Group I-4 Senior Certificates as follows: FIRST, to the Class I-4-A Certificates and Class I-4-A-M Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, Accrued Certificate Interest on the Class I-4-A and Class I-4-A-M Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class I-4-A Certificates and Class I-4-A-M Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I-4 Available Funds; and third, to the Class I-4-A-M Certificates, in reduction of the Current Principal Amount thereof, the Group I-4 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group I-4 Available Funds in an amount equal to the Class I-4-A-M Optimal Principal Amount, until the Current Principal Amount of such Class has been reduced to zero; fourth, to the Class I-4-A Certificates, in reduction of the Current Principal Amount thereof, the remaining Group I-4 Senior Optimal Principal Amount for such Distribution Date to the extent of the remaining Group I-4 Available Funds until the Current Principal Amount of such Class has been reduced to zero; and fifth, to the Class I-4-A-M Certificates, in reduction of the Current Principal Amount thereof, the remaining Group I-4 Senior Optimal Principal Amount for such Distribution Date to the extent of the remaining Group I-4 Available Funds until the Current Principal Amount of such Class has been reduced to zero.
(E) Except as provided in clauses (F) and (G) below, on each Distribution Date on or prior to a the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I-1, Group I-2, Group I-3 and Group I-4 Available Funds after the distributions in clause clauses (A), (B), (C) above, as applicable, and, with respect to the Class I-B Certificates, including amounts withdrawn from the Class A/B Reserve Fund, and (D) above will be distributed sequentially, in the following order: , to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-M-X Certificates for such Distribution Date (or the Class I-X-1 Certificates with respect to the initial Distribution Date only), (c) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (dc) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s 's Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I-1, Group I-2, Group I-3 and Group I-4 Available Funds.
(CF) On each Distribution Date prior to the Group I Cross-Over Date, but after the reduction of the Current Principal Amount of all of the Senior Certificates of a Group I Certificate Group to zero, the Class or Classes of Group I Senior Certificates (other than the Class I-2-X Certificates) in the remaining Group I Certificate Groups will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Group I 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 relating to the Class or Classes of Senior Certificates of the fully repaid Group I 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 Group I Mortgage Loans delinquent 60 days or more (including for this purpose any such Group I Mortgage Loans in foreclosure and Group I 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 aggregate Current Principal Amount of the Group I Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Group I Senior Certificates in accordance with this clause (F) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the Class or Classes of Senior Certificates of the fully repaid Group I Certificate Group will be allocated to the Group I Subordinate Certificates.
(G) If on any Distribution Date on which the aggregate Current Principal Amount of any Class or Classes of Group I Senior Certificates (other than the Class I-2-X Certificates) would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the 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, (a) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to such Class or Classes of Group I Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Group I Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group, and (b) the Accrued Certificate 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 Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Group I Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate 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.
(H) If, after distributions have been made pursuant to priorities firstFIRST and SECOND of clauses (a)(i)(A), second (B), (C) and third of paragraph (AD) aboveabove on any Distribution Date, the remaining Group I-1, Group I-2, Group I-3 or Group I-4 Available Funds is are less than the Group I-1, Group I-2, Group I-3 and Group I-4 Senior Optimal Principal AmountAmounts, respectively, the Senior Optimal Principal Amount for such Loan Group shall be reduced by that amountreduced, and the such remaining Available Funds will be distributed as principal among on the Classes of related Senior Certificates (other than the Interest Only Certificates) on a pro rata basis, on the basis in accordance with their respective Current Principal Amountsof such reduced amount.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date only, to the Class I-B-1 Certificates and the Class I-B-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Group I-1, Group I-2, Group I-3 or Group I-4 Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class R R-IV Certificates; provided that if on any Distribution Date there are any Group I-1, Group I-2, Group I-3 or Group I-4 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 Current Principal Amounts, until all amounts due to all Classes of Group I Senior Certificates have been paid in full, before any Available Funds amounts are distributed in accordance with this clause to the Class R R-IV Certificates.
