Distributions on the REMIC Regular Interests. On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 Interest), as the case may be: (i) first,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 Interests LT1-AA, LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1, LT1-B2 and LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates; (ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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; (iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows: (a) 98.00% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause; (b) to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2, 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; (c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then (d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 Interest); (iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows: (a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and (b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and (v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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 Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interests LT1-AA, LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1M10, LT1-B2 and M11, LT1-M12, LT1-B, LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and M10, LT1-B2 M11, LT1-M12, LT1-B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M10, LT1-M11, LT1-M12 and LT1-B2B, 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;
(c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"GRP” " equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"SUB” " equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 I/II-1 to REMIC 2 I/II-2 on account of the REMIC 1 I/II-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 I/II‑1R Interest), as the case may be:
(i) first, to the Holders of REMIC 1 I/II-1 Regular Interests LT1-AA, LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-M10, B1, LT1-B2 B2, B3, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 I/II-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 I/II-1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC 1 I/II-1 Overcollateralized Amount is less than the REMIC 1 I/II-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1-ZZ I/II‑ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 I/II-1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M10, B1, B2, B3, and LT1-B2 B4 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clauses clause (i) and (ii), shall be allocated as follows:
(aA) 98.00% to the Holders of REMIC 1 I/II-1 Regular Interest LT1-Interests AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 I/II-1 Regular Interest is reduced to zero, provided, however, that REMIC 1 I/II-1 Regular Interest LT1-P 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 I/II-1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(bB) to the Holders of REMIC 1 I/II-1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M10, B1, B2, B3 and LT1-B2B4, 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 I/II-1 Regular Interests are reduced to zero;
(cC) to the Holders of REMIC 1 I/II-1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 I/II-1 Regular Interest is reduced to zero; then
(dD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 I/II-1R Interest);
(iviii) fourththird, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III‑1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, M8, M9, B1, B2, B3 and ZZ, pro rata, an amount equal to 50% (A) the Uncertificated Accrued Interest for each such REMIC III-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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III‑ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, M8, M9, B1, B2 and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date, Date after the distributions in clauses clause (i) and (ii), shall be allocated as follows:
(aA) first 98.00% to the Holders of REMIC 1 III-1 Regular Interest LT1-1GRPInterests AA and P, REMIC 1 Regular Interest LT1-1SUBin that order, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep until the Uncertificated Principal Balance of each such REMIC 1 III-1 Regular Interest ending with is reduced to zero, provided, however, that REMIC III-1 Regular Interest P shall not be reduced until the designation “GRP” equal to 0.01% Distribution Date immediately following the expiration of the aggregate Stated Principal Balance of latest Prepayment Charge as identified on the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Prepayment Charge Schedule or any Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to thereafter, at which point such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the to REMIC 1 Subordinated Ratio is maintained); and then III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holder Holders of REMIC 1 III-1 Regular Interest LT1-XXInterests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, M8, M9, B1, B2 and B3, 1.00% of such remainder, in each case the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of the such REMIC 1 III-1 Regular Interests have been are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero; andthen
(bD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 III-1R Interest); and;
(viii) On each Distribution Datethird, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 III-1 to the Holders of REMIC 1 III-1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 III-1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 1 I/II-1 to REMIC 2 I/II-2 on account of the REMIC 1 I/II-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 I/II-1R Interest), as the case may be:
