Common use of Priorities of Distributions on the Certificates Clause in Contracts

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Securities Administrator shall withdraw from the Certificate Account (to the extent funds are available therein) (1) to the extent not previously paid, the amounts payable to the Master Servicer, the Securities Administrator and the Trustee pursuant to Section 3.09(e) and (f) and Section 3.11 and shall pay such funds to itself, the Master Servicer and the Trustee, as applicable, and (2) based solely on the information contained in the Master Servicer's Certificate, the Pool Distribution Amount for the related Loan Group, and shall apply such funds, first, to distributions in respect of the Uncertificated Lower-Tier Interests as specified in this Section 5.02(a) and then to distributions on the Certificates, paying the Group 1 Certificates and Group 1 Components solely from the Pool Distribution Amount for Loan Group 1, paying the Group 2 Certificates and Group 2 Components solely from the Pool Distribution Amount for Loan Group 2, paying the Group 3 Certificates and the Group 3 Components solely from the Pool Distribution Amount for Loan Group 3, paying the Group 4 Certificates solely from the Pool Distribution Amount for Loan Group 4, paying the Class X-B Certificates from the remaining combined Pool Distribution Amounts from the the Crossed Loan Groups and paying the Class 4-B Certificates from the remaining Pool Distribution Amount from Loan Group 4, in the following order of priority and to the extent of such funds: (i) concurrently, to each Class of Senior Certificates and Components of the related Group, an amount allocable to interest equal to the Interest Distribution Amount for each such Class and the Component Interest Distribution Amount for each such IO Component and any shortfall being allocated among such Classes and Components in proportion to the amount of the Interest Distribution Amount or Component Interest Distribution Amount that would have been distributed in the absence of such shortfall;

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-8 Trust)

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Securities Administrator shall withdraw from the Certificate Account (to the extent funds are available therein) ) (1) to the extent not previously paid, the amounts payable to the Master Servicer, the Securities Administrator and the Trustee pursuant to Section 3.09(e) and (f) and Section 3.11 and shall pay such funds to itself, the Master Servicer and the Trustee, as applicable, and (2) based solely on the information contained in the Master Servicer's ’s Certificate, the Pool Distribution Amount (after the payment of the Servicing Fees for such Mortgage Loans and expenses and indemnities reimbursable pursuant to this Agreement, in each case to the related extent not previously retained by or distributed to a Servicer, the Securities Administrator, the Master Servicer or the Trustee) for each Loan Group, and shall apply such funds, first, to distributions in respect of the Uncertificated Lower-Tier Interests, and then to the Uncertificated Middle-Tier Interests as specified in this Section 5.02(a) and then to distributions on the Certificates, paying the Group 1 Certificates and Group 1 Components solely from the Pool Distribution Amount for Loan Group 1, paying the Group 2 Certificates and Group 2 Components solely from the Pool Distribution Amount for Loan Group 2, paying the Group 3 Certificates and the Group 3 Components solely from the Pool Distribution Amount for Loan Group 3, paying the Group 4 Certificates solely from the Pool Distribution Amount for Loan Group 4, paying the Class ▇-▇ Certificates from the remaining aggregate Pool Distribution Amount from Loan Group J and paying the Class X-B Certificates from the remaining combined Pool Distribution Amounts from the the Crossed Loan Groups and paying the Class 4-B Certificates from the remaining aggregate Pool Distribution Amount from Loan Group 4, X in the following order of priority and to the extent of such funds: (i) concurrently, to each Class of Senior Certificates and Components of the related GroupCertificates, an amount allocable to interest equal to the Interest Distribution Amount for each such the related Class and the Component Interest Distribution Amount for each such IO Component and any shortfall being allocated among such the related Classes and Components in proportion to the amount of the Interest Distribution Amount or Component Interest Distribution Amount that would have been distributed in the absence of such shortfall; (ii) to each Class of Senior Certificates, in an aggregate amount up to the Senior Principal Distribution Amount for the related Group, such distribution to be allocated among such Classes in accordance with Section 5.02(b); (iii) concurrently, as follows: (A) to each Class of Class ▇-▇ Certificates, subject to paragraph (d) below, in the following order of priority: (1) to the Class ▇-▇-1 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class ▇-▇-1 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class ▇-▇-2 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class ▇-▇-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class ▇-▇-3 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class ▇-▇-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class ▇-▇-4 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class ▇-▇-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class ▇-▇-5 