Regular Interests Pooling-Tier REMIC-1 shall hold as assets the assets of the Trust Fund (exclusive of (i) the Prepayment Premiums, (ii) the Swap Assets, (iii) the Excess Reserve Fund Account, and (iv) the right of the Offered Certificates to receive Upper-Tier CarryForward Amounts including, but without duplication, Basis Risk CarryForward Amounts and the obligation to pay Class IO Shortfalls). For federal income tax purposes, each Class of Offered Certificates represents a beneficial ownership of a regular interest in the Upper-Tier REMIC, the right to receive Upper-Tier CarryForward Amounts (including, but without duplication, Basis Risk CarryForward Amounts), and the obligation to pay Class IO Shortfalls; the Class X Certificates represent beneficial ownership of the Class X Interest, the Class IO Interest, the Interest Rate Swap Agreement, the Swap Account, the Excess Reserve Fund Account and the right to receive Class IO Shortfalls, subject to the obligation to pay Upper-Tier CarryForward Amounts (including, but without duplication, Basis Risk CarryForward Amounts); and the Class P Certificates represent beneficial ownership of the Prepayment Premiums, which portions of the Trust Fund shall be treated as a grantor trust. Pooling-Tier REMIC-1 Pooling-Tier REMIC-1 shall issue the following interests in Pooling-Tier REMIC-1, and each such interest, other than the Class PT1-R Interest is hereby designated as a regular interest in the Pooling-Tier REMIC-1. Pooling-Tier REMIC-1 Interests with an "I" in their designation shall relate to Loan Group I and Pooling Tier REMIC-1 Interests with a "II" in their designation shall relate to Loan Group II. Pooling-Tier REMIC-1 shall also issue the Class PT1-R Interest, which is hereby designated as the sole class of residual interest in Pooling-Tier REMIC-1. The Class PT1-R Interest shall be represented by the Class R Certificates, shall not have a principal balance and shall have no interest rate. Pooling-Tier REMIC-1 Initial Pooling-Tier REMIC-1 Pooling-Tier REMIC-1 Interest Interest Rate Principal Amount ------------------------------- -------------------- ---------------------------- Class PT1-I-1 (1) $ 21,923,060.51 Class PT1-I-2A (2) $ 18,231,751.88 Class PT1-I-2B (3) $ 18,231,751.88 Class PT1-I-3A (2) $ 9,887,132.83 Class PT1-I-3B (3) $ 9,887,132.83 Class PT1-I-4A (2) $ 9,509,304.53 Class PT1-I-4B (3) $ 9,509,304.53 Class PT1-I-5A (2) $ 9,151,924.20 Class PT1-I-5B (3) $ 9,151,924.20 Class PT1-I-6A (2) $ 8,825,694.08 Class PT1-I-6B (3) $ 8,825,694.08 Class PT1-I-7A (2) $ 8,514,431.73 Class PT1-I-7B (3) $ 8,514,431.73 Class PT1-I-8A (2) $ 8,217,071.19 Class PT1-I-8B (3) $ 8,217,071.19 Class PT1-I-9A (2) $ 7,932,590.08 Class PT1-I-9B (3) $ 7,932,590.08 Class PT1-I-10A (2) $ 7,659,994.40 Class PT1-I-10B (3) $ 7,659,994.40 Class PT1-I-11A (2) $ 7,398,361.27 Class PT1-I-11B (3) $ 7,398,361.27 Class PT1-I-12A (2) $ 7,146,337.06 Class PT1-I-12B (3) $ 7,146,337.06 Class PT1-I-13A (2) $ 6,898,858.70 Class PT1-I-13B (3) $ 6,898,858.70 Class PT1-I-14A (2) $ 6,633,819.24 Class PT1-I-14B (3) $ 6,633,819.24 Class PT1-I-15A (2) $ 6,345,967.13 Class PT1-I-15B (3) $ 6,345,967.13 Class PT1-I-16A (2) $ 6,070,663.81 Class PT1-I-16B (3) $ 6,070,663.81 Class PT1-I-17A (2) $ 5,807,359.92 