Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) T1-V1 $ 4,805,500.00 (3) T1-F2 $ 12,215,000.00 (2) T1-V2 $ 12,215,000.00 (3) T1-F3 $ 13,985,500.00 (2) T1-V3 $ 13,985,500.00 (3) T1-F4 $ 15,699,000.00 (2) T1-V4 $ 15,699,000.00 (3) T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________ (1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”). (2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2. (3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date. (4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I. (5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________ (1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”). (2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch4), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch4)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 7,095,383.95 (2) T1-V1 $ 4,805,500.00 7,095,383.95 (3) T1-F2 $ 12,215,000.00 8,577,824.19 (2) T1-V2 $ 12,215,000.00 8,577,824.19 (3) T1-F3 $ 13,985,500.00 13,105,450.11 (2) T1-V3 $ 13,985,500.00 13,105,450.11 (3) T1-F4 $ 15,699,000.00 12,511,527.67 (2) T1-V4 $ 15,699,000.00 12,511,527.67 (3) T1-F5 $ 17,164,500.00 12,434,308.28 (2) T1-V5 $ 17,164,500.00 12,434,308.28 (3) T1-F6 $ 18,062,000.00 9,018,647.91 (2) T1-V6 $ 18,062,000.00 9,018,647.91 (3) T1-F7 $ 18,696,000.00 14,561,900.13 (2) T1-V7 $ 18,696,000.00 14,561,900.13 (3) T1-F8 $ 19,042,000.00 15,437,064.97 (2) T1-V8 $ 19,042,000.00 15,437,064.97 (3) T1-F9 $ 18,248,500.00 15,941,568.77 (2) T1-V9 $ 18,248,500.00 15,941,568.77 (3) T1-F10 $ 17,475,500.00 15,527,307.93 (2) T1-V10 $ 17,475,500.00 15,527,307.93 (3) T1-F11 $ 16,735,000.00 14,770,850.18 (2) T1-V11 $ 16,735,000.00 14,770,850.18 (3) T1-F12 $ 16,026,500.00 14,047,988.65 (2) T1-V12 $ 16,026,500.00 14,047,988.65 (3) T1-F13 $ 15,348,500.00 13,361,719.63 (2) T1-V13 $ 15,348,500.00 13,361,719.63 (3) T1-F14 $ 14,698,500.00 12,710,151.22 (2) T1-V14 $ 14,698,500.00 12,710,151.22 (3) T1-F15 $ 14,077,500.00 12,091,490.54 (2) T1-V15 $ 14,077,500.00 12,091,490.54 (3) T1-F16 $ 13,481,500.00 11,504,038.56 (2) T1-V16 $ 13,481,500.00 11,504,038.56 (3) T1-F17 $ 13,584,500.00 10,946,185.11 (2) T1-V17 $ 13,584,500.00 10,946,185.11 (3) T1-F18 $ 28,835,000.00 10,459,785.94 (2) T1-V18 $ 28,835,000.00 10,459,785.94 (3) T1-F19 $ 32,180,500.00 10,083,071.68 (2) T1-V19 $ 32,180,500.00 10,083,071.68 (3) T1-F20 $ 86,618,500.00 10,603,297.43 (2) T1-V20 $ 86,618,500.00 10,603,297.43 (3) T1-F21 $ 12,007,000.00 74,282,396.92 (2) T1-V21 $ 12,007,000.00 74,282,396.92 (3) T1-F22 $ 10,196,500.00 29,306,375.80 (2) T1-V22 $ 10,196,500.00 29,306,375.80 (3) T1-F23 $ 8,763,000.00 4,151,939.64 (2) T1-V23 $ 8,763,000.00 4,151,939.64 (3) T1-F24 $ 5,195,500.00 3,555,630.43 (2) T1-V24 $ 5,195,500.00 3,555,630.43 (3) T1-F25 $ 4,866,000.00 3,257,652.83 (2) T1-V25 $ 4,866,000.00 3,257,652.83 (3) T1-F26 $ 4,636,000.00 2,914,352.60 (2) T1-V26 $ 4,636,000.00 2,914,352.60 (3) T1-F27 $ 4,418,500.00 2,639,019.76 (2) T1-V27 $ 4,418,500.00 2,639,019.76 (3) T1-F28 $ 4,212,500.00 2,413,970.21 (2) T1-V28 $ 4,212,500.00 2,413,970.21 (3) T1-F29 $ 3,032,500.00 2,226,794.46 (2) T1-V29 $ 3,032,500.00 2,226,794.46 (3) T1-F30 $ 565,500.00 2,065,906.94 (2) T1-V30 $ 565,500.00 2,065,906.94 (3) T1-F31 $ 418,500.00 1,784,367.73 (2) T1-V31 $ 418,500.00 1,784,367.73 (3) T1-F32 $ 15,198,000.00 4,533,040.54 (2) T1-V32 $ 15,198,000.00 4,533,040.54 (3) T1-F33 $ 2,048,500.00 6,198,664.20 (2) T1-V33 $ 2,048,500.00 6,198,664.20 (3) T1-F34 $ 1,958,000.00 1,415,801.83 (2) T1-V34 $ 1,958,000.00 1,415,801.83 (3) T1-F35 $ 1,884,500.00 1,284,264.38 (2) T1-V35 $ 1,884,500.00 1,284,264.38 (3) T1-F36 $ 1,813,000.00 1,229,847.05 (2) T1-V36 $ 1,813,000.00 1,229,847.05 (3) T1-F37 $ 1,745,000.00 1,192,969.01 (2) T1-V37 $ 1,745,000.00 1,192,969.01 (3) T1-F38 $ 1,679,500.00 1,157,194.39 (2) T1-V38 $ 1,679,500.00 1,157,194.39 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 2 contracts
Samples: Pooling Agreement (Jpmac 2006-Cw1), Pooling Agreement (Jpmac 2006-Cw1)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Pool 1 Net WAC Reserve Fund Fund, the Pool 2 Net WAC Reserve Fund, the Final Maturity Reserve Accounts, the Final Maturity Reserve Trust and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (54) (1) T1-F1 $ 4,805,500.00 6,887,548.42 (2) T1-V1 $ 4,805,500.00 6,887,548.42 (3) T1-F2 $ 12,215,000.00 8,265,858.52 (2) T1-V2 $ 12,215,000.00 8,265,858.52 (3) T1-F3 $ 13,985,500.00 11,063,995.59 (2) T1-V3 $ 13,985,500.00 11,063,995.59 (3) T1-F4 $ 15,699,000.00 13,282,538.57 (2) T1-V4 $ 15,699,000.00 13,282,538.57 (3) T1-F5 $ 17,164,500.00 12,105,684.27 (2) T1-V5 $ 17,164,500.00 12,105,684.27 (3) T1-F6 $ 18,062,000.00 8,255,157.71 (2) T1-V6 $ 18,062,000.00 8,255,157.71 (3) T1-F7 $ 18,696,000.00 14,434,466.77 (2) T1-V7 $ 18,696,000.00 14,434,466.77 (3) T1-F8 $ 19,042,000.00 15,236,496.13 (2) T1-V8 $ 19,042,000.00 15,236,496.13 (3) T1-F9 $ 18,248,500.00 15,860,289.25 (2) T1-V9 $ 18,248,500.00 15,860,289.25 (3) T1-F10 $ 17,475,500.00 15,514,272.36 (2) T1-V10 $ 17,475,500.00 15,514,272.36 (3) T1-F11 $ 16,735,000.00 14,750,412.84 (2) T1-V11 $ 16,735,000.00 14,750,412.84 (3) T1-F12 $ 16,026,500.00 14,023,683.63 (2) T1-V12 $ 16,026,500.00 14,023,683.63 (3) T1-F13 $ 15,348,500.00 13,333,895.38 (2) T1-V13 $ 15,348,500.00 13,333,895.38 (3) T1-F14 $ 14,698,500.00 12,679,133.80 (2) T1-V14 $ 14,698,500.00 12,679,133.80 (3) T1-F15 $ 14,077,500.00 12,057,584.91 (2) T1-V15 $ 14,077,500.00 12,057,584.91 (3) T1-F16 $ 13,481,500.00 11,467,529.76 (2) T1-V16 $ 13,481,500.00 11,467,529.76 (3) T1-F17 $ 13,584,500.00 10,907,339.43 (2) T1-V17 $ 13,584,500.00 10,907,339.43 (3) T1-F18 $ 28,835,000.00 10,375,470.29 (2) T1-V18 $ 28,835,000.00 10,375,470.29 (3) T1-F19 $ 32,180,500.00 