Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be: (i) to Holders of REMIC 1 Regular Interest LT-AA, REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-P, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-ZZ shall be increased by such amount; (ii) to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows: (A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; (B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and (C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 1 Regular Interest LT-AA and REMIC 1 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificates.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) : first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LTLTI-A1, REMIC 1 Regular Interest LTLTI-A2, REMIC 1 Regular Interest LTLTII-A3AA1, REMIC 1 Regular Interest LTLTII-A3BA2, REMIC 1 Regular Interest LTLTII-M1A3, REMIC 1 Regular Interest LT-M2LTM1, REMIC 1 Regular Interest LT-M3LTM2, REMIC 1 Regular Interest LT-M4LTM3, REMIC 1 Regular Interest LT-M5LTM4, REMIC 1 Regular Interest LT-M6LTM5, REMIC 1 Regular Interest LT-M7LTM6, REMIC 1 Regular Interest LT-M8 LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3, REMIC 1 Regular Interest LTB4, REMIC 1 Regular Interest LTB5, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LTLTI-A1, REMIC 1 Regular Interest LTLTI-A2, REMIC 1 Regular Interest LTLTII-A3AA1, REMIC 1 Regular Interest LTLTII-A3BA2, REMIC 1 Regular Interest LTLTII-M1A3, REMIC 1 Regular Interest LT-M2LTM1, REMIC 1 Regular Interest LT-M3LTM2, REMIC 1 Regular Interest LT-M4LTM3, REMIC 1 Regular Interest LT-M5LTM4, REMIC 1 Regular Interest LT-M6LTM5, REMIC 1 Regular Interest LT-M7 LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3, REMIC 1 Regular Interest LTB4 and REMIC 1 Regular Interest LT-M8 LTB5 in the same proportion as the Overcollateralization Overcollaterization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;
(ii) ; and second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 1 Regular Interest LT-AA and REMIC 1 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2005-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i1) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LT-A1LTA, REMIC 1 Regular Interest LT-A2LTM1, REMIC 1 Regular Interest LT-A3ALTM2, REMIC 1 Regular Interest LT-A3BLTM3, REMIC 1 Regular Interest LT-M1LTM4, REMIC 1 Regular Interest LT-M2LTM5, REMIC 1 Regular Interest LT-M3LTM6, REMIC 1 Regular Interest LT-M4LTM7, REMIC 1 Regular Interest LT-M5LTM8, REMIC 1 Regular Interest LT-M6LTM9, REMIC 1 Regular Interest LT-M7LTM10, REMIC 1 Regular Interest LT-M8 LTM11, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3, REMIC 1 Regular Interest LTB4, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, pro rataon a PRO RATA basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTA, REMIC 1 Regular Interest LT-A2LTM1, REMIC 1 Regular Interest LT-A3ALTM2, REMIC 1 Regular Interest LT-A3BLTM3, REMIC 1 Regular Interest LT-M1LTM4, REMIC 1 Regular Interest LT-M2LTM5, REMIC 1 Regular Interest LT-M3LTM6, REMIC 1 Regular Interest LT-M4LTM7, REMIC 1 Regular Interest LT-M5LTM8, REMIC 1 Regular Interest LT-M6LTM9, REMIC 1 Regular Interest LT-M7 LTM10, REMIC 1 Regular Interest LTM11, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3 and REMIC 1 Regular Interest LT-M8 LTB4, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;; and
(ii2) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 1 Regular Interest LT-AALTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder; provided, first to the however, that REMIC 1 Regular Interest LT-A1LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00% of such remainder first, to the Holders of REMIC 1 Regular Interest LTA, REMIC 1 Regular Interest LT-A2LTM1, REMIC 1 Regular Interest LT-A3ALTM2, REMIC 1 Regular Interest LT-A3BLTM3, REMIC 1 Regular Interest LT-M1LTM4, REMIC 1 Regular Interest LT-M2LTM5, REMIC 1 Regular Interest LT-M3LTM6, REMIC 1 Regular Interest LT-M4LTM7, REMIC 1 Regular Interest LT-M5LTM8, REMIC 1 Regular Interest LT-M6LTM9, REMIC 1 Regular Interest LT-M7 LTM10, REMIC 1 Regular Interest LTM11, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3 and REMIC 1 Regular Interest LT-M8LTB4, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero zero, and second, to the Holders of REMIC 1 Regular Interest LT-ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA LTAA and REMIC 1 Regular Interest LT-ZZLTP, respectively, once the Uncertificated Principal Balances of in that order and (ii) REMIC 1 Regular Interest LT-A1LTZZ, respectively; provided that REMIC 1 Regular Interest LT-A2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT-A3ALT1P, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have until $100 has been reduced distributed pursuant to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificatesthis clause.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-A)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest)Certificates, as the case may be:
(i) first, to Holders of REMIC 1 Regular Interest LT-AA, REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3BA3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3BA3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 in the same proportion as the Overcollateralization Deficiency Increase Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-ZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds Distribution Amount for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder (other than amounts payable under clause (c) below) to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(Bb) 22.00% of such remainderremainder (other than amounts payable under clause (c) below, first first, to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3BA3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and 1.00%, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, ZZ until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; andthen
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest); and
(iii) third, to REMIC 1 Regular Interest LT-P, 100% of the amount paid in respect of REMIC I Regular Interest LT-P;
(1) provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA AA, and (ii) REMIC 1 Regular Interest LT-ZZ, respectively, once .