Class PT1-I-17B (3) $ 5,807,359.92 Class PT1-I-18A (2) $ 5,555,530.44 Class PT1-I-18B (3) $ 5,555,530.44 Class PT1-I-19A (2) $ 6,235,599.52 Class PT1-I-19B (3) $ 6,235,599.52 Class PT1-I-20A (2) $ 10,040,675.50 Class PT1-I-20B (3) $ 10,040,675.50 Class PT1-I-21A (2) $ 42,420,379.95 Class PT1-I-21B (3) $ 42,420,379.95 Class PT1-I-22A (2) $ 43,204,615.47 Class PT1-I-22B (3) $ 43,204,615.47 Class PT1-I-23A (2) $ 768,011.88 Class PT1-I-23B (3) $ 768,011.88 Class PT1-I-24A (2) $ 740,433.97 Class PT1-I-24B (3) $ 740,433.97 Class PT1-I-25A (2) $ 713,848.40 Class PT1-I-25B (3) $ 713,848.40 Class PT1-I-26A (2) $ 688,221.81 Class PT1-I-26B (3) $ 688,221.81 Class PT1-I-27A (2) $ 663,524.86 Class PT1-I-27B (3) $ 663,524.86 Class PT1-I-28A (2) $ 639,787.25 Class PT1-I-28B (3) $ 639,787.25 Class PT1-I-29A (2) $ 616,874.73 Class PT1-I-29B (3) $ 616,874.73 Class PT1-I-30A (2) $ 594,726.08 Class PT1-I-30B (3) $ 594,726.08 Class PT1-I-31A (2) $ 656,575.22 Class PT1-I-31B (3) $ 656,575.22 Class PT1-I-32A (2) $ 633,022.04 Class PT1-I-32B (3) $ 633,022.04 Class PT1-I-33A (2) $ 2,245,127.40 Class PT1-I-33B (3) $ 2,245,127.40 Class PT1-I-34A (2) $ 701,127.82 Class PT1-I-34B (3) $ 701,127.82 Class PT1-I-35A (2) $ 402,567.07 Class PT1-I-35B (3) $ 402,567.07 Class PT1-I-36A (2) $ 388,953.75 Class PT1-I-36B (3) $ 388,953.75 Class PT1-I-37A (2) $ 375,792.64 Class PT1-I-37B (3) $ 375,792.64 Class PT1-I-38A (2) $ 363,069.29 Class PT1-I-38B (3) $ 363,069.29 Class PT1-I-39A (2) $ 350,769.18 Class PT1-I-39B (3) $ 350,769.18 Class PT1-I-40A (2) $ 338,882.33 Class PT1-I-40B (3) $ 338,882.33 Class PT1-I-41A (2) $ 327,387.60 Class PT1-I-41B (3) $ 327,387.60 Class PT1-I-42A (2) $ 316,276.08 Class PT1-I-42B (3) $ 316,276.08 Class PT1-I-43A (2) $ 305,535.34 Class PT1-I-43B (3) $ 305,535.34 Class PT1-I-44A (2) $ 295,153.38 Class PT1-I-44B (3) $ 295,153.38 Class PT1-I-45A (2) $ 285,118.35 Class PT1-I-45B (3) $ 285,118.35 Class PT1-I-46A (2) $ 275,419.77 Class PT1-I-46B (3) $ 275,419.77 Class PT1-I-47A (2) $ 266,044.90 Class PT1-I-47B (3) $ 266,044.90 Class PT1-I-48A (2) $ 256,984.00 Class PT1-I-48B (3) $ 256,984.00 Class PT1-I-49A (2) $ 248,226.78 Class PT1-I-49B (3) $ 248,226.78 Class PT1-I-50A (2) $ 239,763.26 Class PT1-I-50B (3) $ 239,763.26 Class PT1-I-51A (2) $ 231,583.78 Class PT1-I-51B (3) $ 231,583.78 Class PT1-I-52A (2) $ 223,679.01 Class PT1-I-52B (3) $ 223,679.01 Class PT1-I-53A (2) $ 216,039.90 Class PT1-I-53B (3) $ 216,039.90 Class PT1-I-54A (2) $ 208,657.65 Class PT1-I-54B (3) $ 208,657.65 Class PT1-I-55A (2) $ 5,811,478.80 Class PT1-I-55B (3) $ 5,811,478.80 Class PT1-II-1 (4) $ 68,750,924.69 Class PT1-II-2A (5) $ 57,174,945.97 Class PT1-II-2B (6) $ 57,174,945.97 Class PT1-II-3A (5) $ 31,006,141.87 Class PT1-II-3B (6) $ 31,006,141.87 Class PT1-II-4A (5) $ 29,821,268.77 Class PT1-II-4B (6) $ 29,821,268.77 Class PT1-II-5A (5) $ 28,700,520.65 Class PT1-II-5B (6) $ 28,700,520.65 Class PT1-II-6A (5) $ 27,677,459.92 Class PT1-II-6B (6) $ 27,677,459.92 Class PT1-II-7A (5) $ 26,701,338.27 Class PT1-II-7B (6) $ 26,701,338.27 Class PT1-II-8A (5) $ 25,768,812.81 Class PT1-II-8B (6) $ 25,768,812.81 Class PT1-II-9A (5) $ 24,876,677.37 Class PT1-II-9B (6) $ 24,876,677.37 Class PT1-II-10A (5) $ 24,021,814.75 Class PT1-II-10B (6) $ 24,021,814.75 