9,993,508.77 (2) T1-V19 $ 32,180,500.00 9,993,508.77 (3) T1-F20 $ 86,618,500.00 10,356,652.88 (2) T1-V20 $ 86,618,500.00 10,356,652.88 (3) T1-F21 $ 12,007,000.00 84,448,323.31 (2) T1-V21 $ 12,007,000.00 84,448,323.31 (3) T1-F22 $ 10,196,500.00 41,785,079.73 (2) T1-V22 $ 10,196,500.00 41,785,079.73 (3) T1-F23 $ 8,763,000.00 305,553.13 (2) T1-V23 $ 8,763,000.00 305,553.13 (3) T1-F24 $ 5,195,500.00 1,789,007.82 (2) T1-V24 $ 5,195,500.00 1,789,007.82 (3) T1-F25 $ 4,866,000.00 1,683,647.98 (2) T1-V25 $ 4,866,000.00 1,683,647.98 (3) T1-F26 $ 4,636,000.00 1,617,828.64 (2) T1-V26 $ 4,636,000.00 1,617,828.64 (3) T1-F27 $ 4,418,500.00 1,586,304.98 (2) T1-V27 $ 4,418,500.00 1,586,304.98 (3) T1-F28 $ 4,212,500.00 1,614,935.17 (2) T1-V28 $ 4,212,500.00 1,614,935.17 (3) T1-F29 $ 3,032,500.00 3,422,571.86 (2) T1-V29 $ 3,032,500.00 3,422,571.86 (3) T1-F30 $ 565,500.00 1,760,302.06 (2) T1-V30 $ 565,500.00 1,760,302.06 (3) T1-F31 $ 418,500.00 1,150,114.15 (2) T1-V31 $ 418,500.00 1,150,114.15 (3) T1-F32 $ 15,198,000.00 1,115,556.54 (2) T1-V32 $ 15,198,000.00 1,115,556.54 (3) T1-F33 $ 2,048,500.00 1,082,039.99 (2) T1-V33 $ 2,048,500.00 1,082,039.99 (3) T1-F34 $ 1,958,000.00 1,049,532.79 (2) T1-V34 $ 1,958,000.00 1,049,532.79 (3) T1-F35 $ 1,884,500.00 1,018,004.25 (2) T1-V35 $ 1,884,500.00 1,018,004.25 (3) T1-F36 $ 1,813,000.00 987,424.60 (2) T1-V36 $ 1,813,000.00 987,424.60 (3) T1-F37 $ 1,745,000.00 957,765.03 (2) T1-V37 $ 1,745,000.00 957,765.03 (3) T1-F38 $ 1,679,500.00 928,997.61 (2) T1-V38 $ 1,679,500.00 928,997.61 (3) T1-F39 $ 1,616,500.00 901,095.28 (2) T1-V39 $ 1,616,500.00 901,095.28 (3) T1-F40 $ 1,556,000.00 923,364.29 (2) T1-V40 $ 1,556,000.00 923,364.29 (3) T1-F41 $ 1,498,000.00 912,618.30 (2) T1-V41 $ 1,498,000.00 912,618.30 (3) T1-F42 $ 1,441,500.00 885,436.50 (2) T1-V42 $ 1,441,500.00 885,436.50 (3) T1-F43 $ 1,388,000.00 858,855.58 (2) T1-V43 $ 1,388,000.00 858,855.58 (3) T1-F44 $ 1,336,500.00 833,054.47 (2) T1-V44 $ 1,336,500.00 833,054.47 (3) T1-F45 $ 1,286,500.00 808,028.41 (2) T1-V45 $ 1,286,500.00 808,028.41 (3) F1T1-F46 $ 1,238,500.00 783,754.00 (2) T1-V46 $ 1,238,500.00 783,754.00 (3) T1-F47 $ 1,192,500.00 760,208.52 (2) T1-F47 V47 $ 1,192,500.00 760,208.52 (3) T1-V48 F48 $ 1,148,500.00 737,369.96 (2) T1-F48 V48 $ 1,148,500.00 737,369.96 (3) T1-V49 F49 $ 1,106,000.00 715,217.01 (2) T1-F49 V49 $ 1,106,000.00 715,217.01 (3) T1-V50 F50 $ 1,064,500.00 20,778,150.19 (2) T1-F50 V50 $ 1,064,500.00 20,778,150.19 (3) T1-V51 $ 1,025,500.00 Group-1 (25) (5) T1-F51 $ 1,025,500.00 CC1-IO (36) (6) T1-V52 $ 1,103,500.00 CC2-IO (27) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (37) R-I (4) 8) (4) 8) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Pool 2 Net WAC Rate, determined without regard to the Swap Agreement (the “Pool 2 REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the Pool 2 REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the Pool 2 REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Group 2 and Group 3 Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I (other than the Class T1-Group-1 Interest).
(5) This interest shall have an initial principal balance equal to the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date. The interest rate for the Class T1-Group-1 Interest shall be the Pool 1 Net WAC Rate.
(6) This interest shall be entitled to all Credit Comeback Excess Amounts in respect of the Group 1 Mortgage Loans. This interest shall not have a principal amount and shall not bear interest.
(7) This interest shall be entitled to all Credit Comeback Excess Amounts in respect of the Group 2 and Group 3 Mortgage Loans. This interest shall not have a principal amount and shall not bear interest.
(8) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Group 2 and Group 3 Interest Remittance Amount for each Group Amounts (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests (other than the Class T1-Group-1, Class T1-CC1-IO, Class T1-CC2-IO Interests) based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Group 2 and Group 3 Principal Remittance Amount with respect to each Group Amounts with respect to the REMIC I Regular Interests (other than the Class T1-Group-1, Class T1-CC1-IO, Class T1-CC2-IO Interests), first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests (other than the Class T1-Group-1, Class T1-CC1-IO, Class T1-CC2-IO Interests) in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Group 2 or Group 3 Mortgage Loans shall be allocated among the REMIC I Regular Interests (other than the Class T1-Group-1, Class T1-CC1-IO, Class T1-CC2-IO Interests) in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums Penalties in respect of the Group 2 or Group 3 Mortgage Loans to the Class T1-F77 F50 Interest. REMIC II: The following table sets forth On each Distribution Date, the designations, principal balances, Securities Administrator shall distribute any Credit Comeback Excess Amounts in respect of the Group 2 and interest rates for each interest in REMIC II, each of which (other than Group 3 Mortgage Loans to the RClass T1-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2CC2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Interest. On each Distribution Date (and the related Interest Accrual Period)Date, the Securities Administrator shall distribute the Group 1 Interest Remittance Amount (net of expenses described in the first paragraph) with respect to the Class T1-Group-1 Interest based on the above-described interest rate for rates. On each of these interests Distribution Date, the Securities Administrator shall distribute the Group 1 Principal Remittance Amount to the T1-Group-1 Interest until its principal balance is a per annum rate reduced to zero. All losses on the Group 1 Mortgage Loans shall be allocated to the Class T1-Group-1 Interest in the same manner that principal distributions are allocated. On each Distribution Date, the Securities Administrator shall distribute an amount equal to the weighted average amount then on deposit in the Distribution Account that represents Prepayment Penalties in respect of the interest rates on Group 1 Mortgage Loans to the REMIC Class T1-Group I Regular Interests for such Interest. On each Distribution Date, provided, however, that for the Securities Administrator shall distribute any Distribution Date on which Credit Comeback Excess Amounts in respect of the T2Group 1 Mortgage Loans to the Class T1-CC1-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”)Interest.