Common use of Distributions on the REMIC Regular Interests Clause in Contracts

Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC 1 to REMIC 2 on account of the REMIC 2 Regular Interests and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be: (i) to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, B2, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 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 ZZ Uncertificated Interest Deferral Amount and such amount shall be payable to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, and B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest ZZ shall be increased by such amount; (ii) to the Holders of 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 clause (i) above, allocated as follows:

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)

Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the following amountsTrustee shall cause the sum of the Group I Interest Remittance Amount, the Group II Interest Remittance Amount, the Group III Interest 160 Remittance Amount, the Group I Principal Remittance Amount, the Group II Principal Remittance Amount and the Group III Principal Remittance Amount, in the following order of priority, shall to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 2 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be: (i) first, to the Holders of REMIC 1 Regular Interests A1A, A2G1-A, A3G1-B, M1G2-A, M2G2-B, M3G3-A, M4, M5, M6, M7, B1, B2G3-B, and ZZP, 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 ZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target Amount. (ii) second, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest Deferral Amount and such amount shall be payable to the Holders of REMIC 1 Regular Interests A1G1-A, A2G1-B, A3G2-A, M1G2-B, M2, M3, M4, M5, M6, M7, B1G3-A, and B2 G3-B in the same proportion such a manner as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates and keep: (A) the Uncertificated Principal Balance of the REMIC 1 Regular Interest ZZ shall be increased by G1-A equal to 1/10 the aggregate Certificate Principal Balance of the Group I Senior Certificates; (B) the Uncertificated Principal Balance of REMIC 1 Regular Interest G1-B equal to 1/10 the Group I Subordinate Amount; (C) the Uncertificated Principal Balance of REMIC 1 Regular Interest G2-A equal to 1/10 the aggregate Certificate Principal Balance of the Group II Senior Certificates; (D) the Uncertificated Principal Balance of REMIC 1 Regular Interest G2-B equal to 1/10 the Group II Subordinate Amount; (E) the Uncertificated Principal Balance of REMIC 1 Regular Interest G3-A equal to 1/10 the aggregate Certificate Principal Balance of the Group III Senior Certificates; and (F) the Uncertificated Principal Balance of REMIC 1 Regular Interest G3-B equal to 1/10 the Group III Subordinate Amount; in each case until the Uncertificated Principal Balances of such amount;REMIC 1 Regular Interests have been reduced to zero; and (iiiii) then, to the Holders of REMIC 1 Regular InterestsInterests A and P, in an amount equal that order, in each case until the Uncertificated Principal Balances of such REMIC 1 Regular Interests have been reduced to zero; and (iv) thereafter, to the remainder Holders of the Available Funds for such Distribution Date after Class R Certificates in respect of the distributions made pursuant to clause (i) above, allocated as follows:Class R-1

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl2 Asset-Backed Certificates)

Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the following amounts, Trustee shall cause in the following order of priority, shall the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 2 1 Regular Interests or withdrawn from the Distribution Account and distributed to the Holders holders of the Class R Certificates (in respect of the Class R-2 R-1 Interest), as the case may be: (i) first, to the extent of the sum of the Interest Remittance Amount and the Principal Remittance Amount, to Holders of REMIC 1 Regular Interests A1Interest LT1A, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, B2, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 ZZ shall be reduced and deferred when the REMIC 1 Overcollateralized Amount is less than the REMIC 1 Overcollateralization Target AmountLT1B, by the lesser of (x) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest Deferral Amount and such amount shall be payable to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, and B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC 1 Regular Interest ZZ shall be increased by such amount;LT1C, REMIC 1 Regular Interest LT1D, REMIC 1 Regular Interest LT1E, REMIC 1 Regular Interest LT1F, REMIC 1 Regular (ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds Interest Remittance Amount and Principal Remittance Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows: (a) with respect to the Loan Group 1 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1A, 98.00% of such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest is reduced to zero and with respect to the Loan Group 2 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1G, 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 Loan Group 1 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1C, REMIC 1 Regular Interest LT1D and REMIC 1 Regular Interest LT1E, 1.00% of such remainder, in the same proportion as principal payments from Loan Group 1 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 2 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1H, REMIC 1 Regular Interest LT1I, REMIC 1 Regular Interest LT1J and REMIC 1 Regular Interest LT1K, 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) with respect to the Loan Group 1 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1F, 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 Loan Group 2 Mortgage Loans, to the Holders of REMIC 1 Regular Interest LT1L, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 1 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); provided, however, that with respect to the Loan Group 1 Mortgage Loans, 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 LT1A and REMIC 1 Regular Interest LT1F, respectively and with respect to the Loan Group 2 Mortgage Loans, 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 LT1G and REMIC 1 Regular Interest LT1L, respectively.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Distributions on the REMIC Regular Interests. (a) On each Distribution DateDate the Trustee shall be deemed to distribute to itself, as the holder of the Uncertificated REMIC 1 Regular Interests, the following amounts, Uncertificated REMIC 1 Regular Interest Distribution Amounts in the following order of prioritypriority to the extent of the Available Distribution Amount reduced by distributions made to the Class R Certificates (in respect of the Class R-1 Interest) pursuant to Section 4.01(a): (i) Uncertificated REMIC 1 Accrued Interest on the Uncertificated REMIC 1 Regular Interests for such Distribution Date, plus any Uncertificated REMIC 1 Accrued Interest thereon remaining unpaid from any previous Distribution Date; and (ii) In accordance with the priority set forth in Section 4.04(b), an amount equal to the sum of the amounts in respect of principal distributable on the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-5, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class A-PO and Class R Certificates (in respect of the Class R-2 Interest) under Section 4.01(a), as allocated thereto. (b) The amount described in Section 4.04(a)(ii) shall be deemed distributed by to (i) Uncertificated REMIC 1 Regular Interest LTA1, (ii) Uncertificated REMIC 1 Regular Interest LTA2, (iii) Uncertificated REMIC 1 Regular Interest LTA3, (iv) Uncertificated REMIC 1 Regular Interest LTA5, (v) Uncertificated REMIC 1 Regular Interest LTA6, (vi) Uncertificated REMIC 1 Regular Interest LTA7, (vii) Uncertificated REMIC 1 Regular Interest LTMB, (viii) Uncertificated REMIC 1 Regular Interest LTPO and (ix) Uncertificated REMIC 1 Regular Interest LTR2 with the amount to REMIC 2 on account of be distributed allocated among such interests in accordance 85 with the REMIC 2 Regular Interests and distributed priority assigned to the Holders of (i) Class A-1 Certificates, (ii) Class A-2 Certificates, (iii) Class A-3 Certificates, (iv) Class A-5 Certificates, (v) Class A-6 Certificates, (vi) Class A-7 Certificates, (vii) the Class M Certificates and Class B Certificates, (viii) Class A-PO Certificates and (ix) Class R Certificates (in respect of the Class R-2 Interest), as the case may be: (irespectively, under Section 4.01(a) to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, B2, and ZZ, pro rata, in an amount equal to (A) the Uncertificated 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 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 (yb) the Maximum ZZ Uncertificated Interest Deferral Amount and such amount shall be payable to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, and B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates and until the Uncertificated Principal Balance of each such interest is reduced to zero. (c) The portion of the Uncertificated REMIC 1 Regular Interest ZZ Distribution Amounts described in Section 4.04(a)(ii) shall be increased deemed distributed by such amount;REMIC 1 to REMIC 2 in accordance with the priority assigned to the REMIC 2 Certificates relative to that assigned to the REMIC 1 Certificates under Section 4.01(b). (iid) In determining from time to time the Holders of Uncertificated REMIC 1 Regular InterestsInterest Distribution Amount for a particular Uncertificated REMIC 1 Regular Interest, Realized Losses allocated to the Certificates under Section 4.05 shall be allocated to the Uncertificated REMIC 1 Regular Interests in the same amounts and priorities as allocated to the Certificates in the corresponding numerical designation in 4.04(b) above. (e) On each Distribution Date the Trustee shall be deemed to distribute from REMIC 2, in an amount equal the priority set forth in Sections 4.01(a) and (b), to the remainder Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R Certificates (in respect of REMIC 2) the Available Funds for such amounts distributable thereon, from the Uncertificated REMIC 1 Regular Interest Distribution Date after Amounts deemed to have been received by REMIC 2 from REMIC 1 under this Section 4.04. (f) Notwithstanding the deemed distributions on the Uncertificated REMIC 1 Regular Interests described in this Section 4.04, distributions of funds from the Certificate Account shall be made pursuant to clause (i) above, allocated as follows:only in accordance with Section 4.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Impac Secured Assets Corp)