Class PT1-II-11A (5) $ 23,201,330.78 Class PT1-II-11B (6) $ 23,201,330.78 Class PT1-II-12A (5) $ 22,410,980.49 Class PT1-II-12B (6) $ 22,410,980.49 Class PT1-II-13A (5) $ 21,634,886.00 Class PT1-II-13B (6) $ 21,634,886.00 Class PT1-II-14A (5) $ 20,803,719.76 Class PT1-II-14B (6) $ 20,803,719.76 Class PT1-II-15A (5) $ 19,901,012.82 Class PT1-II-15B (6) $ 19,901,012.82 Class PT1-II-16A (5) $ 19,037,658.99 Class PT1-II-16B (6) $ 19,037,658.99 Class PT1-II-17A (5) $ 18,211,935.53 Class PT1-II-17B (6) $ 18,211,935.53 Class PT1-II-18A (5) $ 17,422,195.91 Class PT1-II-18B (6) $ 17,422,195.91 Class PT1-II-19A (5) $ 19,554,898.93 Class PT1-II-19B (6) $ 19,554,898.93 Class PT1-II-20A (5) $ 31,487,653.15 Class PT1-II-20B (6) $ 31,487,653.15 Class PT1-II-21A (5) $ 133,030,711.90 Class PT1-II-21B (6) $ 133,030,711.90 Class PT1-II-22A (5) $ 135,490,081.88 Class PT1-II-22B (6) $ 135,490,081.88 Class PT1-II-23A (5) $ 2,408,492.52 Class PT1-II-23B (6) $ 2,408,492.52 Class PT1-II-24A (5) $ 2,322,007.93 Class PT1-II-24B (6) $ 2,322,007.93 Class PT1-II-25A (5) $ 2,238,635.30 Class PT1-II-25B (6) $ 2,238,635.30 Class PT1-II-26A (5) $ 2,158,270.09 Class PT1-II-26B (6) $ 2,158,270.09 Class PT1-II-27A (5) $ 2,080,820.24 Class PT1-II-27B (6) $ 2,080,820.24 Class PT1-II-28A (5) $ 2,006,378.85 Class PT1-II-28B (6) $ 2,006,378.85 Class PT1-II-29A (5) $ 1,934,524.97 Class PT1-II-29B (6) $ 1,934,524.97 Class PT1-II-30A (5) $ 1,865,066.62 Class PT1-II-30B (6) $ 1,865,066.62 Class PT1-II-31A (5) $ 2,059,026.08 Class PT1-II-31B (6) $ 2,059,026.08 Class PT1-II-32A (5) $ 1,985,163.11 Class PT1-II-32B (6) $ 1,985,163.11 Class PT1-II-33A (5) $ 7,040,740.70 Class PT1-II-33B (6) $ 7,040,740.70 Class PT1-II-34A (5) $ 2,198,743.48 Class PT1-II-34B (6) $ 2,198,743.48 Class PT1-II-35A (5) $ 1,262,454.13 Class PT1-II-35B (6) $ 1,262,454.13 Class PT1-II-36A (5) $ 1,219,762.65 Class PT1-II-36B (6) $ 1,219,762.65 Class PT1-II-37A (5) $ 1,178,489.26 Class PT1-II-37B (6) $ 1,178,489.26 Class PT1-II-38A (5) $ 1,138,588.71 Class PT1-II-38B (6) $ 1,138,588.71 Class PT1-II-39A (5) $ 1,100,015.47 Class PT1-II-39B (6) $ 1,100,015.47 Class PT1-II-40A (5) $ 1,062,738.17 Class PT1-II-40B (6) $ 1,062,738.17 Class PT1-II-41A (5) $ 1,026,690.60 Class PT1-II-41B (6) $ 1,026,690.60 Class PT1-II-42A (5) $ 991,844.77 Class PT1-II-42B (6) $ 991,844.77 Class PT1-II-43A (5) $ 958,161.71 Class PT1-II-43B (6) $ 958,161.71 Class PT1-II-44A (5) $ 925,603.77 Class PT1-II-44B (6) $ 925,603.77 Class PT1-II-45A (5) $ 894,133.85 Class PT1-II-45B (6) $ 894,133.85 Class PT1-II-46A (5) $ 863,718.98 Class PT1-II-46B (6) $ 863,718.98 Class PT1-II-47A (5) $ 834,319.30 Class PT1-II-47B (6) $ 834,319.30 Class PT1-II-48A (5) $ 805,904.25 Class PT1-II-48B (6) $ 805,904.25 Class PT1-II-49A (5) $ 778,441.52 Class PT1-II-49B (6) $ 778,441.52 Class PT1-II-50A (5) $ 751,899.84 Class PT1-II-50B (6) $ 751,899.84 Class PT1-II-51A (5) $ 726,248.92 Class PT1-II-51B (6) $ 726,248.92 Class PT1-II-52A (5) $ 701,459.49 Class PT1-II-52B (6) $ 701,459.49 Class PT1-II-53A (5) $ 677,503.15 Class PT1-II-53B (6) $ 677,503.15 Class PT1-II-54A (5) $ 654,352.35 Class PT1-II-54B (6) $ 654,352.35 Class PT1-II-55A (5) $ 18,224,852.35 Class PT1-II-55B (6) $ 18,224,852.35 Class PT1-R (7) (7) ----------------------