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class ▇-▇-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class ▇-▇-6 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (12) to the Class ▇-▇-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; and (B) to each Class of Class X-B Certificates, subject to paragraph (d) below, in the following order of priority: (1) to the Class X-B-1 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class X-B-1 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class X-B-2 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class X-B-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class X-B-3 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class X-B-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class X-B-4 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class X-B-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class X-B-5 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class X-B-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class X-B-6 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (12) to the Class X-B-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; and (iv) to the Holder of the Class 2-A-R Certificate (in respect of the Class UR Interest, the Class MR Interest or the Class LR Interest, as applicable), any amounts remaining in the Upper-Tier Certificate Sub-Account, the Middle-Tier Certificate Sub-Account and the Lower-Tier Certificate Sub-Account and any remaining Pool Distribution Amounts. No Class of Certificates will be entitled to any distributions with respect to the amount payable pursuant to clause (ii) of the definition of “Interest Distribution Amount” after its Class Certificate Balance or Notional Amount has been reduced to zero. All distributions in respect of the Interest Distribution Amount for a Class will be applied first with respect to the amount payable pursuant to clause (i) of the definition of “Interest Distribution Amount” and second with respect to the amount payable pursuant to clause (ii) of such definition. On each Distribution Date, the Securities Administrator shall distribute any Reimbursement Amount received with respect to each Loan Group sequentially to each related Class of Certificates then outstanding which bore the loss to which such Reimbursement Amount relates, beginning with the most senior of such Classes of Certificates, up to, with respect to each Class, the amount of loss borne by such Class. Any Reimbursement Amount remaining after the application described in the preceding sentence shall be included in the Pool Distribution Amount for the applicable Loan Group.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Certificate Account (to the extent funds are available therein) (1) to the extent not previously paid, the amounts payable to the Master Servicer, the Securities Administrator Servicer and the Trustee pursuant to Section 3.09(e) and (f3.08(d) and Section 3.11 and shall pay such funds to itself, the Master Servicer itself and the TrusteeServicer, as applicable, and (2) based solely on the information contained in the Master Servicer's Certificate, the Pool Distribution Amount for the related each Loan Group, and shall apply such funds, first, to distributions in respect of the Uncertificated Lower-Tier Interests, and then to the Uncertificated Middle-Tier Interests as specified in this Section 5.02(a) and then to distributions on the Certificates, paying the Group 1 Certificates and Group 1 Components solely from the Pool Distribution Amount for Loan Group 1, paying the Group 2 Certificates and Group 2 Components solely from the Pool Distribution Amount for Loan Group 2, paying the Group 3 Certificates and the Group 3 Components solely from the Pool Distribution Amount for Loan Group 3, paying the Group 4 Certificates solely from the Pool Distribution Amount for Loan Group 4, paying Group 5 solely from the Pool Distribution Amount for Loan Group 5, paying Group 6 solely from the Pool Distribution Amount for Loan Group 6, paying Group 7 solely from the Pool Distribution Amount for Loan Group 7, paying Group 8 solely from the Pool Distribution Amount for Loan Group 8, paying Group 9 solely from the Pool Distribution Amount for Loan Group 9, paying Group 10 solely from the Pool Distribution Amount for Loan Group 10, paying Group 11 solely from the Pool Distribution Amount for Loan Group 11, paying Group 12 solely from the Pool Distribution Amount for Loan Group 12, paying the Class J-B Certificates from the remaining aggregate Pool Distribution ▇▇▇unt from Loan Group J and paying the Class X-B Certificates from the remaining combined Pool Distribution Amounts from the the Crossed Loan Groups and paying the Class 4-B Certificates from the remaining aggregate Pool Distribution Amount from Loan Group 4, X in the following order of priority and to the extent of such funds: (i) concurrently, to each Class of Senior Certificates and Components of the related GroupCertificates, an amount allocable to interest equal to the Interest Distribution Amount for each such the related Class and the Component Interest Distribution Amount for each such IO Component and any shortfall being allocated among such the related Classes and Components in proportion to the amount of the Interest Distribution Amount or Component Interest Distribution Amount that would have been distributed in the absence of such shortfall; (ii) to each Class of Senior Certificates, in an aggregate amount up to the Senior Principal Distribution Amount for the related Group, such