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2006-Cw2), Pooling and Servicing Agreement (Jpmac 2006-Cw2)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Swap Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 62,447,506.18 (1) T1-F1 $ 4,805,500.00 5,622,589.50 (2) T1-V1 $ 4,805,500.00 5,622,589.50 (3) T1-F2 $ 12,215,000.00 6,534,617.50 (2) T1-V2 $ 12,215,000.00 6,534,617.50 (3) T1-F3 $ 13,985,500.00 7,431,478.00 (2) T1-V3 $ 13,985,500.00 7,431,478.00 (3) T1-F4 $ 15,699,000.00 8,308,131.50 (2) T1-V4 $ 15,699,000.00 8,308,131.50 (3) T1-F5 $ 17,164,500.00 8,246,271.00 (2) T1-V5 $ 17,164,500.00 8,246,271.00 (3) T1-F6 $ 18,062,000.00 912,864.00 (2) T1-V6 $ 18,062,000.00 912,864.00 (3) T1-F7 $ 18,696,000.00 11,285,927.00 (2) T1-V7 $ 18,696,000.00 11,285,927.00 (3) T1-F8 $ 19,042,000.00 11,464,524.50 (2) T1-V8 $ 19,042,000.00 11,464,524.50 (3) T1-F9 $ 18,248,500.00 12,155,207.50 (2) T1-V9 $ 18,248,500.00 12,155,207.50 (3) T1-F10 $ 17,475,500.00 12,511,001.00 (2) T1-V10 $ 17,475,500.00 12,511,001.00 (3) T1-F11 $ 16,735,000.00 12,824,432.50 (2) T1-V11 $ 16,735,000.00 12,824,432.50 (3) T1-F12 $ 16,026,500.00 13,102,562.00 (2) T1-V12 $ 16,026,500.00 13,102,562.00 (3) T1-F13 $ 15,348,500.00 13,342,662.00 (2) T1-V13 $ 15,348,500.00 13,342,662.00 (3) T1-F14 $ 14,698,500.00 13,542,414.50 (2) T1-V14 $ 14,698,500.00 13,542,414.50 (3) T1-F15 $ 14,077,500.00 13,699,771.50 (2) T1-V15 $ 14,077,500.00 13,699,771.50 (3) T1-F16 $ 13,481,500.00 13,813,056.00 (2) T1-V16 $ 13,481,500.00 13,813,056.00 (3) T1-F17 $ 13,584,500.00 13,880,806.50 (2) T1-V17 $ 13,584,500.00 13,880,806.50 (3) T1-F18 $ 28,835,000.00 13,902,067.50 (2) T1-V18 $ 28,835,000.00 13,902,067.50 (3) T1-F19 $ 32,180,500.00 13,876,234.00 (2) T1-V19 $ 32,180,500.00 13,876,234.00 (3) T1-F20 $ 86,618,500.00 13,803,025.00 (2) T1-V20 $ 86,618,500.00 13,803,025.00 (3) T1-F21 $ 12,007,000.00 13,680,456.50 (2) T1-V21 $ 12,007,000.00 13,680,456.50 (3) T1-F22 $ 10,196,500.00 12,938,139.00 (2) T1-V22 $ 10,196,500.00 12,938,139.00 (3) T1-F23 $ 8,763,000.00 12,208,034.00 (2) T1-V23 $ 8,763,000.00 12,208,034.00 (3) T1-F24 $ 5,195,500.00 11,522,999.50 (2) T1-V24 $ 5,195,500.00 11,522,999.50 (3) T1-F25 $ 4,866,000.00 129,958,644.00 (2) T1-V25 $ 4,866,000.00 129,958,644.00 (3) T1-F26 $ 4,636,000.00 3,068,406.00 (2) T1-V26 $ 4,636,000.00 3,068,406.00 (3) T1-F27 $ 4,418,500.00 2,930,169.50 (2) T1-V27 $ 4,418,500.00 2,930,169.50 (3) T1-F28 $ 4,212,500.00 2,798,611.00 (2) T1-V28 $ 4,212,500.00 2,798,611.00 (3) T1-F29 $ 3,032,500.00 2,673,385.50 (2) T1-V29 $ 3,032,500.00 2,673,385.50 (3) T1-F30 $ 565,500.00 2,554,169.00 (2) T1-V30 $ 565,500.00 2,554,169.00 (3) T1-F31 $ 418,500.00 1,782,064.00 (2) T1-V31 $ 418,500.00 1,782,064.00 (3) T1-F32 $ 15,198,000.00 658,587.50 (2) T1-V32 $ 15,198,000.00 658,587.50 (3) T1-F33 $ 2,048,500.00 2,332,544.00 (2) T1-V33 $ 2,048,500.00 2,332,544.00 (3) T1-F34 $ 1,958,000.00 569,324.50 (2) T1-V34 $ 1,958,000.00 569,324.50 (3) T1-F35 $ 1,884,500.00 631,525.00 (2) T1-V35 $ 1,884,500.00 631,525.00 (3) T1-F36 $ 1,813,000.00 1,028,715.50 (2) T1-V36 $ 1,813,000.00 1,028,715.50 (3) T1-F37 $ 1,745,000.00 138,038.00 (2) T1-V37 $ 1,745,000.00 138,038.00 (3) T1-F38 $ 1,679,500.00 1,124,387.00 (2) T1-V38 $ 1,679,500.00 1,124,387.00 (3) T1-F39 $ 1,616,500.00 868,154.00 (2) T1-V39 $ 1,616,500.00 868,154.00 (3) T1-F40 $ 1,556,000.00 215,424.50 (2) T1-V40 $ 1,556,000.00 215,424.50 (3) T1-F41 $ 1,498,000.00 1,044,269.00 (2) T1-V41 $ 1,498,000.00 1,044,269.00 (3) T1-F42 $ 1,441,500.00 1,006,404.00 (2) T1-V42 $ 1,441,500.00 1,006,404.00 (3) T1-F43 $ 1,388,000.00 969,928.00 (2) T1-V43 $ 1,388,000.00 969,928.00 (3) T1-F44 $ 1,336,500.00 934,789.00 (2) T1-V44 $ 1,336,500.00 934,789.00 (3) T1-F45 $ 1,286,500.00 900,937.50 (2) T1-V45 $ 1,286,500.00 900,937.50 (3) F1T1-F46 $ 1,238,500.00 868,325.50 (2) T1-V46 $ 1,238,500.00 868,325.50 (3) T1-F47 $ 1,192,500.00 836,905.00 (2) T1-F47 V47 $ 1,192,500.00 836,905.00 (3) T1-V48 F48 $ 1,148,500.00 806,634.00 (2) T1-F48 V48 $ 1,148,500.00 806,634.00 (3) T1-V49 F49 $ 1,106,000.00 777,467.50 (2) T1-F49 V49 $ 1,106,000.00 777,467.50 (3) T1-V50 F50 $ 1,064,500.00 749,365.00 (2) T1-F50 V50 $ 1,064,500.00 749,365.00 (3) T1-V51 F51 $ 1,025,500.00 20,029,158.50 (2) T1-F51 V51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 20,029,158.50 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F51 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A1A (1) ½ Corresponding Class balance A-1 A-1A T2-A2 A1B (1) ½ Corresponding Class balance A-2 T2-A3 A-1B
(1) ½ Corresponding Class balance A-3 T2-A4 A-2
(1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the Class T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest with the letter “F” in its class designation listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
(3) The Class R-II interest is the sole class of residual interests in REMIC II It does not have an interest rate or a principal balance.
