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

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Trust Administrator shall withdraw the Available Funds, (to the extent on deposit in the Distribution Account) from the Distribution Account and, pursuant to written instruction received from the Master Servicer as set forth in Section 4.04(a), upon which it may conclusively rely, apply such funds, first to distributions in respect of the Subsidiary REMIC Regular Interests and Middle REMIC Regular Interests, as provided in the Preliminary Statement, and then to distributions on the Certificates in the following order and priority and, in each case, to the extent of such Available Funds: (i) first, concurrently, to the Class X and Class XN Certificates, pro rata, the Current Interest and the Interest Carryforward Amount for each such Class and such Distribution Date; (ii) second, concurrently, to each Class of Senior Certificates (other than the Interest Only Certificates), pro rata, the Current Interest and the Interest Carryforward Amount for each such Class and such Distribution Date; (iii) third, sequentially, to the holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, the Current Interest for each such Class and such Distribution Date; (iv) fourth, (A) on each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, in the following order of priority: (1) first, in an amount up to the Principal Distribution Amount for that Distribution Date, concurrently, to the following Classes of Certificates, pro rata on the basis of the related Group Principal Distribution Amount: (a) in an amount up to the Group 1 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 1-A-1, Class 1-A-2 and Class 1-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 2-A-1, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (b) in an amount up to the Group 2 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, to the Class 2-A-1 Certificates, until its Class Principal Balance is reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 3-A-1, Class 3-A-2, Class 3-A-1, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (c) in an amount up to the Group 3 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 2-A-1, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (d) in an amount up to the Group 4 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 2-A-1, Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (2) second, sequentially, to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, in each case, until their respective Certificate Principal Balances are reduced to zero;

Priorities of Distributions on the Certificates. (a) On each Distribution Date, the Trust Administrator shall withdraw the Available Funds, (to the extent on deposit in the Distribution Account) from the Distribution Account and, pursuant to written instruction received from the Master Servicer as set forth in Section 4.04(a), upon which it may conclusively rely, apply such funds, first to distributions in respect of the Subsidiary REMIC Regular Interests and Middle REMIC Regular Interests, as provided in the Preliminary Statement, and then to distributions on the Certificates in the following order and priority and, in each case, to the extent of such Available Funds: (i) first, concurrently, to the Class X and Class XN Certificates, pro rata, the Current Interest and the Interest Carryforward Amount for each such Class and such Distribution Date; (ii) second, concurrently, to each Class of Senior Certificates (other than the Interest Only Certificates), pro rata, the Current Interest and the Interest Carryforward Amount for each such Class and such Distribution Date; (iii) third, sequentially, to the holders of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, the Current Interest for each such Class and such Distribution Date; (iv) fourth, (A) on each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, in the following order of priority: (1) first, in an amount up to the Principal Distribution Amount for that Distribution Date, concurrently, to the following Classes of Certificates, pro rata on the basis of the related Group Principal Distribution Amount: (a) in an amount up to the Group 1 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 1-A-1, Class 1-A-2 and Class 1-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 2-A-1, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (b) in an amount up to the Group 2 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, to the Class 2-A-1 Certificates, until its Class Principal Balance is reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 3-A-1, Class 3-A-2, Class 3-A-1, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (c) in an amount up to the Group 3 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 2-A-1, Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (d) in an amount up to the Group 4 Principal Distribution Amount for such Distribution Date, sequentially: (i) first, concurrently, to the Class 4-A-1, Class 4-A-2 and Class 4-A-3 Certificates, pro rata, based on Class Principal Balance, until their respective Class Principal Balances are reduced to zero; and (ii) second, concurrently, to the Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 2-A-1, Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates (in each case, after any payments to any of such Certificates from the related Group Principal Distribution Amount), until their respective Class Principal Balances are reduced to zero; (2) second, sequentially, to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, in each case, until their respective Certificate Principal Balances are reduced to zero;