(bii) No With respect to the Group II Certificates:
(A) on each Distribution Date, the Group II-1 Available Funds will be distributed to the Group II-1 Senior Certificates as follows: FIRST, to the Class II-1-A Certificates and Class II-1-X Certificates, on a pro rata basis, the Accrued Certificate Interest will be payable with respect on such Classes for such Distribution Date. As described below, Accrued Certificate Interest on the Class II-1-A Certificates and Class II-1-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class II-1-A Certificates and Class II-1-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-1 Available Funds; and THIRD, to the Class II-1-A Certificates, in reduction of Certificates after the Current Principal Amount thereof, the Group II-1 Senior Optimal Principal Amount for such Distribution Date on which to the extent of remaining Group II-1 Available Funds, until the Current Principal Amount of such Certificate Class has been reduced to zero.
(cB) If on any each Distribution Date Date, the Group II-2 Available Funds for will be distributed to the Group II-2 Senior Certificates is less than as follows: FIRST, to the Class II-2-A Certificates and Class II-2-X Certificates, on a pro rata basis, the Accrued Certificate Interest on the Senior Certificates such Classes for such Distribution Date prior Date. As described below, Accrued Certificate Interest on the Class II-2-A Certificates and Class II-2-X Certificates is subject to reduction for in the event of certain Net Interest Shortfalls and the interest portion of Realized Lossesallocable thereto; SECOND, the shortfall will be allocated to the holders of the Senior Class II-2-A Certificates and Class II-2-X Certificates, on a pro rata basis in accordance with the amount of basis, any Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-2 Available Funds; and THIRD, to the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls Class II-2-A Certificates, in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwiseCurrent Principal Amount thereof, except the Group II-2 Senior Optimal Principal Amount for such Distribution Date to the extent of applicable Compensating Interest Paymentsremaining Group II-2 Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(dC) The expenses and fees of the Trust shall be paid by on each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest Group II-3 Available Funds will be allocateddistributed to the Group II-3 Senior Certificates as follows: FIRST, on a pro rata basisto the Class II-3-A Certificates, in accordance with the amount of interest accrued Accrued Certificate Interest on such Class at its Pass-Through Rate for the Interest Accrual Period for such Distribution Date. The remainder As described below, Accrued Certificate Interest on the Class II-3-A Certificates is subject to reduction in the event of the certain Net Deferred Interest will be allocated Shortfalls allocable thereto; SECOND, to the Class III-3-B CertificateA Certificates, on a pro rata basisany Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-3 Available Funds; and THIRD, to the Class II-3-A Certificates, in accordance with reduction of the amount Current Principal Amount thereof, the Group II-3 Senior Optimal Principal Amount for such Distribution Date to the extent of interest that accrued on remaining Group II-3 Available Funds, until the Current Principal Amount of such Class at its Pass-Through Rate for the Interest Accrual Period related has been reduced to that Distribution Datezero.
(fD) On on each Distribution Date, the Group II-4 Available Funds will be distributed to the Group II-4 Senior Certificates as follows: FIRST, to the Class III-4-A Corridor Contract Payment Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class II-4-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Class II-4-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II-4 Available Funds; and THIRD, to the Class II-4-A Certificates, in reduction of the Current Principal Amount with respect to thereof, the Group II-4 Senior Optimal Principal Amount for such Distribution Date shall to the extent of remaining Group II-4 Available Funds, until the Current Principal Amount of such Class has been reduced to zero.
(E) Except as provided in clauses (F) and (G) below, on each Distribution Date on or prior to the Group II Cross-Over Date, an amount equal to the sum of any remaining Group II-1, Group II-2, Group II-3 and Group II-4 Available Funds after the distributions in clauses (A), (B), (C) and (D) above will be distributed sequentially, in the following order of priorityorder, to the Class II-B-1, Class II-B-2, Class II-B-3, Class II-B-4, Class II-B-5 and Class II-B-6 Certificates, in each case up to an amount equal to and in the extent of amounts available:
following order: (Aa) to pay any the Accrued Certificate Interest for the Class I-A Certificates thereon for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(Bb) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution Date; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates thereon remaining undistributed from previous Distribution Dates and the Class I-B-2 Certificates (c) such Class's Allocable Share for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificatesin each case, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) thirdof remaining Group II-1, for deposit into the Cap Reserve AccountGroup II-2, any remaining amountGroup II-3 and Group II-4 Available Funds.