(4) This interest shall have an initial principal balance equal to the aggregate principal balance of all the Mortgage Loans as of the Cut-off Date minus the aggregate initial principal balance of each other regular interest in REMIC II. On each Distribution Date, interest shall be distributed on the REMIC II Regular Interests based on the above-described interest rates, provided, however, that interest that accrues on the Class T2-Accrual Interest shall be deferred in an amount equal to one-half of the increase, if any, in the Overcollateralized Amount for such Distribution Date. Any interest so deferred shall itself bear interest at the interest rate for the Class T2-Accrual Interest. An amount equal to the interest so deferred shall be distributed as additional principal on the other REMIC II Regular Interests having a principal balance in the manner described under priority First below. On each Distribution Date principal shall be distributed, and Realized Losses shall be allocated, among the REMIC II Regular Interests in the following order of priority: First, to the Class T2-A1A, Class T2-A1B, Class T2-A2, Class T2-A3, Class T2-A4, Class T2-M1, Class T2-M2, Class T2-M3, Class T2-M4, Class T2-M5, Class T2-M6, Class T2-M7, Class T2-M8, Class T2-M9, Class T2-M10, and Class T2-M11 Interests until the principal balance of each such REMIC II Regular Interest equals one-half of the Class Principal Amount of the Corresponding Class of Certificates immediately after such Distribution Date; and Second, to the Class T2-Accrual Interest, any remaining amounts. On each Distribution Date, the Securities Administrator shall be deemed to have distributed the Prepayment Premiums passed through with respect to the Class T1-F51 REMIC I Regular Interests on such Distribution Date to the Class T2-Accrual Interest. Master REMIC: The following table sets forth characteristics of the Certificates, each of which, except for the Class R Certificates, is hereby designated as a “regular interest” in the REMIC III: Class A-1A $311,578,000 (1) Class A-1B $34,620,000 (1) Class A-2 $167,695,000 (1) Class A-3 $194,958,000 (1) Class A-4 $30,838,000 (1) Class M-1 $34,370,000 (1) Class M-2 $31,466,000 (1) Class M-3 $19,848,000 (1) Class M-4 $16,459,000 (1) Class M-5 $15,491,000 (1) Class M-6 $14,039,000 (1) Class M-7 $13,555,000 (1) Class M-8 $11,618,000 (1) Class M-9 $10,650,000 (1) Class M-10 $10,650,000 (1) Class M-11 $9,680,000 (1) Class C (2) (2) Class P $100 (3) Class R (4) N/A N/A (1) The lesser of the related Formula Rate and the Net WAC Rate. Any entitlement to Net WAC Rate Carryover Amounts shall not be an obligation of any REMIC created hereunder. For purposes of the REMIC Provisions, the reference to “Net WAC Rate” in the preceding sentence shall be deemed to be a reference to the REMIC II Net WAC Rate; therefore, on any Distribution Date on which the Pass-Through Rate for any Certificate exceeds the REMIC II Net WAC Rate, interest accruals based on such excess shall be treated as having been paid from the Net WAC Rate Reserve Fund or the Supplemental Interest Trust, as applicable; on any Distribution Date on which the Pass-Through Rate on a Class of Certificates is based on the Net WAC Rate, the amount of interest that would have accrued on such Class of Certificates if the REMIC II Net WAC Rate were substituted for the Net WAC Rate shall be treated as having been paid by the holder of such Certificate to the Supplemental Interest Trust, all pursuant to and as further provided in Section 10.01(k) hereof.
(2) The Class C Certificates shall represent ownership of a regular interest (the “Class C Interest”), which shall comprise two notional components, the first of which has a notional balance equal to the aggregate Stated Principal Balance of the Mortgage Loans. The initial interest rate of the Class C Interest shall be a rate sufficient to cause all net interest from the Mortgage Loans to accrue on the Class C Interest that is in excess of the amount of interest that accrues on the Class A Certificates and the Class M Certificates. For any Distribution Date, the Pass-Through Rate in respect of the Class C Interest shall be the excess of: (i) the Net WAC Rate over (ii) the product of: (A) two and (B) the weighted average Pass-Through Rate of the REMIC II Regular Interests and the Class T2-Accrual Interest, where the Class T2-Accrual Interest is subject to a cap equal to zero and each remaining REMIC II Regular Interest is subject to a cap equal to the Pass-Through Rate on its Corresponding Class. The second notional component represents the right to receive all distributions in respect of the Class T2-IO Interest in REMIC II. The Class C Interest shall also be entitled to principal equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date (less $100.00) over the aggregate Class Principal Amount of the Class A Certificates and Class M Certificates as of the Closing Date. Such principal balance shall not bear interest. Also, the Class C Certificates shall represent beneficial ownership of (i) the Net WAC Reserve Fund, (ii) the Supplemental Interest Trust, and (iii) an interest in the interest rate cap contracts described in Section 10.01(k) hereof.
(3) The Class P Certificates shall not be entitled to payments of interest, but shall be entitled to receive all Prepayment Premiums in respect of the Mortgage Loans.
(4) REMIC III shall also issue the R-III interest, which shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. The Class R Certificates shall represent the beneficial ownership of the R-II and R-III interests. The foregoing REMIC structure is intended to cause all of the cash from the Mortgage Loans to flow through to the Master REMIC as cash flow on a REMIC regular interest, without creating any shortfall, actual or potential (other than for credit losses), to any REMIC regular interest. To the extent that the structure is believed to diverge from such intention, the party identifying any ambiguity or drafting error shall notify the other parties hereto, and the parties hereto shall attempt to resolve such ambiguity or correct such drafting error in accordance with Section 11.01 to accomplish such intention.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Group 1 Net WAC Reserve Fund, the Group 2 Net WAC Reserve Fund, the Class AF-1a Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-Pool-1 (6) (7) T1-A (5) (1) T1-F1 $ 4,805,500.00 17,288,000.00 (2) T1-V1 $ 4,805,500.00 17,288,000.00 (3) T1-F2 $ 12,215,000.00 19,808,000.00 (2) T1-V2 $ 12,215,000.00 19,808,000.00 (3) T1-F3 $ 13,985,500.00 22,225,000.00 (2) T1-V3 $ 13,985,500.00 22,225,000.00 (3) T1-F4 $ 15,699,000.00 24,526,500.00 (2) T1-V4 $ 15,699,000.00 24,526,500.00 (3) T1-F5 $ 17,164,500.00 18,490,500.00 (2) T1-V5 $ 17,164,500.00 18,490,500.00 (3) T1-F6 $ 18,062,000.00 28,322,500.00 (2) T1-V6 $ 18,062,000.00 28,322,500.00 (3) T1-F7 $ 18,696,000.00 27,563,000.00 (2) T1-V7 $ 18,696,000.00 27,563,000.00 (3) T1-F8 $ 19,042,000.00 26,391,500.00 (2) T1-V8 $ 19,042,000.00 26,391,500.00 (3) T1-F9 $ 18,248,500.00 25,271,000.00 (2) T1-V9 $ 18,248,500.00 25,271,000.00 (3) T1-F10 $ 17,475,500.00 24,198,000.00 (2) T1-V10 $ 17,475,500.00 24,198,000.00 (3) T1-F11 $ 16,735,000.00 23,170,500.00 (2) T1-V11 $ 16,735,000.00 23,170,500.00 (3) T1-F12 $ 16,026,500.00 22,188,000.00 (2) T1-V12 $ 16,026,500.00 22,188,000.00 (3) T1-F13 $ 15,348,500.00 21,248,000.00 (2) T1-V13 $ 15,348,500.00 21,248,000.00 (3) T1-F14 $ 14,698,500.00 22,016,500.00 (2) T1-V14 $ 14,698,500.00 22,016,500.00 (3) T1-F15 $ 14,077,500.00 20,115,000.00 (2) T1-V15 $ 14,077,500.00 20,115,000.00 (3) T1-F16 $ 13,481,500.00 18,770,000.00 (2) T1-V16 $ 13,481,500.00 18,770,000.00 (3) T1-F17 $ 13,584,500.00 24,328,000.00 (2) T1-V17 $ 13,584,500.00 24,328,000.00 (3) T1-F18 $ 28,835,000.00 162,525,000.00 (2) T1-V18 $ 28,835,000.00 162,525,000.00 (3) T1-F19 $ 32,180,500.00 51,618,000.00 (2) T1-V19 $ 32,180,500.00 51,618,000.00 (3) T1-F20 $ 86,618,500.00 17,056,000.00 (2) T1-V20 $ 86,618,500.00 17,056,000.00 (3) T1-F21 $ 12,007,000.00 14,944,000.00 (2) T1-V21 $ 12,007,000.00 14,944,000.00 (3) T1-F22 $ 10,196,500.00 8,562,500.00 (2) T1-V22 $ 10,196,500.00 8,562,500.00 (3) T1-F23 $ 8,763,000.00 6,526,500.00 (2) T1-V23 $ 8,763,000.00 6,526,500.00 (3) T1-F24 $ 5,195,500.00 6,208,500.00 (2) T1-V24 $ 5,195,500.00 6,208,500.00 (3) T1-F25 $ 4,866,000.00 5,909,000.00 (2) T1-V25 $ 4,866,000.00 5,909,000.00 (3) T1-F26 $ 4,636,000.00 5,642,500.00 (2) T1-V26 $ 4,636,000.00 5,642,500.00 (3) T1-F27 $ 4,418,500.00 5,589,000.00 (2) T1-V27 $ 4,418,500.00 5,589,000.00 (3) T1-F28 $ 4,212,500.00 5,283,500.00 (2) T1-V28 $ 4,212,500.00 5,283,500.00 (3) T1-F29 $ 3,032,500.00 4,833,500.00 (2) T1-V29 $ 3,032,500.00 4,833,500.00 (3) T1-F30 $ 565,500.00 28,766,500.00 (2) T1-V30 $ 565,500.00 28,766,500.00 (3) T1-F31 $ 418,500.00 6,855,500.00 (2) T1-V31 $ 418,500.00 6,855,500.00 (3) T1-F32 $ 15,198,000.00 1,814,500.00 (2) T1-V32 $ 15,198,000.00 1,814,500.00 (3) T1-F33 $ 2,048,500.00 1,151,000.00 (2) T1-V33 $ 2,048,500.00 1,151,000.00 (3) T1-F34 $ 1,958,000.00 296,500.00 (2) T1-V34 $ 1,958,000.00 296,500.00 (3) T1-F35 $ 1,884,500.00 308,000.00 (2) T1-V35 $ 1,884,500.00 308,000.00 (3) T1-F36 $ 1,813,000.00 1,698,000.00 (2) T1-V36 $ 1,813,000.00 1,698,000.00 (3) T1-F37 $ 1,745,000.00 87,500.00 (2) T1-V37 $ 1,745,000.00 87,500.00 (3) T1-F38 $ 1,679,500.00 1,556,000.00 (2) T1-V38 $ 1,679,500.00 1,556,000.00 (3) T1-F39 $ 1,616,500.00 749,000.00 (2) T1-V39 $ 1,616,500.00 749,000.00 (3) T1-F40 $ 1,556,000.00 841,000.00 (2) T1-V40 $ 1,556,000.00 841,000.00 (3) T1-F41 $ 1,498,000.00 1,539,000.00 (2) T1-V41 $ 1,498,000.00 1,539,000.00 (3) T1-F42 $ 1,441,500.00 1,621,000.00 (2) T1-V42 $ 1,441,500.00 1,621,000.00 (3) T1-F43 $ 1,388,000.00 1,619,000.00 (2) T1-V43 $ 1,388,000.00 1,619,000.00 (3) T1-F44 $ 1,336,500.00 1,563,500.00 (2) T1-V44 $ 1,336,500.00 1,563,500.00 (3) T1-F45 $ 1,286,500.00 1,510,500.00 (2) T1-V45 $ 1,286,500.00 1,510,500.00 (3) F1T1-F46 $ 1,238,500.00 1,460,000.00 (2) T1-V46 $ 1,238,500.00 1,460,000.00 (3) T1-F47 $ 1,192,500.00 1,410,000.00 (2) T1-F47 V47 $ 1,192,500.00 1,410,000.00 (3) T1-V48 F48 $ 1,148,500.00 1,363,000.00 (2) T1-F48 V48 $ 1,148,500.00 1,363,000.00 (3) T1-V49 F49 $ 1,106,000.00 1,317,500.00 (2) T1-F49 V49 $ 1,106,000.00 1,317,500.00 (3) T1-V50 F50 $ 1,064,500.00 1,273,000.00 (2) T1-F50 V50 $ 1,064,500.00 1,273,000.00 (3) T1-V51 F51 $ 1,025,500.00 1,231,000.00 (2) T1-F51 V51 $ 1,025,500.00 1,231,000.00 (3) T1-V52 F52 $ 1,103,500.00 1,190,000.00 (2) T1-F52 V52 $ 1,103,500.00 1,190,000.00 (3) T1-V53 F53 $ 1,186,500.00 32,158,000.00 (2) T1-F53 V53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 32,158,000.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Group 2 Net WAC Rate, determined without regard to the Swap Agreement (the “Group 2 REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the Group 2 REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the Group 2 REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. I (other than the T1-Pool-1 Interest).
(6) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-Pool-1 Interest shall be the Group 1 Net WAC Rate.
(7) This interest shall have an initial principal balance equal to the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Group 1 Interest Remittance Amount for (net of expenses described in the preceding paragraph) to the Class T1-Pool-1 Interest based on the above-described interest rate. On each Distribution Date, the Securities Administrator shall distribute the Group 2 Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests (other than the Class T1-Pool-1 Interest) based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2006-Ch2), Pooling and Servicing Agreement (Jpmac 2006-Ch2)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $76,401.77 (2) T2-SA-IO(1) 2/2004 818,392,498 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 86,602.25 (2) T2-SA-IO(2) 3/2004 810,752,321 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 96,636.25 (2) T2-SA-IO(3) 4/2004 802,092,096 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 106,463.62 (2) T2-SA-IO(4) 5/2004 792,428,471 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 116,044.44 (2) T2-SA-IO(5) 6/2004 781,782,109 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 125,339.26 (2) T2-SA-IO(6) 7/2004 770,177,665 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 134,309.47 (2) T2-SA-IO(7) 8/2004 757,643,739 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 142,906.73 (2) T2-SA-IO(8) 9/2004 744,212,792 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 147,839.95 (2) T2-SA-IO(9) 10/2004 729,922,119 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 151,619.52 (2) T2-SA-IO(10) 11/2004 715,138,124 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 155,155.10 (2) T2-SA-IO(11) 12/2004 699,976,172 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 158,428.33 (2) T2-SA-IO(12) 1/2005 684,460,662 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 161,422.01 (2) T2-SA-IO(13) 2/2005 668,617,829 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 164,120.34 (2) T2-SA-IO(14) 3/2005 652,475,628 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 166,508.95 (2) T2-SA-IO(15) 4/2005 636,063,594 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 168,575.06 (2) T2-SA-IO(16) 5/2005 619,412,699 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 170,307.52 (2) T2-SA-IO(17) 6/2005 602,555,193 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 171,696.96 (2) T2-SA-IO(18) 7/2005 585,524,441 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 172,735.82 (2) T2-SA-IO(19) 8/2005 568,354,745 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 173,389.95 (2) T2-SA-IO(20) 9/2005 551,081,163 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 168,497.63 (2) T2-SA-IO(21) 10/2005 533,742,168 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 162,992.22 (2) T2-SA-IO(22) 11/2005 516,892,405 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 157,671.69 (2) T2-SA-IO(23) 12/2005 500,593,183 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 152,529.67 (2) T2-SA-IO(24) 1/2006 484,826,014 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 147,560.08 (2) T2-SA-IO(25) 2/2006 469,573,047 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 4,548,170.39(3) (2) T1T2-V27 $ 4,418,500.00 (3SA-IO(26) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 3/2006 454,817,039 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1.00% of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1.00% of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A $752,456,881.97 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A N/A N/A T2-IO A-IO(1) 700,000.00 (1) T3-A-IO(1) 1/2004 $69,800,000 T2-A-IO(2) 900,000.00 (1) T3-A-IO(2) 2/2004 69,100,000 T2-A-IO(3) 1,100,000.00 (1) T3-A-IO(3) 3/2004 68,200,000 T2-A-IO(4) 1,200,000.00 (1) T3-A-IO(4) 4/2004 67,100,000 T2-A-IO(5) 1,400,000.00 (1) T3-A-IO(5) 5/2004 65,900,000 T2-A-IO(6) 1,600,000.00 (1) T3-A-IO(6) 6/2004 64,500,000 T2-A-IO(7) 1,700,000.00 (1) T3-A-IO(7) 7/2004 62,900,000 T2-A-IO(8) 1,900,000.00 (1) T3-A-IO(8) 8/2004 61,200,000 T2-A-IO(9) 2,000,000.00 (1) T3-A-IO(9) 9/2004 59,300,000 T2-A-IO(10) 20,400,000.00 (1) T3-A-IO(10) 10/2004 57,300,000 T2-A-IO(11) 1,900,000.00 (1) T3-A-IO(11) 11/2004 36,900,000 T2-A-IO(12) 2,000,000.00 (1) T3-A-IO(12) 12/2004 35,000,000 T2-A-IO(13) 2,100,000.00 (1) T3-A-IO(13) 1/2005 33,000,000 T2-A-IO(14) 2,200,000.00 (1) T3-A-IO(14) 2/2005 30,900,000 T2-A-IO(15) 2,200,000.00 (1) T3-A-IO(15) 3/2005 28,700,000 T2-A-IO(16) 2,200,000.00 (1) T3-A-IO(16) 4/2005 26,500,000 T2-A-IO(17) 2,300,000.00 (1) T3-A-IO(17) 5/2005 24,300,000 T2-A-IO(18) 2,400,000.00 (1) T3-A-IO(18) 6/2005 22,000,000 T2-A-IO(19) 2,400,000.00 (1) T3-A-IO(19) 7/2005 19,600,000 T2-A-IO(20) 2,500,000.00 (1) T3-A-IO(20) 8/2005 17,200,000 T2-A-IO(21) 2,500,000.00 (1) T3-A-IO(21) 9/2005 14,700,000 T2-A-IO(22) 2,500,000.00 (1) T3-A-IO(22) 10/2005 12,200,000 T2-A-IO(23) 2,500,000.00 (1) T3-A-IO(23) 11/2005 9,700,000 T2-A-IO(24) 7,200,000.00(3) (1) T3-A-IO(24) 6/2006 7,200,000 T2-SA (2) (2) N/A N/A R-II (34) (34) R ___________________________N/A N/A
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessClass A-IO Net WAC Rate.