Conveyance of Mortgage Pool Assets; Security Interest Concurrently with the execution and delivery hereof, the Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Company's right, title and interest in and to the Mortgage Pool Assets, including but not limited to all scheduled payments of principal and interest due after the Cut-Off Date and received by the Company with respect to the Mortgage Loans at any time, and all Principal Prepayments received by the Company after the Cut-Off Date with respect to the Mortgage Loans (such transfer and assignment by the Company to be referred to herein as the "Conveyance," and the assets so transferred and assigned to be referred to herein as the "Conveyed Assets"). It is the express intent of the parties hereto that the Conveyance of the Conveyed Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Conveyed Assets. It is, further, not the intention of the parties that such Conveyance be deemed the grant of a security interest in the Conveyed Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Conveyed Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Conveyed Assets, then
REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury regulations (the “Treasury Regulations”) Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Section 1.860G-1(b)(2) of the Treasury Regulations. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.
REMIC I The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the Group I Mortgage Loans and certain other related assets subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement) as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class I-R-1 Certificates will be the sole class of Residual Interests (as defined herein) in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated. Designation Uncertificated REMIC I Pass-Through Rate Initial Uncertificated Principal Balance Latest Possible Maturity Date (1) I-1-A Variable(2) $ 1,093,659.04 September 25, 2036 I-1-B Variable(2) $ 1,093,659.04 September 25, 2036 I-2-A Variable(2) $ 1,380,302.56 September 25, 2036 I-2-B Variable(2) $ 1,380,302.56 September 25, 2036 I-3-A Variable(2) $ 1,665,750.76 September 25, 2036 I-3-B Variable(2) $ 1,665,750.76 September 25, 2036 I-4-A Variable(2) $ 1,947,494.94 September 25, 2036 I-4-B Variable(2) $ 1,947,494.94 September 25, 2036 I-5-A Variable(2) $ 2,222,929.79 September 25, 2036 I-5-B Variable(2) $ 2,222,929.79 September 25, 2036 I-6-A Variable(2) $ 2,489,383.09 September 25, 2036 I-6-B Variable(2) $ 2,489,383.09 September 25, 2036 I-7-A Variable(2) $ 2,744,149.03 September 25, 2036 I-7-B Variable(2) $ 2,744,149.03 September 25, 2036 I-8-A Variable(2) $ 2,974,438.68 September 25, 2036 I-8-B Variable(2) $ 2,974,438.68 September 25, 2036 I-9-A Variable(2) $ 3,187,097.36 September 25, 2036 I-9-B Variable(2) $ 3,187,097.36 September 25, 2036 I-10-A Variable(2) $ 3,297,419.05 September 25, 2036 I-10-B Variable(2) $ 3,297,419.05 September 25, 2036 I-11-A Variable(2) $ 3,155,673.33 September 25, 2036 I-11-B Variable(2) $ 3,155,673.33 September 25, 2036 I-12-A Variable(2) $ 3,012,167.42 September 25, 2036 I-12-B Variable(2) $ 3,012,167.42 September 25, 2036 I-13-A Variable(2) $ 2,875,253.91 September 25, 2036 I-13-B Variable(2) $ 2,875,253.91 September 25, 2036 