(2) any remaining amount to the Uncertificated Principal Balances Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made R Certificates (in respect of the same manner and priority as Class R-2 Interest). All amounts distributed on the Class C CertificatesCertificates shall be deemed to be distributed on the Class C Interest. All amounts distributed on the Class P Certificates shall be deemed to be distributed on the Class P Interest.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 Regular Interest LT-AA, REMIC 1 Regular Interest LT-A1A1A, REMIC 1 Regular Interest LT-A1B, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3AA3, REMIC 1 Regular Interest LT-A3BA4, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 M8, REMIC 1 Regular Interest LT-M9, REMIC 1 Regular Interest LT-M10 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-P, pro rataPRO RATA, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1A1A, REMIC 1 Regular Interest LT-A1B, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3AA3, REMIC 1 Regular Interest LT-A3BA4, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 M7, REMIC 1 Regular Interest LT-M8, REMIC 1 Regular Interest LT-M9 and REMIC 1 Regular Interest LT-M8 M10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1A1A, REMIC 1 Regular Interest LT-A1B, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3AA3, REMIC 1 Regular Interest LT-A3BA4, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 M7, REMIC 1 Regular Interest LT-M8, REMIC 1 Regular Interest LT-M9 and REMIC 1 Regular Interest LT-M8M10, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 1 Regular Interest LT-AA and REMIC 1 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-A1A1A, REMIC 1 Regular Interest LT-A1B, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3AA3, REMIC 1 Regular Interest LT-A3BA4, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 M7, REMIC 1 Regular Interest LT-M8, REMIC 1 Regular Interest LT-M9 and REMIC 1 Regular Interest LT-M8 M10 have been reduced to zero. Distributions of principal and interest on the Class C Interest Certificates shall be made in the same manner and priority as amounts distributed on the Class C Certificates.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTM1, REMIC 1 Regular Interest LT-M1LTM2, REMIC 1 Regular Interest LT-M2LTM3, REMIC 1 Regular Interest LT-M3LTM4, REMIC 1 Regular Interest LT-M4LTM5, REMIC 1 Regular Interest LT-M5LTM6, REMIC 1 Regular Interest LT-M6LTM7, REMIC 1 Regular Interest LT-M7LTM8, REMIC 1 Regular Interest LT-M8 LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTM1, REMIC 1 Regular Interest LT-M1LTM2, REMIC 1 Regular Interest LT-M2LTM3, REMIC 1 Regular Interest LT-M3LTM4, REMIC 1 Regular Interest LT-M4LTM5, REMIC 1 Regular Interest LT-M5LTM6, REMIC 1 Regular Interest LT-M6LTM7, REMIC 1 Regular Interest LT-M7 LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LT-M8 LTB2 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, LTAA and REMIC 1 Regular Interest LTP until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause; 107
(Bb) 22.00% of such remainder, first to the Holders of REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTM1, REMIC 1 Regular Interest LT-M1LTM2, REMIC 1 Regular Interest LT-M2LTM3, REMIC 1 Regular Interest LT-M3LTM4, REMIC 1 Regular Interest LT-M4LTM5, REMIC 1 Regular Interest LT-M5LTM6, REMIC 1 Regular Interest LT-M6LTM7, REMIC 1 Regular Interest LT-M7 LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTB1 and REMIC 1 Regular Interest LT-M8LTB2, 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, LTZZ until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA LTAA and REMIC 1 Regular Interest LT-ZZLTP, respectively, once the Uncertificated Principal Balances of in that order and (ii) REMIC 1 Regular Interest LT-A1LTZZ, respectively; provided that REMIC 1 Regular Interest LT-A2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT-A3ALT1P, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have until $100 has been reduced distributed pursuant to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificatesthis clause.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTA5, REMIC 1 Regular Interest LT-M2LTA6, REMIC 1 Regular Interest LT-M3LTM1, REMIC 1 Regular Interest LT-M4LTM2, REMIC 1 Regular Interest LT-M5LTM3, REMIC 1 Regular Interest LT-M6LTM4, REMIC 1 Regular Interest LT-M7LTM5, REMIC 1 Regular Interest LT-M8 LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTA5, REMIC 1 Regular Interest LT-M2LTA6, REMIC 1 Regular Interest LT-M3LTM1, REMIC 1 Regular Interest LT-M4LTM2, REMIC 1 Regular Interest LT-M5LTM3, REMIC 1 Regular Interest LT-M6LTM4, REMIC 1 Regular Interest LT-M7 LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LT-M8 LTM9, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 1 Regular Interest LT-AALTAA and REMIC 1 Regular Interest LTP, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder; provided, first to the however, that REMIC 1 Regular Interest LT-A1LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00% of such remainder first, to the Holders of REMIC 1 Regular Interest LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTA5, REMIC 1 Regular Interest LT-M2LTA6, REMIC 1 Regular Interest LT-M3LTM1, REMIC 1 Regular Interest LT-M4LTM2, REMIC 1 Regular Interest LT-M5LTM3, REMIC 1 Regular Interest LT-M6LTM4, REMIC 1 Regular Interest LT-M7 LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LT-M8LTM9, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero zero, and second, to the Holders of REMIC 1 Regular Interest LT-ZZLTZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA LTAA and REMIC 1 Regular Interest LT-ZZLTP, respectively, once the Uncertificated Principal Balances of in that order and (ii) REMIC 1 Regular Interest LT-A1LTZZ, respectively; provided that REMIC 1 Regular Interest LT-A2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT-A3ALTP, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have until $100 has been reduced distributed pursuant to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificatesthis clause.