(2) The T2-SA interest shall represent 26 REMIC regular interests, if anyeach of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 3.24%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 3.24% is equal to 100 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1.00% of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(i3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the outstanding T2-A-IO interest with the lowest numerical denomination until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): REMIC Interests Initial Balance Interest Rate T3-A (1) Class B-IO Cap Rate T3-B1 $3,000,000.00 Class B-IO Cap Rate T3-B2 74,200,000.00(4) Class B-IO Cap Rate T3-SA (2) (2) T3-A-IO (3) (3) R-III (5) (5)
(1) The principal balance is equal to the principal balance of all REMIC II Regular Interest less $77,200,000.00.
(2) The T3-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T2-SA interest on such Distribution Date.
(3) The T3-A-IO interest shall represent 24 REMIC regular interests, each of which appears under the heading “Corresponding REMIC III Interest” in the table designating the interests in REMIC II above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC II interest to which it corresponds at a per annum rate equal to the rate thereof subject to a maximum rate of 4.00%. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC III interest, such Corresponding REMIC III interest shall not be entitled to receive any interest
(4) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(5) The R-III interest shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T3-A interest until such interest is reduced to zero. After the T3-A interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B1 interest until such interest is reduced to zero. After the T3-B1 interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B2 interest until such interest is reduced to zero. REMIC IV: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC IV, each of which (other than the R-IV interest) is hereby designated as a regular interest in REMIC IV (the “REMIC IV Regular Interests”):
(1) This interest is a REMIC IV Accretion Directed Class.
(2) The T4-P interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(3) The T4-A-IO interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-A-IO interest on such Distribution Date.
(4) The T4-B-IO interest shall represent 2 regular interests, both of which are interest-only regular interests. One such regular interest shall have a notional balance equal to the principal balance of the T3-B1 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in February 2004, the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) of the product T3-B1 interest, subject to a maximum rate of (a) two3.50%, and (b) Swap LIBOR for thereafter, 0%. The other such regular interest shall have a notional balance equal to the principal balance of the T3-B2 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in November 2005, the interest rate of the T3-B2 interest, subject to a maximum rate of 3.50%, and (b) thereafter, 0%.
(5) The T4-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-SA interest on such Distribution Date.
(6) The R-IV interest shall not have a principal amount and shall not bear interest. The R-IV interest is hereby designated as the sole class of residual interest in REMIC IV.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 9,028,500.00 (2) T1-V1 $ 4,805,500.00 9,028,500.00 (3) T1-F2 $ 12,215,000.00 11,000,000.00 (2) T1-V2 $ 12,215,000.00 11,000,000.00 (3) T1-F3 $ 13,985,500.00 12,949,000.00 (2) T1-V3 $ 13,985,500.00 12,949,000.00 (3) T1-F4 $ 15,699,000.00 14,855,500.00 (2) T1-V4 $ 15,699,000.00 14,855,500.00 (3) T1-F5 $ 17,164,500.00 16,703,000.00 (2) T1-V5 $ 17,164,500.00 16,703,000.00 (3) T1-F6 $ 18,062,000.00 18,160,000.00 (2) T1-V6 $ 18,062,000.00 18,160,000.00 (3) T1-F7 $ 18,696,000.00 19,393,000.00 (2) T1-V7 $ 18,696,000.00 19,393,000.00 (3) T1-F8 $ 19,042,000.00 20,328,000.00 (2) T1-V8 $ 19,042,000.00 20,328,000.00 (3) T1-F9 $ 18,248,500.00 20,672,000.00 (2) T1-V9 $ 18,248,500.00 20,672,000.00 (3) T1-F10 $ 17,475,500.00 19,822,500.00 (2) T1-V10 $ 17,475,500.00 19,822,500.00 (3) T1-F11 $ 16,735,000.00 18,952,000.00 (2) T1-V11 $ 16,735,000.00 18,952,000.00 (3) T1-F12 $ 16,026,500.00 18,146,500.00 (2) T1-V12 $ 16,026,500.00 18,146,500.00 (3) T1-F13 $ 15,348,500.00 17,507,500.00 (2) T1-V13 $ 15,348,500.00 17,507,500.00 (3) T1-F14 $ 14,698,500.00 16,660,500.00 (2) T1-V14 $ 14,698,500.00 16,660,500.00 (3) T1-F15 $ 14,077,500.00 15,930,000.00 (2) T1-V15 $ 14,077,500.00 15,930,000.00 (3) T1-F16 $ 13,481,500.00 15,348,500.00 (2) T1-V16 $ 13,481,500.00 15,348,500.00 (3) T1-F17 $ 13,584,500.00 14,600,500.00 (2) T1-V17 $ 13,584,500.00 14,600,500.00 (3) T1-F18 $ 28,835,000.00 13,977,000.00 (2) T1-V18 $ 28,835,000.00 13,977,000.00 (3) T1-F19 $ 32,180,500.00 14,015,500.00 (2) T1-V19 $ 32,180,500.00 14,015,500.00 (3) T1-F20 $ 86,618,500.00 49,087,000.00 (2) T1-V20 $ 86,618,500.00 49,087,000.00 (3) T1-F21 $ 12,007,000.00 118,036,000.00 (2) T1-V21 $ 12,007,000.00 118,036,000.00 (3) T1-F22 $ 10,196,500.00 10,820,000.00 (2) T1-V22 $ 10,196,500.00 10,820,000.00 (3) T1-F23 $ 8,763,000.00 9,210,000.00 (2) T1-V23 $ 8,763,000.00 9,210,000.00 (3) T1-F24 $ 5,195,500.00 7,006,000.00 (2) T1-V24 $ 5,195,500.00 7,006,000.00 (3) T1-F25 $ 4,866,000.00 4,782,000.00 (2) T1-V25 $ 4,866,000.00 4,782,000.00 (3) T1-F26 $ 4,636,000.00 4,551,500.00 (2) T1-V26 $ 4,636,000.00 4,551,500.00 (3) T1-F27 $ 4,418,500.00 2,517,000.00 (2) T1-V27 $ 4,418,500.00 2,517,000.00 (3) T1-F28 $ 4,212,500.00 567,000.00 (2) T1-V28 $ 4,212,500.00 567,000.00 (3) T1-F29 $ 3,032,500.00 1,256,500.00 (2) T1-V29 $ 3,032,500.00 1,256,500.00 (3) T1-F30 $ 565,500.00 1,065,000.00 (2) T1-V30 $ 565,500.00 1,065,000.00 (3) T1-F31 $ 418,500.00 