distribution to be allocated among such Classes in accordance with Section 5.02(b); (iii) concurrently, as follows: (A) to each Class of Class J-B Certificates, subject to paragraph (d) below, in t▇▇ following order of priority: (1) to the Class J-B-1 Certificates, an amount allocable to inter▇▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class J-B-1 Certificates, an amount allocable to princ▇▇▇l equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class J-B-2 Certificates, an amount allocable to inter▇▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class J-B-2 Certificates, an amount allocable to princ▇▇▇l equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class J-B-3 Certificates, an amount allocable to inter▇▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class J-B-3 Certificates, an amount allocable to princ▇▇▇l equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class J-B-4 Certificates, an amount allocable to inter▇▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class J-B-4 Certificates, an amount allocable to princ▇▇▇l equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class J-B-5 Certificates, an amount allocable to inter▇▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class J-B-5 Certificates, an amount allocable to princi▇▇▇ equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class J-B-6 Certificates, an amount allocable to intere▇▇ equal to the Interest Distribution Amount for such Class for such Distribution Date; (12) to the Class J-B-6 Certificates, an amount allocable to princi▇▇▇ equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; and (B) to each Class of Class X-B Certificates, subject to paragraph (d) below, in the following order of priority: (1) to the Class X-B-1 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class X-B-1 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class X-B-2 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class X-B-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class X-B-3 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class X-B-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class X-B-4 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class X-B-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class X-B-5 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class X-B-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class X-B-6 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (12) to the Class X-B-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date until the Class Certificate Balance thereof has been reduced to zero; and (iv) to the Holder of the Class 7-A-R Certificate (in respect of the Class UR Interest, the Class MR Interest or the Class LR Interest, as applicable), any amounts remaining in the Upper-Tier Certificate Sub-Account, the Middle-Tier Certificate Sub-Account and the Lower-Tier Certificate Sub-Account and any remaining Pool Distribution Amounts. No Class of Certificates will be entitled to any distributions with respect to the amount payable pursuant to clause (ii) of the definition of "Interest Distribution Amount" after its Class Certificate Balance or Notional Amount has been reduced to zero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-E Trust)

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Securities Administrator Trustee shall withdraw from the Certificate Account (to the extent funds are available therein) (1) to the extent not previously paid, the amounts payable to the Master Servicer, the Securities Administrator Servicer and the Trustee pursuant to Section 3.09(e) and (f3.08(d) and Section 3.11 and shall pay such funds to itself, the Master Servicer and the Trustee, as applicable, and (2) based solely on the information contained in the Master Servicer's Certificate, the Pool Distribution Amount for the related Loan Group, and shall apply such funds, first, to distributions in respect of the Uncertificated Lower-Tier Interests, and then to the Uncertificated Middle-Tier Interests as specified in this Section 5.02(a) and then to distributions on the Certificates, paying the Group 1 Certificates and Group 1 Components solely from the Pool Distribution Amount for Loan Group 1, paying the Group 2 Certificates and Group 2 Components solely from the Pool Distribution Amount for Loan Group 2, paying the Group 3 Certificates and the Group 3 Components solely from the Pool Distribution Amount for Loan Group 3, paying the Group 4 Certificates solely from the Pool Distribution Amount for Loan Group 4, paying Group 5 solely from the Pool Distribution Amount for Loan Group 5, paying Group 6 solely from the Pool Distribution Amount for Loan Group 6, paying Group 7 solely from the Pool Distribution Amount for Loan Group 7, paying the Class X-B Certificates from the remaining combined Pool Distribution Amounts from the the Crossed Loan Groups Group and paying the Class 47-B Certificates from the remaining Pool Distribution Amount from Loan Group 4, 7 in the following order of priority and to the extent of such funds: (i) concurrently, to each Class of Senior Certificates and Components each Non-PO Component of the related such Group, an amount allocable to interest equal to the Interest Distribution Amount for each such Class and the Component Interest Distribution Amount for each such IO Non-PO Component and any shortfall being allocated among such Classes and Components in proportion to the amount of the Interest Distribution Amount or Component Interest Distribution Amount that would