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-Opt2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Group I Available Funds and the Group II Available Funds, to Holders of REMIC 1 Regular Interest LT-AALT1A, REMIC 1 Regular Interest LT-A1LT1B, REMIC 1 Regular Interest LT-A2LT1C, REMIC 1 Regular Interest LT-A3ALT1D, REMIC 1 Regular Interest LT-A3BLT1E, REMIC 1 Regular Interest LT-M1LT1F, REMIC 1 Regular Interest LT-M2LT1G, REMIC 1 Regular Interest LT-M3LT1H, REMIC 1 Regular Interest LT-M4LT1I, REMIC 1 Regular Interest LT-M5LT1J, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 LT1PI and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLT1PII, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LT1F shall be reduced when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LT1B, REMIC 1 Regular Interest LT-A2LT1C, REMIC 1 Regular Interest LT-A3ALT1D, REMIC 1 Regular Interest LT-A3BLT1E, REMIC 1 Regular Interest LT-M1LT1H, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT1I and REMIC 1 Regular Interest LT-M8 LT1J in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates; and
(ii) second, and to the Uncertificated Principal Balance Holders of REMIC 1 Regular Interest LT-ZZ shall be increased by Interests, in an amount equal to the remainder of the Group I Available Funds and the Group II Available Funds for such amount;Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(iia) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT-PLT1A, (A) on each Distribution Date, 10098.00% of such remainder, until the amount paid Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1F, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(b) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1D, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of Prepayment Charges REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1H, REMIC 1 Regular Interest LT1I and REMIC 1 Regular Interest LT1J, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero;
(Bc) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1E, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1J, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
(d) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1PI, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 the Uncertificated Principal Balance thereof has been distributed pursuant to this clause;
(iii) clause and with respect to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and secondGroup II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT-ZZLT1PII, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced thereof has been distributed pursuant to zerothis clause; andthen
(Ce) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98with respect to the Group I Mortgage Loans, 98.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT-AA LT1A and REMIC 1 Regular Interest LT-ZZLT1E, respectivelyrespectively and with respect to the Group II Mortgage Loans, once the Uncertificated Principal Balances 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT1F and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C CertificatesLT1J, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2001 Ff1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALT1AA, REMIC 1 Regular Interest LT-A1LT1A1, REMIC 1 Regular Interest LT-A2LT1M1, REMIC 1 Regular Interest LT-A3ALT1M2, REMIC 1 Regular Interest LT-A3BLT1M3, REMIC 1 Regular Interest LT-M1LT1ZZ, REMIC 1 Regular Interest LT-M2LT2AA, REMIC 1 Regular Interest LT-M3LT2A2, REMIC 1 Regular Interest LT-M4LT2M1, REMIC 1 Regular Interest LT-M5LT2M2, REMIC 1 Regular Interest LT-M6LT2M3, REMIC 1 Regular Interest LT-M7LT2ZZ, REMIC 1 Regular Interest LT-M8 LT1P and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLT2P, pro rataPRO RATA, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LT2AA shall be reduced when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LT1A1, REMIC 1 Regular Interest LT-A2LT1M1, REMIC 1 Regular Interest LT-A3ALT1M2, REMIC 1 Regular Interest LT-A3BLT1M3, REMIC 1 Regular Interest LT-M1LT2A2, REMIC 1 Regular Interest LT-M2LT2M1, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT2M2 and REMIC 1 Regular Interest LT-M8 LT2M3 in the same proportion as the Overcollateralization Deficiency Extra Principal Distribution Amount is allocated to the Corresponding Certificates; and
(ii) second, and to the Uncertificated Principal Balance Holders of REMIC 1 Regular Interest LT-ZZ shall be increased by Interests, in an amount equal to the remainder of the Available Funds for such amount;Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(iia) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT-PLT1AA, (A) on each Distribution Date, 10098.00% of such remainder (other than amounts payable pursuant to Section 4.07(a)(ii)(d), until the amount paid Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT2AA, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(b) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1M1, REMIC 1 Regular Interest LT1M2 and REMIC 1 Regular Interest LT1M3, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of Prepayment Charges REMIC 1 Regular Interest LT2A2, REMIC 1 Regular Interest LT2M1, REMIC 1 Regular Interest LT2M2 and REMIC 1 Regular Interest LT2M3, 1.00% of such remainder (Bother than amounts payable pursuant to Section 4.07(a)(ii)(d), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 1 Regular Interests are reduced to zero;