3,076,000.00 (2) T1-V31 $ 418,500.00 3,076,000.00 (3) T1-F32 $ 15,198,000.00 2,400,500.00 (2) T1-V32 $ 15,198,000.00 2,400,500.00 (3) T1-F33 $ 2,048,500.00 11,036,500.00 (2) T1-V33 $ 2,048,500.00 11,036,500.00 (3) T1-F34 $ 1,958,000.00 1,887,500.00 (2) T1-V34 $ 1,958,000.00 1,887,500.00 (3) T1-F35 $ 1,884,500.00 1,771,500.00 (2) T1-V35 $ 1,884,500.00 1,771,500.00 (3) T1-F36 $ 1,813,000.00 1,707,500.00 (2) T1-V36 $ 1,813,000.00 1,707,500.00 (3) T1-F37 $ 1,745,000.00 1,645,500.00 (2) T1-V37 $ 1,745,000.00 1,645,500.00 (3) T1-F38 $ 1,679,500.00 1,586,000.00 (2) T1-V38 $ 1,679,500.00 1,586,000.00 (3) T1-F39 $ 1,616,500.00 1,528,500.00 (2) T1-V39 $ 1,616,500.00 1,528,500.00 (3) T1-F40 $ 1,556,000.00 1,473,000.00 (2) T1-V40 $ 1,556,000.00 1,473,000.00 (3) T1-F41 $ 1,498,000.00 1,420,000.00 (2) T1-V41 $ 1,498,000.00 1,420,000.00 (3) T1-F42 $ 1,441,500.00 1,368,500.00 (2) T1-V42 $ 1,441,500.00 1,368,500.00 (3) T1-F43 $ 1,388,000.00 1,319,000.00 (2) T1-V43 $ 1,388,000.00 1,319,000.00 (3) T1-F44 $ 1,336,500.00 1,271,500.00 (2) T1-V44 $ 1,336,500.00 1,271,500.00 (3) T1-F45 $ 1,286,500.00 1,225,500.00 (2) T1-V45 $ 1,286,500.00 1,225,500.00 (3) F1-F46 $ 1,238,500.00 1,181,500.00 (2) T1-V46 $ 1,238,500.00 1,181,500.00 (3) T1-F47 $ 1,192,500.00 1,138,500.00 (2) T1-F47 $ 1,192,500.00 1,138,500.00 (3) T1-V48 $ 1,148,500.00 1,097,500.00 (2) T1-F48 $ 1,148,500.00 1,097,500.00 (3) T1-V49 $ 1,106,000.00 1,058,000.00 (2) T1-F49 $ 1,106,000.00 1,058,000.00 (3) T1-V50 $ 1,064,500.00 1,025,000.00 (2) T1-F50 $ 1,064,500.00 1,025,000.00 (3) T1-V51 $ 1,025,500.00 983,000.00 (2) T1-F51 $ 1,025,500.00 983,000.00 (3) T1-V52 $ 1,103,500.00 948,000.00 (2) T1-F52 $ 1,103,500.00 948,000.00 (3) T1-V53 $ 1,186,500.00 913,500.00 (2) T1-F53 $ 1,186,500.00 913,500.00 (3) T1-V54 $ 1,220,000.00 880,500.00 (2) T1-F54 $ 1,220,000.00 880,500.00 (3) T1-V55 $ 1,129,000.00 1,258,000.00 (2) T1-F55 $ 1,129,000.00 1,258,000.00 (3) T1-V56 $ 1,859,000.00 1,234,500.00 (2) T1-F56 $ 1,859,000.00 1,234,500.00 (3) T1-V57 $ 934,000.00 1,389,500.00 (2) T1-F57 $ 934,000.00 1,389,500.00 (3) T1-V58 $ 801,500.00 689,000.00 (2) T1-F58 $ 801,500.00 689,000.00 (3) T1-V59 $ 771,000.00 788,000.00 (2) T1-F59 $ 771,000.00 788,000.00 (3) T1-V60 $ 743,500.00 760,500.00 (2) T1-F60 $ 743,500.00 760,500.00 (3) T1-V61 $ 717,500.00 733,000.00 (2) T1-F61 $ 717,500.00 733,000.00 (3) T1-V62 $ 691,500.00 707,500.00 (2) T1-F62 $ 691,500.00 707,500.00 (3) T1-V63 $ 667,500.00 682,000.00 (2) T1-F63 $ 667,500.00 682,000.00 (3) T1-V64 $ 643,500.00 658,000.00 (2) T1-F64 $ 643,500.00 658,000.00 (3) T1-V65 $ 620,500.00 635,000.00 (2) T1-F65 $ 620,500.00 635,000.00 (3) T1-V66 $ 599,000.00 612,000.00 (2) T1-F66 $ 599,000.00 612,000.00 (3) T1-V67 $ 577,000.00 590,500.00 (2) T1-F67 $ 577,000.00 590,500.00 (3) T1-V68 $ 557,000.00 569,500.00 (2) T1-F68 $ 557,000.00 569,500.00 (3) T1-V69 $ 537,000.00 549,500.00 (2) T1-F69 $ 537,000.00 549,500.00 (3) T1-V70 $ 518,000.00 530,000.00 (2) T1-F70 $ 518,000.00 530,000.00 (3) T1-V71 $ 500,000.00 511,000.00 (2) T1-F71 $ 500,000.00 511,000.00 (3) T1-V72 $ 481,500.00 492,500.00 (2) T1-F72 $ 481,500.00 492,500.00 (3) T1-V73 $ 465,000.00 475,500.00 (2) T1-F73 $ 465,000.00 475,500.00 (3) T1-V74 $ 448,000.00 458,500.00 (2) T1-F74 $ 448,000.00 458,500.00 (3) T1-V75 $ 432,500.00 442,500.00 (2) T1-F75 $ 432,500.00 442,500.00 (3) T1-V76 $ 416,500.00 426,500.00 (2) T1-F76 $ 416,500.00 426,500.00 (3) T1-V77 $ 8,416,500.00 8,429,000.00 (2) T1-F77 $ 8,416,500.00 8,429,000.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch5)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Group 1 Net WAC Reserve Fund Fund, the Group 2 Net WAC Reserve Fund, the Class AF-1A Cap Account and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-Pool-1 (7) (6) T1-A (5) (1) T1-F1 $ 4,805,500.00 18,111,500.00 (2) T1-V1 $ 4,805,500.00 18,111,500.00 (3) T1-F2 $ 12,215,000.00 21,765,500.00 (2) T1-V2 $ 12,215,000.00 21,765,500.00 (3) T1-F3 $ 13,985,500.00 21,498,000.00 (2) T1-V3 $ 13,985,500.00 21,498,000.00 (3) T1-F4 $ 15,699,000.00 19,876,000.00 (2) T1-V4 $ 15,699,000.00 19,876,000.00 (3) T1-F5 $ 17,164,500.00 21,777,500.00 (2) T1-V5 $ 17,164,500.00 21,777,500.00 (3) T1-F6 $ 18,062,000.00 57,332,500.00 (2) T1-V6 $ 18,062,000.00 57,332,500.00 (3) T1-F7 $ 18,696,000.00 44,703,000.00 (2) T1-V7 $ 18,696,000.00 44,703,000.00 (3) T1-F8 $ 19,042,000.00 38,011,000.00 (2) T1-V8 $ 19,042,000.00 38,011,000.00 (3) T1-F9 $ 18,248,500.00 11,775,500.00 (2) T1-V9 $ 18,248,500.00 11,775,500.00 (3) T1-F10 $ 17,475,500.00 8,854,500.00 (2) T1-V10 $ 17,475,500.00 8,854,500.00 (3) T1-F11 $ 16,735,000.00 7,093,500.00 (2) T1-V11 $ 16,735,000.00 7,093,500.00 (3) T1-F12 $ 16,026,500.00 5,581,500.00 (2) T1-V12 $ 16,026,500.00 5,581,500.00 (3) T1-F13 $ 15,348,500.00 5,278,500.00 (2) T1-V13 $ 15,348,500.00 5,278,500.00 (3) T1-F14 $ 14,698,500.00 5,077,500.00 (2) T1-V14 $ 14,698,500.00 5,077,500.00 (3) T1-F15 $ 14,077,500.00 6,243,000.00 (2) T1-V15 $ 14,077,500.00 6,243,000.00 (3) T1-F16 $ 13,481,500.00 4,789,000.00 (2) T1-V16 $ 13,481,500.00 4,789,000.00 (3) T1-F17 $ 13,584,500.00 7,402,000.00 (2) T1-V17 $ 13,584,500.00 7,402,000.00 (3) T1-F18 $ 28,835,000.00 16,094,000.00 (2) T1-V18 $ 28,835,000.00 16,094,000.00 (3) T1-F19 $ 32,180,500.00 5,862,500.00 (2) T1-V19 $ 32,180,500.00 5,862,500.00 (3) T1-F20 $ 86,618,500.00 2,575,000.00 (2) T1-V20 $ 86,618,500.00 2,575,000.00 (3) T1-F21 $ 12,007,000.00 2,499,500.00 (2) T1-V21 $ 12,007,000.00 2,499,500.00 (3) T1-F22 $ 10,196,500.00 2,328,000.00 (2) T1-V22 $ 10,196,500.00 2,328,000.00 (3) T1-F23 $ 8,763,000.00 2,235,000.00 (2) T1-V23 $ 8,763,000.00 2,235,000.00 (3) T1-F24 $ 5,195,500.00 2,146,000.00 (2) T1-V24 $ 5,195,500.00 2,146,000.00 (3) T1-F25 $ 4,866,000.00 2,061,500.00 (2) T1-V25 $ 4,866,000.00 2,061,500.00 (3) T1-F26 $ 4,636,000.00 1,980,500.00 (2) T1-V26 $ 4,636,000.00 