(i) first, to the Holders of REMIC 1 I/II-1 Regular Interests LT1-AAI▇▇▇▇▇▇▇▇ ▇▇, LT1-IA1▇▇▇, LT1-IIA1▇▇▇▇, LT1-IIA2▇▇▇▇, LT1-IIA3▇▇▇▇, LT1-M1IIA4, LT1-M2M▇, LT1-M3▇▇, LT1-M4▇▇, LT1-M5▇▇, LT1-M6▇▇, LT1-M7▇▇, LT1-M8▇▇, LT1-M9▇▇, LT1-▇▇, M10, B1, LT1-B2 B2, B3, B4 and LT1-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 I/II-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 I/II-1 Regular Interest LT1-ZZ shall be reduced and deferred when the REMIC 1 I/II-1 Overcollateralized Amount is less than the REMIC 1 I/II-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1I/II-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 I/II-1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-IIA4, M1, LT1-M2, LT1-M3, LT1-M4M▇, LT1-M5▇▇, LT1-M6▇▇, LT1-M7▇▇, LT1-M8▇▇, LT1-M9▇▇, LT1-B1 ▇▇▇, ▇▇, ▇▇, ▇▇, and LT1-B2 B4 in the same proportion as the Group I/II Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Group I/II Available Funds for such Distribution Date after the distributions in clauses clause (i) and (ii), shall be allocated as follows:
(aA) 98.00% to the Holders of REMIC 1 I/II-1 Regular Interest LT1-Interests AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 I/II-1 Regular Interest is reduced to zero, provided, however, that REMIC 1 I/II-1 Regular Interest LT1-P 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 I/II-1 Regular Interest LT1-P, until $100 has been distributed to REMIC I/II-1 Regular Interest P pursuant to this clause;
(bB) to the Holders of REMIC 1 I/II-1 Regular Interests LT1-IA1, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1IIA4, LT1-M2M▇, LT1-M3▇▇, LT1-M4▇▇, LT1-M5▇▇, LT1-M6▇▇, LT1-M7▇▇, LT1-M8▇▇, LT1-M9▇▇, LT1-B1 ▇▇, M10, B1, B2, B3 and LT1-B2B4, 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 I/II-1 Regular Interests are reduced to zero;
(cC) to the Holders of REMIC 1 I/II-1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 I/II-1 Regular Interest is reduced to zero; then
(dD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 I/II-1R Interest);
(iviii) fourththird, all amounts representing Prepayment Charges in respect of the Group I/II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I/II-1 to the Holders of REMIC I/II-1 Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I/II-1 Regular Interest P shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Group III Interest Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, to be distributed by REMIC III-1 to REMIC III-2 on account of the REMIC III-1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class III-1R Interest), as the case may be:
(i) first, to the Holders of REMIC III-1 Regular Interests AA, A1, A2, A3, M1, M▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇ and ZZ, pro rata, an amount equal to 50% (A) the Uncertificated Accrued Interest for each such REMIC III-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 III-1 Regular Interest ZZ shall be reduced and deferred when the REMIC III-1 Overcollateralized Amount is less than the REMIC III-1 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC III-1 Regular Interests A1, A2, A3, M1, M▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇ and B3 in the same proportion as the Group III Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, the remainder of the Group III Available Funds for such Distribution Date, Date after the distributions in clauses clause (i) and (ii), shall be allocated as follows:
(aA) first 98.00% to the Holders of REMIC 1 III-1 Regular Interest LT1-1GRPInterests AA and P, REMIC 1 Regular Interest LT1-1SUBin that order, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep until the Uncertificated Principal Balance of each such REMIC 1 III-1 Regular Interest ending with is reduced to zero, provided, however, that REMIC III-1 Regular Interest P shall not be reduced until the designation “GRP” equal to 0.01% Distribution Date immediately following the expiration of the aggregate Stated Principal Balance of latest Prepayment Charge as identified on the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Prepayment Charge Schedule or any Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to thereafter, at which point such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the to REMIC 1 Subordinated Ratio is maintained); and then III-1 Regular Interest P, until $100 has been distributed to REMIC III-1 Regular Interest P pursuant to this clause;
(B) to the Holder Holders of REMIC 1 III-1 Regular Interest LT1-XXInterests A1, A2, A3, M1, M▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇, ▇▇ and B3, 1.00% of such remainder, in each case the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of the such REMIC 1 III-1 Regular Interests have been are reduced to zero;
(C) to the Holders of REMIC III-1 Regular Interest ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC III-1 Regular Interest is reduced to zero; andthen
(bD) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 III-1R Interest); and;
(viii) On each Distribution Datethird, all amounts representing Prepayment Charges in respect of the Group III Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 III-1 to the Holders of REMIC 1 III-1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 III-1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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 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 Interests LT1-AA, LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8B, LT1-M9, LT1-B1, LT1-B2 and LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M7 and LT1-B2 B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3A3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M7 and LT1-B2B, 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;