(c) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero and with respect to the Group II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT2ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero;
(d) with respect to the Group I Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 the Uncertificated Principal Balance thereof has been distributed pursuant to this clause;
(iii) clause and with respect to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and secondGroup II Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT-ZZLT2P, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced thereof has been distributed pursuant to zerothis clause; andthen
(Ce) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98with respect to the Group I Mortgage Loans, 98.00% and 22.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT-AA LT1AA and REMIC 1 Regular Interest LT-ZZLT1ZZ, respectivelyrespectively and with respect to the Group II Mortgage Loans, once the Uncertificated Principal Balances 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT2AA and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C CertificatesLT2ZZ, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-Ff2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, Distributions of principal from the Securities Administrator Loans shall cause be deemed to be made to the Available Distribution AmountREMIC I Regular Interests, in each case from the following order of priorityrelated Loan Group, first, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 I Regular Interest LT-AA, LT-1B and REMIC 1 I Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, and LT-2B until the Uncertificated Principal Balance of REMIC 1 I Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of LT-1B and REMIC 1 I Regular Interest LT-PLT-2B is reduced to zero; second, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 I Regular Interest LT-AALT-1PF and REMIC I Regular Interest LT-2PF, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 I Regular Interest LT-1PF and REMIC I Regular Interest LT-2PF is reduced to zero;
. Interest shall be payable to each REMIC I Regular Interest at the related Uncertificated REMIC I Pass-Through Rate on each such REMIC I Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Class R Certificates (B) 2% with respect to Component R-1). Distributions of such remainder, first principal from the Loans shall be deemed to be made to the REMIC 1 II Regular Interests, in each case from the related Loan Group, first, to REMIC II Regular Interest LT-A1, LT-1SUB and REMIC 1 II Regular Interest LT-A2LT-2SUB, REMIC 1 Regular Interest LT-A3Aas applicable, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, until so that the Uncertificated Principal Balance of each such REMIC 1 II Regular Interest is reduced equal to zero0.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Loans in the related Loan Group over (y) the current Certificate Principal Balance of the related Senior Certificates (other than the Class I-A-IO Certificates and Class II-A-IO Certificates) (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and
(C) second, to REMIC II Regular Interest LT-1GRP and REMIC II Regular Interest LT-2GRP, as applicable, so that the Uncertificated Principal Balance of each such REMIC II Regular Interest remains equal to 0.1% of the aggregate Scheduled Principal Balance of the Loans in the related Loan Group; and third, any remaining principal in each Loan Group to REMIC II Regular Interest LT-ZZZ. Interest shall be payable to each REMIC II Regular Interest at the related Uncertificated REMIC II Pass-Through Rate on each such REMIC II Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Holders of the Class R Certificates (in with respect to Component R-2). Distributions of principal from the Class R-1 Interest); provided, however, that 98% and 2% of any principal payments Loans shall be allocated deemed to Holders of be made to the REMIC 1 III Regular Interests, in each case from the related Loan Group, first, to REMIC III Regular Interest LT-AA and IA1, REMIC 1 III Regular Interest LT-ZZIA2, respectively, once the Uncertificated Principal Balances of REMIC 1 III Regular Interest LT-A1IIA1, REMIC 1 III Regular Interest LT-A2IIA2, REMIC 1 III Regular Interest LT-A3AIIA3, REMIC 1 III Regular Interest LT-A3BR, REMIC 1 III Regular Interest LT-M1M, REMIC 1 III Regular Interest LT-M2B1, REMIC 1 III Regular Interest LT-M3B2, REMIC 1 III Regular Interest LT-M4B3, REMIC 1 III Regular Interest LT-M5, B4 and REMIC 1 III Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made B5 in the same manner and priority as amounts distributed such distributions are made to the Corresponding Certificates. Interest shall be payable to each REMIC III Regular Interest at the related Uncertificated REMIC III Pass-Through Rate on each such REMIC III Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Class C CertificatesR Certificates (with respect to Component R-3).