(hF) On each Distribution Date prior to the Group II Cross-Over Date, all amounts transferred from but after the Class XP Reserve Account representing Prepayment Charges in respect reduction of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.Current Principal Amount
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Tr 2004 2)
Distributions on the Certificates. (a) Interest and principal (as applicable) on the Certificates (other than the Class R Certificates and the Class XP Residual Certificates) will be distributed monthly on each Distribution Date, commencing in December 2005March 2007, in an amount equal to the Available Funds on deposit in the Distribution Account for such Distribution Date. In addition, on the Distribution Date occurring in December 2005March 2007, the Class R R-I Deposit will be distributed to the Holder Holders of the Class R Certificates in reduction R-I Certificates, the Class R-II Deposit will be distributed to the Holders of the Current Principal Amount thereofClass R-II Certificates and the Class R-III Deposit will be distributed to the Holders of the Class R-III Certificates. On each Distribution Date, the Available Funds on deposit in the Distribution Account shall be distributed as follows:
(Ai) on each Distribution Date, the Group I Available Funds will be distributed to the Group I Senior Certificates as follows: first, to the Class I-A Certificates A-1, Class I-A-2 and Class I-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class Classes for such Distribution Date. As described below, and with respect to accrued interest on the Class I-A A-1, Class I-A-2 and Class I-X-1 Certificates and is subject to reduction in the first three Distribution Dates, including amounts withdrawn from the Class A/B Reserve Fund, pro rata, based on the Accrued Certificate event of certain Net Interest owed to each such ClassShortfalls allocable thereto; second, to the Class I-A CertificatesA-1, any Carryover Shortfall Amounts due to such Class I-A Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates for such Distribution Date; third, to the Class I-A Certificates A-2 and the Class I-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, pro rata, based on the undistributed Accrued Certificate Interest owed to each Class, to the extent of remaining Group I Available Funds; and fourththird, to the extent of remaining Available Funds, the Senior Optimal Principal Amount for such Distribution Date, sequentially to: (i) the Class I-A A-1 Certificates and Class I-A-2 Certificates, on a pro rata basis, based on in reduction of the Current Principal Amount thereof, the Group I Senior Optimal Principal Amount for such Distribution Date to the extent of each such Classremaining Group I Available Funds, in reduction of their until the Current Principal Amounts, until each Amounts of such Class has been reduced to zero, and then to (ii) the Class I-X-1 Certificates, in reduction of its Current Principal Amount, until such amount has Classes have been reduced to zero.
(Bii) On on each Distribution Date on or prior to a Cross-Over Date, an amount equal the Group II Available Funds will be distributed to the sum of any remaining Available Funds after the distributions in clause (A) aboveGroup II Senior Certificates as follows: first, as applicable, and, with respect to the Class III-B A-1, Class II-A-2, Class II-X-1 Certificates, including amounts withdrawn from the Class A/B Reserve Fundon a pro rata basis, will be distributed sequentially, in the following order: to the Class I-M-X, 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 Accrued Certificate Interest thereon for such Distribution Date, (b) except in the case of the Class I-M-X Certificates, the Carryover Shortfall Amount due such Class or Classes of Certificates (in accordance with clause (D) below) to the extent such amount was deducted from the Accrued Certificate Interest on the such Class I-M-X Certificates for such Distribution Date (or Date. As described below, accrued interest on the Class III-A-1, Class II-A-2, Class II-X-1 Certificates with respect is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the initial Distribution Date only)Class II-A-1, (c) Class II-A-2, Class II-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (d) first to the Class I-M-X Certificates, until such Class has been paid to zero, and then to the remaining Subordinate Certificates, sequentially, as described herein, such Class’s Allocable Share for such Distribution Date, in each caseDates, to the extent of remaining Group II Available Funds.
(C) If, after distributions have been made pursuant to priorities first, second ; and third of paragraph (A) above, the remaining Available Funds is less than the Senior Optimal Principal Amount, the Senior Optimal Principal Amount shall be reduced by that amount, and the remaining Available Funds will be distributed as principal among the Classes of Senior Certificates on a pro rata basis in accordance with their respective Current Principal Amounts.