have been distributed in the absence of such shortfall; provided, however, that until the applicable Accretion Termination Date, amounts that would have been distributed pursuant to this clause to the Class C-A-5-1 and Class C-A-5-2 Components will instead be distributed in reduction of the Component Balances of the Components specified in Section 5.02(b); (a) concurrently, in the case of Group 1 (x) to the Senior Non-PO Certificates of Group 1 and (y) to the Class 1-A-PO Component, pro rata, based on the Senior Principal Distribution Amount for Group 1 and applicable PO Principal Amount, (1) to the Senior Non-PO Certificates, in an aggregate amount up to the Senior Principal Distribution Amount for Loan Group 1, such distribution to be allocated among such Classes in accordance with Section 5.02(b) and (2) to the Class 1-A-PO Component, up to the applicable PO Principal Amount, (b) in the case of Group 2, to the Senior Non-PO Certificates and Non-PO Components of Group 2, in an aggregate amount up to the Senior Principal Distribution for Loan Group 2, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b), (c) in the case of Group 3, to the Senior Non-PO Certificates and Non-PO Components of Group 3, in an aggregate amount up to the Senior Principal Distribution for Loan Group 3, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b), (d) in the case of Group 4, to the Senior Non-PO Certificates and Non-PO Components of Group 4, in an aggregate amount up to the Senior Principal Distribution for Loan Group 4, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b), (e) concurrently, in the case of Group 5, (x) to the Senior Non-PO Certificates of Group 5 and (y) to the Class 5-A-PO Component, pro rata, based on their respective Senior Principal Distribution Amount and applicable PO Principal Amount, (1) to the Senior Non-PO Certificates of Group 5, in an aggregate amount up to the Senior Principal Distribution Amount for Loan Group 5, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b) and (2) to the Class 5-A-PO Component, up to the applicable PO Principal Amount, (f) in the case of Group 6, to the Senior Non-PO Certificates and Non-PO Components of Group 6, in an aggregate amount up to the Senior Principal Distribution for Loan Group 6, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b), (g) concurrently, in the case of Group 7, (x) to the Senior Non-PO Certificates and Non-PO Components of Group 7 and (y) to the Class 7-A-PO Component, pro rata, based on their respective Senior Principal Distribution Amount and applicable PO Principal Amount, (1) to the Senior Non-PO Certificates of Group 7, in an aggregate amount up to the Senior Principal Distribution Amount for Loan Group 7, such distribution to be allocated among such Classes and Components in accordance with Section 5.02(b) and (2) to the Class 7-A-PO Component, up to the applicable PO Principal Amount; (a) with respect to Group 1 and Group 5, to the PO Component of each Related Group, to pay any applicable PO Deferred Amounts (after giving effect to the distribution to such PO Component of the PO Recovery for the related Loan Group), up to the Subordinate Principal Distribution Amounts for the Crossed Loan Groups from amounts otherwise distributable to the Class X-B Certificates, first to the Class X-B-6 Certificates pursuant to clause (iv)(A)(12) below, second to the Class X-B-5 Certificates, pursuant to clause (iv)(A)(10) below, third to the Class X-B-4 Certificates, pursuant to clause (iv)(A)(8) below, fourth to the Class X-B-3 Certificates, pursuant to clause (iv)(A)(6) below, fifth to the Class X-B-2 Certificates, pursuant to clause (iv)(A)(4) below and finally to the Class X-B-1 Certificates, pursuant to clause (iv)(A)(2) below and (b) with respect to Group 7, to the Class 7-A-PO Component, to pay any applicable PO Deferred Amounts (after giving effect to the distribution to the Class 7-A-PO Component of the PO Recovery for Loan Group 7), up to the Subordinate Principal Distribution Amount for the Loan Group 7 from amounts otherwise distributable to the Class X-B Certificates, first to the Class 7-B-6 Certificates pursuant to clause (iv)(B)(12) below, second to the Class 7-B-5 Certificates, pursuant to clause (iv)(B)(10) below, third to the Class 7-B-4 Certificates, pursuant to clause (iv)(B)(8) below, fourth to the Class 7-B-3 Certificates, pursuant to clause (iv)(B)(6) below, fifth to the Class 7-B-2 Certificates, pursuant to clause (iv)(B)(4) below and finally to the Class 7-B-1 Certificates, pursuant to clause (iv)(B)(2) below; (iv) concurrently, as follows: (A) to each Class of Class X-B Certificates, subject to paragraph (d) below, in the following order of priority: (1) to the Class X-B-1 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class X-B-1 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class X-B-2 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class X-B-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class X-B-3 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class X-B-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class X-B-4 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class X-B-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class X-B-5 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class X-B-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class X-B-6 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; and (12) to the Class X-B-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date less any amount used to pay the