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Funds from the Distribution AmountAccount to make the following disbursements and transfers, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALT1AA, REMIC 1 Regular Interest LT-A1LT1A1, REMIC 1 Regular Interest LT-A2LT1A2, REMIC 1 Regular Interest LT-A3ALT1A3, REMIC 1 Regular Interest LT-A3BLT1M, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 LT1B and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLT1ZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LT1ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1ZZ Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LT1AA, REMIC 1 Regular Interest LT-A2LT1A1, REMIC 1 Regular Interest LT-A3ALT1A2, REMIC 1 Regular Interest LT-A3BLT1A3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT1M and REMIC 1 Regular Interest LT-M8 LT1B, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LT1ZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 1 Regular Interest LT-AALT1AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(Bb) 22.00% of such remainder, first first, to the Holders of REMIC 1 Regular Interest LT-A1LT1A1, REMIC 1 Regular Interest LT-A2LT1A2, REMIC 1 Regular Interest LT-A3ALT1A3, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT1M and REMIC 1 Regular Interest LT-M8LT1B, 11.00% of and such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero zero; and second, to the Holders of REMIC 1 Regular Interest LT-ZZLT1ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; andthen
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); . provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Excess Overcollateralization Amount shall be allocated to Holders of REMIC 1 Regular Interest LT-AA LT1AA and REMIC 1 Regular Interest LT-ZZLTZZ, respectively. If the Trustee becomes aware that interest and principal collections that it receives in respect of the Mortgage Loans are not flowing from (a) REMIC 1 to REMIC 2 and (b) from REMIC 2 to each Class of Certificates, once then the Trustee shall notify the Servicer and cooperate in consulting with the Servicer’s tax counsel. The advice or any opinion of said counsel shall be full and complete authorization and protection to the Trustee in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel. All parties hereby agree to resolve such issues within 30 days of notice thereof. Furthermore, to the extent any provisions of this document are inconsistent with (a) above, such provisions will be amended in accordance with Section 11.01 of this Agreement. Notwithstanding anything herein to the contrary, the Trustee shall incur no liability for any payments made in accordance with the provisions of this Agreement. Notwithstanding the distributions described in this Section 4.04, distribution of funds shall be made so that the Uncertificated Principal Balances Balance of each of REMIC 1 Regular Interest LT-A1LT1A1, REMIC 1 Regular Interest LT-A2LT1A2, REMIC 1 Regular Interest LT-A3ALT1A3, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 LT1M and REMIC 1 Regular Interest LT-M8 have been reduced LT1B remains equal to zero. Distributions 1% of principal the Certificate Principal Balance of the related Corresponding Certificate and interest on for REMIC 1 Regular Interest LT1ZZ to equal the Class C Interest shall be made in sum of (i) 1% of the same manner Mortgage Pool and priority as amounts distributed on (ii) 1% of the Class C CertificatesOvercollateralized Amount for such Distribution Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) : first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LTLTI-A1, REMIC 1 Regular Interest LTLTI-A2, REMIC 1 Regular Interest LTLTII-A3AA1, REMIC 1 Regular Interest LTLTII-A3BA2, REMIC 1 Regular Interest LTLTII-M1A3, REMIC 1 Regular Interest LT-M2LTM1, REMIC 1 Regular Interest LT-M3LTM2, REMIC 1 Regular Interest LT-M4LTM3, REMIC 1 Regular Interest LT-M5LTM4, REMIC 1 Regular Interest LT-M6LTM5, REMIC 1 Regular Interest LT-M7LTM6, REMIC 1 Regular Interest LT-M8 LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTM10, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, ; and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTIA1, REMCI 1 Regular Interest LTIA2, REMIC 1 Regular Interest LT-A2LTIIA1, REMIC 1 Regular Interest LT-A3ALTIIA2, REMIC 1 Regular Interest LT-A3BLTIIA3, REMIC 1 Regular Interest LT-M1LTM1, REMIC 1 Regular Interest LT-M2LTM2, REMIC 1 Regular Interest LT-M3LTM3, REMIC 1 Regular Interest LT-M4LTM4, REMIC 1 Regular Interest LT-M5LTM5, REMIC 1 Regular Interest LT-M6LTM6, REMIC 1 Regular Interest LT-M7 LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9 and REMIC 1 Regular Interest LT-M8 LTM10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 2 Regular Interest LT-ZZ LTZZ shall be increased by such amount;
(ii) ; and second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of REMIC 1 Regular Interest LT-AA and REMIC 1 Regular Interest LT-ZZ, respectively, once the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-Wmc1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts which shall be deemed to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTM1, REMIC 1 Regular Interest LT-M2LTM2, REMIC 1 Regular Interest LT-M3LTM3, REMIC 1 Regular Interest LT-M4LTM4, REMIC 1 Regular Interest LT-M5LTM5, REMIC 1 Regular Interest LT-M6LTM6, REMIC 1 Regular Interest LT-M7LTM7, REMIC 1 Regular Interest LT-M8 LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3, REMIC 1 Regular Interest LTB4, REMIC 1 Regular Interest LTZZ and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTP, on a pro ratarata basis, in an amount equal to