(c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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 Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest), as the case may be:
(i) first, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z in each case in an amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: to the Holders of REMIC 1 Regular Interests LT1-S1-A, LT1-S1-B, LT1-S1-C, LT1-S1-D, LT1-S1-E, LT1-S1-F, LT1-S1-G, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, LT1-S2-D, LT1-S2-E, LT1-S2-F, LT1-S2-G, LT1-S2-H, LT1-S2-I and LT1-S2-J, pro rata, in an amount equal to the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z in each case in an amount equal to the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: to the Holders of REMIC 1 Regular Interests LT1-1 and LT1-2, pro rata, in an amount equal to the Uncertificated Accrued Interest for each such REMIC 1 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) third, with respect to the Group I Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-1Z and with respect to the Group II Mortgage Loans with Adjusted Net Minimum Mortgage Rates of less than 4.50%, to the Holders of REMIC 1 Regular Interest LT1-2Z in each case until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, and with respect to the Mortgage Loans with Adjusted Net Minimum Mortgage Rates of 4.50% or greater, in the following order: first, to the Holders of REMIC 1 Regular Interest LT1-1 and LT1-2, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, second, to the Holders of REMIC 1 Regular Interests LT1S1-A and LT1S2-A, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, third, to the Holders of REMIC 1 Regular Interests LT1S1-B and LT1S2-B, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, fourth, to the Holders of REMIC 1 Regular ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇ and LT1S2-C, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, fifth, to the Holders of REMIC 1 Regular Interests LT1S1-D and LT1S2-D, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, sixth, to the Holders of REMIC 1 Regular Interests LT1S1-E and LT1S2-E, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, seventh, to the Holders of REMIC 1 Regular Interests LT1S1-F and LT1S2-F, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, eighth, to the Holders of REMIC 1 Regular Interests LT1S1-G and LT1S2-G, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, ninth, to the Holders of REMIC 1 Regular Interests LT1S1-H and LT1S2-H, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, tenth, to the Holders of REMIC 1 Regular Interests LT1S1-I and LT1S2-I, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, eleventh, to the Holders of REMIC 1 Regular Interests LT1S1-J and LT1S2-J, pro rata, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero; and
(iv) fourth, to the Holders of the Class R Certificates in respect of the Class R-1 Interest. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interests LT1-1 and LT1-1Z. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interests LT1-1 and LT1-1Z shall not reduce the Uncertificated Principal Balance thereof. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interests LT1-2 and LT1-2Z. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interests LT1-2 and LT1-2Z shall not reduce the Uncertificated Principal Balance thereof.
(b) On each Distribution Date, the Trustee shall cause the sum of the Interest Remittance Amount and the Principal Remittance Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 2 Regular Interests LT1LT2-S1-A, LT2-S1-B, LT2-S1-C, LT2-S1-D, LT2-S1-E, LT2-S1-F, LT2-S1-G, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, ▇▇▇-▇▇-▇, LT2-S2-D, LT2-S2-E, LT2-S2-F, LT2-S2-G, LT2-S2-H, LT2-S2-I and LT2-S2-J, pro rata, in an amount equal to the Uncertificated Accrued Interest for each such REMIC 2 Regular Interest for such Distribution Date plus any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the Holders of REMIC 2 Regular Interests LT2-AA, LT1LT2-IA1A1, LT1LT2-IIA1A2, LT1LT2-IIA2A3, LT1LT2-IIA3A4, LT1LT2-M1, LT1LT2-M2, LT1LT2-M3, LT1LT2-M4, LT1LT2-M5, LT1LT2-M6, LT1LT2-M7, LT1LT2-M8, LT1LT2-M9, LT1-B1, LT1-B2 and LT1LT2-ZZ, pro rata, an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 2 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 2 Regular Interest LT1LT2-ZZ shall be reduced and deferred when the REMIC 1 2 Overcollateralized Amount is less than the REMIC 1 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum LT1LT2-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 2 Regular Interests LT1LT2-IA1A1, LT1LT2-IIA1A2, LT1LT2-IIA2A3, LT1LT2-IIA3A4, LT1LT2-M1, LT1LT2-M2, LT1LT2-M3, LT1LT2-M4, LT1LT2-M5, LT1LT2-M6, LT1LT2-M7, LT1LT2-M8, LT1M8 and LT2-M9, LT1-B1 and LT1-B2 M9 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(iiiii) secondthird, to the Holders of REMIC 1 2 Regular Interest LT1LT2-1SUB, REMIC 1 2 Regular Interest LT1LT2-1GRP, REMIC 1 2 Regular Interest LT1LT2-2SUB, REMIC 1 2 Regular Interest LT1LT2-2GRP, and REMIC 1 2 Regular Interest LT1LT2-XX, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for each such REMIC 1 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iiiiv) thirdfourth, an amount equal to 50% of the remainder of the Available Funds Interest Remittance Amount and the Principal Remittance Amount for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% to the Holders of REMIC 1 2 Regular Interest LT1LT2-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 2 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) 1. 00% to the Holders of REMIC 1 2 Regular Interests LT1LT2-IA1A1, LT1LT2-IIA1A2, LT1LT2-IIA2A3, LT1LT2-IIA3A4, LT1LT2-M1, LT1LT2-M2, LT1LT2-M3, LT1LT2-M4, LT1LT2-M5, LT1LT2-M6, LT1LT2-M7, LT1LT2-M8, LT1M8 and LT2-M9, LT1-B1 and LT1-B2, 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 2 Regular Interests are reduced to zero;