I-14-A Variable(2) $ 2,744,627.80 September 25, 2036 I-14-B Variable(2) $ 2,744,627.80 September 25, 2036 I-15-A Variable(2) $ 2,619,998.35 September 25, 2036 I-15-B Variable(2) $ 2,619,998.35 September 25, 2036 I-16-A Variable(2) $ 2,501,088.25 September 25, 2036 I-16-B Variable(2) $ 2,501,088.25 September 25, 2036 I-17-A Variable(2) $ 2,387,633.09 September 25, 2036 I-17-B Variable(2) $ 2,387,633.09 September 25, 2036 I-18-A Variable(2) $ 2,279,380.79 September 25, 2036 I-18-B Variable(2) $ 2,279,380.79 September 25, 2036 I-19-A Variable(2) $ 2,176,090.92 September 25, 2036 I-19-B Variable(2) $ 2,176,090.92 September 25, 2036 I-20-A Variable(2) $ 2,077,792.42 September 25, 2036 I-20-B Variable(2) $ 2,077,792.42 September 25, 2036 I-21-A Variable(2) $ 1,983,740.00 September 25, 2036 I-21-B Variable(2) $ 1,983,740.00 September 25, 2036 I-22-A Variable(2) $ 1,893,369.67 September 25, 2036 I-22-B Variable(2) $ 1,893,369.67 September 25, 2036 I-23-A Variable(2) $ 1,803,569.09 September 25, 2036 I-23-B Variable(2) $ 1,803,569.09 September 25, 2036 I-24-A Variable(2) $ 1,722,266.22 September 25, 2036 I-24-B Variable(2) $ 1,722,266.22 September 25, 2036 I-25-A Variable(2) $ 1,644,673.14 September 25, 2036 I-25-B Variable(2) $ 1,644,673.14 September 25, 2036 I-26-A Variable(2) $ 1,570,582.96 September 25, 2036 I-26-B Variable(2) $ 1,570,582.96 September 25, 2036 I-27-A Variable(2) $ 1,499,906.52 September 25, 2036 I-27-B Variable(2) $ 1,499,906.52 September 25, 2036 I-28-A Variable(2) $ 1,432,452.79 September 25, 2036 I-28-B Variable(2) $ 1,432,452.79 September 25, 2036 I-29-A Variable(2) $ 1,368,032.84 September 25, 2036 I-29-B Variable(2) $ 1,368,032.84 September 25, 2036 I-30-A Variable(2) $ 1,306,586.45 September 25, 2036 I-30-B Variable(2) $ 1,306,586.45 September 25, 2036 I-31-A Variable(2) $ 1,247,936.47 September 25, 2036 I-31-B Variable(2) $ 1,247,936.47 September 25, 2036 I-32-A Variable(2) $ 1,191,949.20 September 25, 2036 I-32-B Variable(2) $ 1,191,949.20 September 25, 2036 I-33-A Variable(2) $ 1,138,513.08 September 25, 2036 I-33-B Variable(2) $ 1,138,513.08 September 25, 2036 I-34-A Variable(2) $ 1,087,397.57 September 25, 2036 I-34-B Variable(2) $ 1,087,397.57 September 25, 2036 I-35-A Variable(2) $ 1,038,650.20 September 25, 2036 I-35-B Variable(2) $ 1,038,650.20 September 25, 2036 I-36-A Variable(2) $ 992,185.48 September 25, 2036 I-36-B Variable(2) $ 992,185.48 September 25, 2036 I-37-A Variable(2) $ 947,829.12 September 25, 2036 I-37-B Variable(2) $ 947,829.12 September 25, 2036 I-38-A Variable(2) $ 905,484.47 September 25, 2036 I-38-B Variable(2) $ 905,484.47 September 25, 2036 I-39-A Variable(2) $ 865,059.32 September 25, 2036 I-39-B Variable(2) $ 865,059.32 September 25, 2036 I-40-A Variable(2) $ 826,458.40 September 25, 2036 I-40-B Variable(2) $ 826,458.40 September 25, 2036 I-41-A Variable(2) $ 789,613.20 September 25, 2036 I-41-B Variable(2) $ 789,613.20 September 25, 2036 I-42-A Variable(2) $ 754,435.65 September 25, 2036 I-42-B Variable(2) $ 754,435.65 September 25, 2036 I-43-A Variable(2) $ 720,849.45 September 25, 2036 I-43-B Variable(2) $ 720,849.45 September 25, 2036 I-44-A Variable(2) $ 688,781.79 September 25, 2036 I-44-B Variable(2) $ 688,781.79 September 25, 2036 I-45-A Variable(2) $ 