to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTM1, REMIC 1 Regular Interest LT-M2LTM2, REMIC 1 Regular Interest LT-M3LTM3, REMIC 1 Regular Interest LT-M4LTM4, REMIC 1 Regular Interest LT-M5LTM5, REMIC 1 Regular Interest LT-M6LTM6, REMIC 1 Regular Interest LT-M7 LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3 and REMIC 1 Regular Interest LT-M8 LTB4 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;; and
(ii) second, to the Holders of REMIC 1 Regular Interest LT-P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses clause (i) and (ii) above, allocated as follows:
(Aa) 9898.00% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, LTAA and REMIC 1 Regular Interest LTP until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero; provided, however, that REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(Bb) 22.00% of such remainder, first to the Holders of REMIC 1 Regular Interest LT-A1LTA1, REMIC 1 Regular Interest LT-A2LTA2, REMIC 1 Regular Interest LT-A3ALTA3, REMIC 1 Regular Interest LT-A3BLTA4, REMIC 1 Regular Interest LT-M1LTM1, REMIC 1 Regular Interest LT-M2LTM2, REMIC 1 Regular Interest LT-M3LTM3, REMIC 1 Regular Interest LT-M4LTM4, REMIC 1 Regular Interest LT-M5LTM5, REMIC 1 Regular Interest LT-M6LTM6, REMIC 1 Regular Interest LT-M7 LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9, REMIC 1 Regular Interest LTB1, REMIC 1 Regular Interest LTB2, REMIC 1 Regular Interest LTB3 and REMIC 1 Regular Interest LT-M8LTB4, 11.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, LTZZ until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA LTAA and REMIC 1 Regular Interest LT-ZZLTP, respectively, once the Uncertificated Principal Balances of in that order and (ii) REMIC 1 Regular Interest LT-A1LTZZ, respectively; provided that REMIC 1 Regular Interest LT-A2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LT-A3ALT1P, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have until $100 has been reduced distributed pursuant to zero. Distributions of principal and interest on the Class C Interest shall be made in the same manner and priority as amounts distributed on the Class C Certificatesthis clause.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equifirst Mortgage Loan Trust 2005-1)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator shall cause the Available Distribution Amountfollowing amounts, in the following order of priority, to shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest)Certificates, as the case may be:
(i) first, to Holders of REMIC 1 Regular Interest LT-AA, R REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2A2A, REMIC 1 Regular Interest LT-A3AA2B, REMIC 1 Regular Interest LT-A3BA3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8, REMIC 1 Regular Interest LT-M9 and REMIC 1 Regular Interest LT-ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced and deferred when the REMIC 1 Overcollateralization Amount is less than the REMIC 1 Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2A, REMIC 1 Regular Interest LT-A2B, REMIC 1 Regular Interest LT-A3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-ZZ M9 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and REMIC 1 Regular Interest LT-P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect Principal Balance of REMIC 1 Regular Interest LT-ZZ shall be reduced when increased by such amount;
(ii) second, to the Holders of REMIC 1 Overcollateralized Regular Interests, in an amount equal to the remainder of the Available Distribution Amount is less for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) 98.00% of such remainder (other than amounts payable under clause (c) below) to the Holders of REMIC 1 Overcollateralization Target AmountRegular Interest LT-AA, by until the lesser of (x) the amount Uncertificated Principal Balance of such difference and REMIC 1 Regular Interest is reduced to zero;
(yb) the Maximum Uncertificated Accrued Interest Deferral Amount2.00% of such remainder (other than amounts payable under clause (c) below, and such amount will be payable first, to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2A2A, REMIC 1 Regular Interest LT-A3AA2B, REMIC 1 Regular Interest LT-A3BA3, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-M8 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding CertificatesM9, and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-ZZ shall be increased by such amount;
(ii) to the Holders of REMIC 1 Regular Interest LT-P1.00%, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 2% of such remainder, first to the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 1 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZ, ZZ until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; andthen
(Cc) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 R-2 Interest); and
(iii) third, to REMIC 1 Regular Interest LT-P, 100% of the amount paid in respect of REMIC I Regular Interest LT-P;
(1) provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA AA, and (ii) REMIC 1 Regular Interest LT-ZZ, respectively, once .
(2) any remaining amount to the Uncertificated Principal Balances Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions of principal and interest on the Class C Interest shall be made R Certificates (in the same manner and priority as amounts distributed on respect of the Class C CertificatesR-2 Interest).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Securities Administrator Trustee shall cause the Available Distribution Amount, in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interest LT-AALTAA, REMIC 1 Regular Interest LT-A1LTIA1, REMIC 1 Regular Interest LT-A2LTIIA1, REMIC 1 Regular Interest LT-A3ALTIIA2, REMIC 1 Regular Interest LT-A3BLTIIA3, REMIC 1 Regular Interest LT-M1LTIIA4, REMIC 1 Regular Interest LT-M2LTIIA5, REMIC 1 Regular Interest LT-M3LTIIA6, REMIC 1 Regular Interest LT-M4LTM1, REMIC 1 Regular Interest LT-M5LTM2, REMIC 1 Regular Interest LT-M6LTM3, REMIC 1 Regular Interest LT-M7LTM4, REMIC 1 Regular Interest LT-M8 LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8, REMIC 1 Regular Interest LTM9 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-PLTZZ, pro rata, in an amount equal to