(c) 1.00% to the Holders of REMIC 1 2 Regular Interest LT1LT2-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 R-2 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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 Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interests LT1-AA, LT1-IA1A1, LT1-IIA1A2, LT1-IIA2A3, LT1-IIA3A4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8B, LT1-M9, LT1-B1, LT1-B2 and LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1A1, LT1-IIA1A2, LT1-IIA2A3, LT1-IIA3A4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2 B in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC 1 Regular Interests LT1-IA1A1, LT1-IIA1A2, LT1-IIA2A3, LT1-IIA3A4, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 M7 and LT1-B2B, 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;
(c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"GRP” " equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"SUB” " equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; andand 117
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Distributions on the REMIC Regular Interests. On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, the Group II Interest Remittance Amount, the Group I Principal Remittance Amount, and the Group II Principal Remittance 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 Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC 1 Regular Interests LT1-AA, LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1, LT1-B2 and LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% [__.__]% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2, 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;
(c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% [__.__]% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 R-1 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “GRP” equal to 0.01% [__.__]% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “SUB” equal to 0.01% [__.__]% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp)
Distributions on the REMIC Regular Interests. On each Distribution Date, the Trustee shall cause the sum of the Group I Interest Remittance Amount, Group II Interest Remittance Amount, Group I Principal Remittance Amount, and the Group II Principal Remittance 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 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 Interests LT1-AA, LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1, LT1-B2 and LT1-ZZ, pro rata, 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 LT1-ZZ shall be reduced and deferred 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 LT1-ZZ Uncertificated Accrued Interest Deferral Amount and such amount will be payable to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-2SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-XX, 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;
(iii) third, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date after the distributions in clauses (i) and (ii), allocated as follows:
(a) 98.00% to the Holders of REMIC 1 Regular Interest LT1-AA and REMIC 1 Regular Interest LT1-P, in that order, until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero, provided, however, that REMIC 1 Regular Interest LT1-P 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 LT1-P, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC 1 Regular Interests LT1-IA1, LT1-IA2, LT1-IIA1, LT1-IIA2, LT1-IIA3, LT1-M1, LT1-M2, LT1-M3, LT1-M4, LT1-M5, LT1-M6, LT1-M7, LT1-M8, LT1-M9, LT1-B1 and LT1-B2, 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;
(c) to the Holders of REMIC 1 Regular Interest LT1-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; then
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R‑1 Interest);
(iv) fourth, an amount equal to 50% of the remainder of the Available Funds for such Distribution Date, after the distributions in clauses (i) and (ii), allocated as follows:
(a) first to the Holders of REMIC 1 Regular Interest LT1-1GRP, REMIC 1 Regular Interest LT1-1SUB, REMIC 1 Regular Interest LT1-2GRP, and REMIC 1 Regular Interest LT1-2SUB in such a manner as to keep the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"GRP” " equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group (determined as of the current Distribution Date), and the Uncertificated Principal Balance of each REMIC 1 Regular Interest ending with the designation “"SUB” " equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the current Distribution Date over (y) the Certificate Principal Balance of the Senior Certificates related to such Loan Group immediately prior to such Distribution Date (except that if such excess is larger than it was for the preceding Distribution Date, the least amount of principal shall be distributed such that the REMIC 1 Subordinated Ratio is maintained); and then to the Holder of REMIC 1 Regular Interest LT1-XX, in each case until the Uncertificated Principal Balances of the REMIC 1 Regular Interests have been reduced to zero; and
(b) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-1 Interest); and
(v) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC 1 to the Holders of REMIC 1 Regular Interest LT1-P. The payment of the foregoing amounts to the Holders of REMIC 1 Regular Interest LT1-P shall not reduce the Uncertificated Principal Balance thereof.
Appears in 1 contract