658,163.24 September 25, 2036 I-45-B Variable(2) $ 658,163.24 September 25, 2036 I-46-A Variable(2) $ 628,927.57 September 25, 2036 I-46-B Variable(2) $ 628,927.57 September 25, 2036 I-47-A Variable(2) $ 601,011.57 September 25, 2036 I-47-B Variable(2) $ 601,011.57 September 25, 2036 I-48-A Variable(2) $ 10,190,521.39 September 25, 2036 I-48-B Variable(2) $ 10,190,521.39 September 25, 2036 I-49-A Variable(2) $ 96,029.84 September 25, 2036 I-49-B Variable(2) $ 96,029.84 September 25, 2036 I-50-A Variable(2) $ 93,024.89 September 25, 2036 I-50-B Variable(2) $ 93,024.89 September 25, 2036 I-51-A Variable(2) $ 90,113.56 September 25, 2036 I-51-B Variable(2) $ 90,113.56 September 25, 2036 I-52-A Variable(2) $ 87,292.93 September 25, 2036 I-52-B Variable(2) $ 87,292.93 September 25, 2036 I-53-A Variable(2) $ 84,560.21 September 25, 2036 I-53-B Variable(2) $ 84,560.21 September 25, 2036 I-54-A Variable(2) $ 81,912.63 September 25, 2036 I-54-B Variable(2) $ 81,912.63 September 25, 2036 I-55-A Variable(2) $ 79,347.57 September 25, 2036 I-55-B Variable(2) $ 79,347.57 September 25, 2036 I-56-A Variable(2) $ 76,862.47 September 25, 2036 I-56-B Variable(2) $ 76,862.47 September 25, 2036 I-57-A Variable(2) $ 74,454.83 September 25, 2036 I-57-B Variable(2) $ 74,454.83 September 25, 2036 I-58-A Variable(2) $ 72,122.26 September 25, 2036 I-58-B Variable(2) $ 72,122.26 September 25, 2036 I-59-A Variable(2) $ 69,894.25 September 25, 2036 I-59-B Variable(2) $ 69,894.25 September 25, 2036 I-60-A Variable(2) $ 2,144,578.05 September 25, 2036 I-60-B Variable(2) $ 2,144,578.05 September 25, 2036 P 0.00% $ 100.00 September 25, 2036 ___________________________
Conveyance of the Mortgage Loans (a) Effective as of the Closing Date, subject only to receipt of the purchase price referred to in Section 1 hereof and the other conditions to the Mortgage Loan Seller’s obligations set forth herein, the Mortgage Loan Seller does hereby sell, assign, transfer, set over and otherwise convey to the Purchaser, without recourse, representation or warranty, other than as set forth herein, all of the right, title and interest of the Mortgage Loan Seller in, to and under the Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files. Such assignment includes all scheduled payments of principal and interest under and proceeds of the Mortgage Loans received after their respective Cut-off Dates (other than scheduled payments of interest and principal due on or before their respective Cut-off Dates, which shall belong and be promptly remitted to the Mortgage Loan Seller) together with all documents delivered or caused to be delivered hereunder with respect to such Mortgage Loans by the Mortgage Loan Seller (including all documents included in the related Mortgage Files and Servicing Files and any related Additional Collateral). The Purchaser shall be entitled to receive all scheduled payments of principal and interest due on the Mortgage Loans after their respective Cut-off Dates, and all other recoveries of principal and interest collected thereon after their respective Cut-off Dates (other than scheduled payments of principal and interest due on the Mortgage Loans on or before their respective Cut-off Dates and collected after such respective Cut-off