to (A) the related Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date, plus
plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ LTZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Overcollateralization Amount is less than the REMIC 1 Required Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 1 Regular Interest LTZZ Maximum Uncertificated Accrued Interest Deferral Amount, Amount and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1LTIA1, REMIC 1 Regular Interest LT-A2LTIIA1, REMIC 1 Regular Interest LT-A3ALTIIA2, REMIC 1 Regular Interest LT-A3BLTIIA3, REMIC 1 Regular Interest LT-M1LTIIA4, REMIC 1 Regular Interest LT-M2LTIIA5, REMIC 1 Regular Interest LT-M3LTIIA6, REMIC 1 Regular Interest LT-M4LTM1, REMIC 1 Regular Interest LT-M5LTM2, REMIC 1 Regular Interest LT-M6LTM3, REMIC 1 Regular Interest LT-M7 LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LT-M8 LTM9, in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, Certificates and the Uncertificated Principal Balance of REMIC 1 Regular Interest LT-ZZ LTZZ shall be increased by such amount;
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) 98.00% of such remainder (other than amounts payable under clause (C) below) to the Holders of REMIC 1 Regular Interest LT-PLTAA and REMIC 1 Regular Interest LTP, (A) on each Distribution Dateuntil the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, 100% provided, however, that the Uncertificated Principal Balance of the amount paid in respect of Prepayment Charges and (B) on REMIC 1 Regular Interest LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC 1 Regular Interest LTP, until $100 has been distributed pursuant to this clause;
(iii) to the Holders of the REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 Regular Interest LT-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero;
(B) 22.00% of such remainder, first first, to the Holders REMIC 1 Regular Interest LT-A1LTIA1, REMIC 1 Regular Interest LT-A2LTIIA1, REMIC 1 Regular Interest LT-A3ALTIIA2, REMIC 1 Regular Interest LT-A3BLTIIA3, REMIC 1 Regular Interest LT-M1LTIIA4, REMIC 1 Regular Interest LT-M2LTIIA5, REMIC 1 Regular Interest LT-M3LTIIA6, REMIC 1 Regular Interest LT-M4LTM1, REMIC 1 Regular Interest LT-M5LTM2, REMIC 1 Regular Interest LT-M6LTM3, REMIC 1 Regular Interest LT-M7 LTM4, REMIC 1 Regular Interest LTM5, REMIC 1 Regular Interest LTM6, REMIC 1 Regular Interest LTM7, REMIC 1 Regular Interest LTM8 and REMIC 1 Regular Interest LT-M8LTM9, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and second, to the Holders of REMIC 1 Regular Interest LT-ZZLTZZ (other than amounts payable under the proviso below), until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); .
(iii) provided, however, that 98(i) 98.00% and 2(ii) 2.00% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of (i) REMIC 1 Regular Interest LT-AA LTAA and REMIC 1 Regular Interest LT-ZZLTP, respectively, once the Uncertificated Principal Balances of in that order and (ii) REMIC 1 Regular Interest LT-A1LTZZ, respectively; provided that REMIC 1 Regular Interest LT-A2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC 1 2 Regular Interest LT-A3ALTP, REMIC 1 Regular Interest LT-A3Buntil $100 has been distributed pursuant to this clause.
(iv) Notwithstanding the distributions described in this Section 4.06, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 have been reduced to zero. Distributions distribution of principal and interest on the Class C Interest funds shall be made only in the same manner and priority as amounts distributed on the Class C Certificatesaccordance with Section 4.01.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Fxd2)
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, Distributions of principal from the Securities Administrator Loans shall cause be deemed to be made to the Available Distribution AmountREMIC I Regular Interests, in each case from the following order of priorityrelated Loan Group, first, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) to Holders of REMIC 1 I Regular Interest LT-AALT-1B, REMIC 1 I Regular Interest LT-A1LT-2B, REMIC 1 I Regular Interest LT-A2LT-3B, REMIC 1 I Regular Interest LT-A3ALT-4B, REMIC 1 I Regular Interest LT-A3BLT-5B, REMIC 1 I Regular Interest LT-M1, LT-6B and REMIC 1 I Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7, REMIC 1 Regular Interest LT-M8 and REMIC 1 Regular Interest LT-ZZ and REMIC 1 Regular Interest LT-P, pro rata, in an amount equal to
(A) the related Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 1 Regular Interest LT-ZZ shall be reduced when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates, and LT-7B until the Uncertificated Principal Balance of REMIC 1 I Regular Interest LT-1B, REMIC I Regular Interest LT-2B, REMIC I Regular Interest LT-3B, REMIC I Regular Interest LT-4B, REMIC I Regular Interest LT-5B, REMIC I Regular Interest LT-6B and REMIC I Regular Interest LT-7B is reduced to zero; second, to REMIC I Regular Interest LT- 2PF, REMIC I Regular Interest LT-4PF, REMIC I Regular Interest LT-5PF and REMIC I Regular Interest LT-6PF, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-2PF, REMIC I Regular Interest LT-4PF, REMIC I Regular Interest LT-5PF and REMIC I Regular Interest LT-6PF, is reduced to zero. Interest shall be payable to each REMIC I Regular Interest at the related Uncertificated REMIC I Pass-Through Rate on each such REMIC I Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Class R Certificates (with respect to Component R-1). On each Distribution Date, amounts representing Prepayment Charges on the Loans serviced by GMAC shall be deemed distributed to REMIC I Regular Interest LT-ZZ P1 and amounts representing Prepayment Charges on the Loans serviced by GreenPoint, National City and RFC shall be increased by such amount;