applicable PO Deferred Amounts pursuant to clause (iii) above until the Class Certificate Balance thereof has been reduced to zero; (B) to each Class of Class 7-B Certificates, subject to paragraph (d) below, in the following order of priority: (1) to the Class 7-B-1 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (2) to the Class 7-B-1 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (3) to the Class 7-B-2 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (4) to the Class 7-B-2 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (5) to the Class 7-B-3 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (6) to the Class 7-B-3 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (7) to the Class 7-B-4 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (8) to the Class 7-B-4 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (9) to the Class 7-B-5 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; (10) to the Class 7-B-5 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (11) to the Class 7-B-6 Certificates, an amount allocable to interest equal to the Interest Distribution Amount for such Class for such Distribution Date; and (12) to the Class 7-B-6 Certificates, an amount allocable to principal equal to its Pro Rata Share for such Distribution Date, until the Class Certificate Balance thereof has been reduced to zero; (v) to the Holder of the Class 1-A-R Certificate (in respect of the Class UR Interest, the Class MR Interest or the Class LR Interest, as applicable), any amounts remaining in the Upper-Tier Certificate Sub-Account, the Middle-Tier Certificate Sub-Account and the Lower-Tier Certificate Sub-Account and any remaining Pool Distribution Amounts. No Class of Certificates or Components will be entitled to any distributions with respect to the amount payable pursuant to clause (ii) of the definition of "Interest Distribution Amount" or clause (ii) of the definition of "Component Interest Distribution Amount" after its Class Certificate Balance, Component Balance or Notional Amount, as the case may be, has been reduced to zero. All distributions in respect of the Interest Distribution Amount for a Class or the Component Interest Distribution Amount for a Component will be applied first with respect to the amount payable pursuant to clause (i) of the definition of "Interest Distribution Amount," or "Component Interest Distribution Amount," as applicable, and second with respect to the amount payable pursuant to clause (ii) of such definitions. On each Distribution Date, the Trustee shall distribute any Reimbursement Amount received with respect to a Loan Group sequentially to each related Class of Certificates then outstanding which bore the loss to which such Reimbursement Amount relates, beginning with the most senior of such Classes of Certificates, up to, with respect to each Class, the amount of loss borne by such Class. Any Reimbursement Amount remaining after the application described in the preceding sentence shall be included in the Pool Distribution Amount for the applicable Loan Group. On each Distribution Date, the Trustee shall distribute any PO Recovery to the Holders of the Class A-PO Certificates. In the event that on any Distribution Date, the Subordinate Principal Distribution Amounts for the Crossed Loan Groups are insufficient to reduce the PO Deferred Amounts of the Class 1-A-PO Component and Class 5-A-PO Component to zero, the amount that is available shall be distributed among such Components pro rata based on the PO Deferred Amounts. Distributions on the Uncertificated Lower-Tier Interests. On each Distribution Date, Uncertificated Accrued Interest shall be deemed distributed in respect of the Uncertificated Lower-Tier Interests (other than the Class 1-LPO Interest, the Class 5-LPO Interest and the Class 7-LPO Interest) at the Uncertificated Lower-Tier REMIC Pass-Through Rate thereon, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates. For purposes of calculating Uncertificated Accrued Interest in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions with respect to the Mortgage Loans shall be allocated to the related Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest. Any Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to the Crossed Loan Group in the case of Uncertificated Lower-Tier Interests beginning with the numeral "1," "2," "3," "4," "5" and "6" and (b) from Non-Supported Interest Shortfalls and Relief Act Reductions allocated to Loan Group 7 in the case of Uncertificated Lower-Tier Interests beginning with the numeral "7." All distributions of principal shall be made first to the Class 1-LPO Interest, Class 5-A-PO Interest and Class 7-A-PO Interest so as to keep the Uncertificated Balances thereof at all times equal to the Component Balance of the Class 1-A-PO, Class 5-A-PO and Class 7-A-PO Components, respectively; second, to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest, the Class 4-LS Interest, the Class 5-LS Interest and the Class 6-LS Interest so as to keep the Uncertificated Balances thereof (computed to eight decimal places) equal to 0.100% of the Group Subordinate Amount for Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and Loan Group 6, respectively (except that if any such amount is greater than on the preceding Distribution Date, the least amount of principal shall be distributed to the Class 1-LS Interest, the Class 2-LS Interest, the Class 3-LS Interest, the Class 4-LS Interest, the Class 5-LS I

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-5 Trust)