Dates or, in the case of Replacement Mortgage Loans (if any), due on or prior to the related date of substitution and collected after such date, in each case, which shall belong to the Mortgage Loan Seller). After the Mortgage Loan Seller’s transfer of the Mortgage Loans to the Purchaser, as provided herein, the Mortgage Loan Seller shall not take any action inconsistent with the Purchaser’s ownership of the Mortgage Loans. Except for actions that are the express responsibility of another party hereunder or under the Pooling and Servicing Agreement, and further except for actions that the Mortgage Loan Seller is expressly permitted to complete subsequent to the Closing Date, the Mortgage Loan Seller shall, on or before the Closing Date, take all actions required under applicable law to effectuate the transfer of the Mortgage Loans by the Mortgage Loan Seller to the Purchaser.
REMIC Election for REMIC II The Tax Matters Person shall, on behalf of REMIC II, elect to treat REMIC II as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC II for its first taxable year. The Closing Date is hereby designated as the “startup day” of REMIC II within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC II are hereby designated as “regular interests” in REMIC II for purposes of Section 860G(a)(1) of the Code. The Class R-2 Residual Interest is hereby designated as the sole class of “residual interest” in REMIC II for purposes of Section 860G(a)(2) of the Code. The REMIC II Regular Interests and the Class R-2 Residual Interest shall together be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The parties intend that the affairs of REMIC II shall constitute, and that the affairs of REMIC II shall be conducted so as to qualify it as, a REMIC. In furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC II: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar year as the taxable year for REMIC II when and as required by the REMIC provisions and other applicable federal income tax laws; (b) make an election, on behalf of REMIC II, to be treated as a REMIC on the federal tax return of REMIC II for its first taxable year, in accordance with the REMIC provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the Holders of the Class R-2 Residual Interest all information reports as and when required to be provided to them in accordance with the REMIC provisions; (d) conduct the affairs of REMIC II at all times that any of the Certificates are outstanding so as to maintain the status of REMIC II as a REMIC under the REMIC provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC II; and (f) pay the amount of any federal prohibited transaction penalty taxes imposed on REMIC II when and as the same shall be due and payable (but such obligation shall not prevent the Company or any other appropriate person from contesting any such tax in appropriate proceedings and shall not prevent the Company from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings); provided, that the Company shall be entitled to be indemnified from REMIC II for any such prohibited transaction penalty taxes if the Company’s failure to exercise reasonable care was not the primary cause of the imposition of such prohibited transaction penalty taxes.