(ii) deemed to the Holders of be distributed to REMIC 1 I Regular Interest LT-PP2, (A) on provided that such amounts shall not reduce the Uncertificated Principal Balance of each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on such REMIC I Regular Interest. On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until Schedule, $100 has been shall be deemed distributed pursuant in respect of each of REMIC I Regular Interest LT-P1 and REMIC I Regular Interest LT-P2 in reduction of the Uncertificated Principal Balance thereof. Distributions of principal from the Loans shall be deemed to this clause;
(iii) be made to the Holders of the REMIC 1 II Regular Interests, in an amount equal each case from the related Loan Group, first, to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(A) 98% of such remainder to the Holders of REMIC 1 II Regular Interest LT-AALT-1SUB, until REMIC II Regular Interest LT-2SUB, REMIC II Regular Interest LT-3SUB, REMIC II Regular Interest LT-4SUB, REMIC II Regular Interest LT-5SUB, REMIC II Regular Interest LT-6SUB and REMIC II Regular Interest LT-7SUB, as applicable, so that the Uncertificated Principal Balance of each such Uncertificated REMIC 1 II Regular Interest is reduced equal to zero;
(B) 20.1% of the excess of (x) the aggregate Scheduled Principal Balance of the Loans in the related Loan Group over (y) the current Certificate Principal Balance of the related Senior Certificates (other than the Class I-A-IO Certificates) (except that if any such remainderexcess is a larger number than in the preceding distribution period, first the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC 1 Regular Interest LT-A1, REMIC 1 Regular Interest LT-A2, REMIC 1 Regular Interest LT-A3A, REMIC 1 Regular Interest LT-A3B, REMIC 1 Regular Interest LT-M1, REMIC 1 Regular Interest LT-M2, REMIC 1 Regular Interest LT-M3, REMIC 1 Regular Interest LT-M4, REMIC 1 Regular Interest LT-M5, REMIC 1 Regular Interest LT-M6, REMIC 1 Regular Interest LT-M7 and REMIC 1 Regular Interest LT-M8, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero and II Subordinated Balance Ratio is maintained); second, to the Holders of REMIC 1 II Regular Interest LT-ZZLT-1GRP, until REMIC II Regular Interest LT-2GRP, REMIC II Regular Interest LT-3GRP, REMIC II Regular Interest LT-4GRP, REMIC II Regular Interest LT-5GRP, REMIC II Regular Interest LT-6GRP and REMIC II Regular Interest LT-7GRP, as applicable, so that the Uncertificated Principal Balance of each such REMIC 1 II Regular Interest is reduced remains equal to zero0.1% of the aggregate Scheduled Principal Balance of the Loans in the related Loan Group; and
(C) and third, any remaining principal in each Loan Group to REMIC II Regular Interest LT-ZZZ. Interest shall be payable to each REMIC II Regular Interest at the related Uncertificated REMIC II Pass-Through Rate on each such REMIC II Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Holders of the Class R Certificates (in with respect of the Class R-1 Interestto Component R-2); provided, however, that 98% and 2% of any principal payments shall be allocated to Holders of . REMIC 1 II Regular Interest LT-AA P1 and REMIC 1 II Regular Interest LT-ZZ, respectively, once P2 shall be entitled to 100% of the Uncertificated Principal Balances of amounts distributed on REMIC 1 I Regular Interest LT-A1, P1 and REMIC 1 I Regular Interest LT-A2P2, respectively. Distributions of principal from the Loans shall be deemed to be made to the REMIC 1 III Regular Interests, in each case from the related Loan Group, first, to REMIC III Regular Interest LT-A3AIA1, REMIC 1 III Regular Interest LT-A3BIA2, REMIC 1 III Regular Interest LT-M1IIA1, REMIC 1 III Regular Interest LT-M2IIA2, REMIC 1 III Regular Interest LT-M3IIIA1, REMIC 1 III Regular Interest LT-M4IIIA2, REMIC 1 III Regular Interest LT-M5IVA1, REMIC 1 III Regular Interest LT-M6IVA2, REMIC 1 III Regular Interest LT-M7 and VA1, REMIC 1 III Regular Interest LT-M8 have been reduced to zero. Distributions of principal VA2, REMIC III Regular Interest LT-VIA1, REMIC III Regular Interest LT-VIA2, REMIC III Regular Interest LT-VIIA1, REMIC III Regular Interest LT-VIIA2, REMIC III Regular Interest LT-R, REMIC III Regular Interest LT-M, REMIC III Regular Interest LT-B1, REMIC III Regular Interest LT-B2, REMIC III Regular Interest LT-B3, REMIC III Regular Interest LT-B4 and interest on the Class C REMIC III Regular Interest shall be made LT-B5 in the same manner and priority as such distributions are made to the Corresponding Certificates. Interest shall be payable to each REMIC III Regular Interest at the related Uncertificated REMIC III Pass-Through Rate on each such REMIC III Regular Interest’s Uncertificated Principal Balance. Any remaining amount to the Class R Certificates (with respect to Component R-3). REMIC III Regular Interest LT-P1 and REMIC III Regular Interest LT-P2 shall be entitled to 100% of the amounts distributed on the Class C CertificatesREMIC II Regular Interest LT-P1 and REMIC II Regular Interest LT-P2, respectively.
Appears in 1 contract