Distributions on the REMIC Regular Interests. (a) On each Distribution Date, the following amountsTrustee 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, shall 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 A, G1-A, G1-B, G2-A, G2-B and P, 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. (ii) second, to the Holders of REMIC 1 Regular ▇▇▇▇▇▇▇▇▇ ▇▇-▇, ▇▇-▇, ▇▇-▇ and G2-B in such a manner as to keep: (A) the Uncertificated Principal Balance of REMIC 1 Regular Interest G1-A equal to 1/10 the aggregate Certificate Principal Balance of the Group I Senior Certificates; (B) the Uncertificated Principal Balance of REMIC 1 Regular Interest G1-B equal to 1/10 the Group I Subordinate Amount; (C) the Uncertificated Principal Balance of REMIC 1 Regular Interest G2-A equal to 1/10 the aggregate Certificate Principal Balance of the Group II Senior Certificates; and (D) the Uncertificated Principal Balance of REMIC 1 Regular Interest G2-B equal to 1/10 the Group II Subordinate Amount; and (iii) then, to the Holders of REMIC 1 Regular Interests A and P, in that order, in each case until the Uncertificated Principal Balances of such REMIC 1 Regular Interests have been reduced to zero; and (iv) thereafter, to the Holders of the Class R Certificates in respect of the Class R-1 Interest. (b) 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 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 A1Interest FMR IO, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, B2, and ZZ, pro rata, 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; (ii) second, to the Holders of REMIC 2 Regular Interests A, G1-SR, G2-SR, SUB-A, Swap, and P, 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 ; (iii) third, to the Holders of REMIC 2 Regular Interests ▇▇-▇▇, ▇▇-▇▇, SUB-A, and Swap in such a manner as to keep: (A) the Uncertificated Accrued Principal Balance of REMIC 2 Regular Interest in respect G1-SR equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest 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 G1-A; (xB) the amount of such difference and (y) the Maximum ZZ Uncertificated Interest Deferral Amount and such amount shall be payable to the Holders of REMIC 1 Regular Interests A1, A2, A3, M1, M2, M3, M4, M5, M6, M7, B1, and B2 in the same proportion as the Extra Principal Distribution Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest G2-SR equal to the Uncertificated Principal Balance of REMIC 1 Regular Interest ZZ shall be increased by such amount; G2-A; (iiC) to the Holders Uncertificated Principal Balance of REMIC 1 2 Regular Interests, in an amount Interest Swap equal to 1/10 the Certificate Balance of the Class II-A2A Certificates; and (D) the Uncertificated Principal Balance of REMIC 2 Regular Interest SUB-A equal to the remainder excess of (x) 1/10 of the Available Funds for sum of the Group I Subordinate Amount and the Group II Subordinate Amount over (y) the Uncertificated Principal Balance of REMIC 2 Regular Interest Swap; in each case until the Uncertificated Principal Balances of such Distribution Date after the distributions made pursuant REMIC 2 Regular Interests have been reduced to clause (i) above, allocated as follows:zero; and

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl3)