(D) Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-A Certificates, pro rata, based on unpaid Carryover Shortfall Amounts and with respect to the initial Distribution Date, and then, with respect to the initial Distribution Date onlythird, to the Class III-B-1 A-1 Certificates and the Class III-B-2 A-2 Certificates, in each case, to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-X-1 Certificates. Carryover Shortfall Amounts will be paid (including from amounts in the Class A/B Reserve Fund as described herein) to Holders of the Class I-B Certificates, sequentially, in the order of priority described above in paragraph (B), to the extent of the amounts deducted from the Accrued Certificate Interest on the Class I-M-X Certificates.
(E) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, will be distributed to the Class R Certificates; provided that if on any Distribution Date there are any 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 Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any Available Funds are distributed in accordance with this clause to the Class R Certificates.
(b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero.
(c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated to the holders of the Senior Certificates on a pro rata basis in accordance with the amount of Accrued Certificate Interest for that Distribution Date absent such shortfalls. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate 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 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 Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
(d) The expenses and fees of the Trust shall be paid by each of the 2005-AR1 REMICs, to the extent that such expenses relate to the assets of each of such respective 2005-AR1 REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the 2005-AR1 REMICs.
(e) On any Distribution Date, the Senior Percentage of the Net Deferred Interest will be allocated, on a pro rata basis, in accordance with reduction of the amount of interest accrued on such Class at its Pass-Through Rate for Current Principal Amounts thereof, the Interest Accrual Period Group II Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date. The remainder of , the Net Deferred Interest Group III Available Funds will be allocated distributed to the Group III Senior Certificates as follows: first, to the Class IIII-B CertificateA-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, in accordance with the amount of interest that accrued Accrued Certificate Interest on such Class at its Pass-Through Rate for the Interest Accrual Period related to that such Distribution Date. As described below, accrued interest on the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class III-A-1, Class III-A-2 and Class III-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds; and third, to the Class III-A-1 Certificates and Class III-A-2 Certificates on a pro rata basis, in reduction of the Current Principal Amount thereof, the Group III Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero.
(fiv) On on each Distribution Date, the Group IV Available Funds will be distributed to the Group IV Senior Certificates as follows: first, to the Class IIV-A Corridor Contract Payment Amount with respect to A-1 Certificates and Class IV-X-1 Certificates, on a pro rata basis, the Accrued Certificate Interest on such Class for such Distribution Date shall be distributed Date. As described below, accrued interest on the Class IV-A-1 Certificates and Class IV-X-1 Certificates is subject to reduction in the following order event of prioritycertain Net Interest Shortfalls allocable thereto; second, in each case to the Class IV-A-1 Certificates and Class IV-X-1 Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-A Certificates for such Distribution Date, to the extent not covered by remaining Group IV Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-A Certificates, to the extent not covered by amounts otherwise payable to the Class I-X-1 Certificates on such Distribution DateFunds; and
(C) third, for deposit into the Corridor Contract Reserve Account, any remaining amount.
(g) On each Distribution Date, the Class I-B Corridor Contract Payment Amount with respect to such Distribution Date shall be distributed in the following order of priority, in each case to the extent of amounts available:
(A) to pay any Accrued Certificate Interest for the Class I-B-1 Certificates and the Class I-B-2 Certificates for such Distribution Date, to the extent not covered by Available Funds for such Distribution Date;
(B) from any remaining amounts, to pay any Carryover Shortfall Amount for the Class I-B-1 Certificates and the Class I-B-2 Certificates, to the extent not covered by amounts otherwise payable to the Class I-M-X Certificates on such Distribution Date or the Class I-X-1 Certificates on the initial Distribution Date; and
(C) third, for deposit into the Cap Reserve Account, any remaining amount.
(h) On each Distribution Date, all amounts transferred from the Class XP Reserve Account representing Prepayment Charges in respect of the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Securities Administrator to the Holders of the Class XP Certificates and shall not be available for distribution to the Holders of any other Class of Certificates.
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Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-1)