1,980,500.00 (3) T1-F27 $ 4,418,500.00 1,925,500.00 (2) T1-V27 $ 4,418,500.00 1,925,500.00 (3) T1-F28 $ 4,212,500.00 97,000.00 (2) T1-V28 $ 4,212,500.00 97,000.00 (3) T1-F29 $ 3,032,500.00 132,000.00 (2) T1-V29 $ 3,032,500.00 132,000.00 (3) T1-F30 $ 565,500.00 1,183,000.00 (2) T1-V30 $ 565,500.00 1,183,000.00 (3) T1-F31 $ 418,500.00 415,500.00 (2) T1-V31 $ 418,500.00 415,500.00 (3) T1-F32 $ 15,198,000.00 34,500.00 (2) T1-V32 $ 15,198,000.00 34,500.00 (3) T1-F33 $ 2,048,500.00 817,500.00 (2) T1-V33 $ 2,048,500.00 817,500.00 (3) T1-F34 $ 1,958,000.00 904,500.00 (2) T1-V34 $ 1,958,000.00 904,500.00 (3) T1-F35 $ 1,884,500.00 352,500.00 (2) T1-V35 $ 1,884,500.00 352,500.00 (3) T1-F36 $ 1,813,000.00 1,809,000.00 (2) T1-V36 $ 1,813,000.00 1,809,000.00 (3) T1-F37 $ 1,745,000.00 1,358,000.00 (2) T1-V37 $ 1,745,000.00 1,358,000.00 (3) T1-F38 $ 1,679,500.00 3,982,500.00 (2) T1-V38 $ 1,679,500.00 3,982,500.00 (3) T1-F39 $ 1,616,500.00 825,000.00 (2) T1-V39 $ 1,616,500.00 825,000.00 (3) T1-F40 $ 1,556,000.00 927,500.00 (2) T1-V40 $ 1,556,000.00 927,500.00 (3) T1-F41 $ 1,498,000.00 832,000.00 (2) T1-V41 $ 1,498,000.00 832,000.00 (3) T1-F42 $ 1,441,500.00 746,500.00 (2) T1-V42 $ 1,441,500.00 746,500.00 (3) T1-F43 $ 1,388,000.00 725,500.00 (2) T1-V43 $ 1,388,000.00 725,500.00 (3) T1-F44 $ 1,336,500.00 705,500.00 (2) T1-V44 $ 1,336,500.00 705,500.00 (3) T1-F45 $ 1,286,500.00 693,500.00 (2) T1-V45 $ 1,286,500.00 693,500.00 (3) F1T1-F46 $ 1,238,500.00 669,500.00 (2) T1-V46 $ 1,238,500.00 669,500.00 (3) T1-F47 $ 1,192,500.00 647,000.00 (2) T1-F47 V47 $ 1,192,500.00 647,000.00 (3) T1-V48 F48 $ 1,148,500.00 629,000.00 (2) T1-F48 V48 $ 1,148,500.00 629,000.00 (3) T1-V49 F49 $ 1,106,000.00 610,500.00 (2) T1-F49 V49 $ 1,106,000.00 610,500.00 (3) T1-V50 F50 $ 1,064,500.00 656,500.00 (2) T1-F50 V50 $ 1,064,500.00 656,500.00 (3) T1-V51 F51 $ 1,025,500.00 656,000.00 (2) T1-F51 V51 $ 1,025,500.00 656,000.00 (3) T1-V52 F52 $ 1,103,500.00 635,000.00 (2) T1-F52 V52 $ 1,103,500.00 635,000.00 (3) T1-V53 F53 $ 1,186,500.00 621,500.00 (2) T1-F53 V53 $ 1,186,500.00 621,500.00 (3) T1-V54 F54 $ 1,220,000.00 596,000.00 (2) T1-F54 V54 $ 1,220,000.00 596,000.00 (3) T1-V55 F55 $ 1,129,000.00 578,000.00 (2) T1-F55 V55 $ 1,129,000.00 578,000.00 (3) T1-V56 F56 $ 1,859,000.00 560,500.00 (2) T1-F56 V56 $ 1,859,000.00 560,500.00 (3) T1-V57 F57 $ 934,000.00 543,500.00 (2) T1-F57 V57 $ 934,000.00 543,500.00 (3) T1-V58 F58 $ 801,500.00 526,500.00 (2) T1-F58 V58 $ 801,500.00 526,500.00 (3) T1-V59 F59 $ 771,000.00 511,000.00 (2) T1-F59 V59 $ 771,000.00 511,000.00 (3) T1-V60 F60 $ 743,500.00 495,000.00 (2) T1-F60 V60 $ 743,500.00 495,000.00 (3) T1-V61 F61 $ 717,500.00 480,000.00 (2) T1-F61 V61 $ 717,500.00 480,000.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 V62 $ 465,000.00 (3) T1-V74 F63 $ 448,000.00 451,500.00 (2) T1-F74 V63 $ 448,000.00 451,500.00 (3) T1-V75 F64 $ 432,500.00 12,119,000.00 (2) T1-F75 V64 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 12,119,000.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Group 2 Net WAC Rate, determined without regard to the Swap Agreement (the “Group 2 REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the Group 2 REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the Group 2 REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. I (other than the T1-Pool-1 Interest).
(6) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-Pool-1 Interest shall be the Group 1 Net WAC Rate computed without regard to the adjustment for the Class AF-1A Certificates.
(7) This interest shall have an initial principal balance equal to the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee shall distribute the aggregate Group 1 Interest Remittance Amount for (net of expenses described in the preceding paragraph) to the Class T1-Pool-1 Interest based on the above-described interest rate. On each Distribution Date, the Trustee shall distribute the Group 2 Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests (other than the Class T1-Pool-1 Interest) based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Group 1 Principal Remittance Amount with respect to the Class T1-Pool-1 Interest until its principal balance is reduced to zero. All losses on the Group 1 Mortgage Loans shall be allocated to the Class T1-Pool-1 Interest. On each Distribution Date, the Trustee shall distribute the Group 2 Principal Remittance Amount with respect to the REMIC I Regular InterestsInterests (other than the Class T1-Pool-1 Interest), first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests (other than the Class T1-Pool-1 Interest) in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Group 2 Mortgage Loans shall be allocated among the REMIC I Regular Interests (other than the Class T1-Pool-1 Interest) in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 6,520,037.50 (2) T1-V1 $ 4,805,500.00 6,520,037.50 (3) T1-F2 $ 12,215,000.00 8,024,386.00 (2) T1-V2 $ 12,215,000.00 8,024,386.00 (3) T1-F3 $ 13,985,500.00 9,501,617.61 (2) T1-V3 $ 13,985,500.00 9,501,617.61 (3) T1-F4 $ 15,699,000.00 10,954,013.48 (2) T1-V4 $ 15,699,000.00 10,954,013.48 (3) T1-F5 $ 17,164,500.00 12,367,184.62 (2) T1-V5 $ 17,164,500.00 12,367,184.62 (3) T1-F6 $ 18,062,000.00 13,728,564.30 (2) T1-V6 $ 18,062,000.00 13,728,564.30 (3) T1-F7 $ 18,696,000.00 15,020,915.24 (2) T1-V7 $ 18,696,000.00 15,020,915.24 (3) T1-F8 $ 19,042,000.00 16,221,405.65 (2) T1-V8 $ 19,042,000.00 16,221,405.65 (3) T1-F9 $ 18,248,500.00 17,104,674.25 (2) T1-V9 $ 18,248,500.00 17,104,674.25 (3) T1-F10 $ 17,475,500.00 16,317,419.46 (2) T1-V10 $ 17,475,500.00 16,317,419.46 (3) T1-F11 $ 16,735,000.00 15,565,611.08 (2) T1-V11 $ 16,735,000.00 15,565,611.08 (3) T1-F12 $ 16,026,500.00 14,924,817.42 (2) T1-V12 $ 16,026,500.00 14,924,817.42 (3) T1-F13 $ 15,348,500.00 14,320,076.32 (2) T1-V13 $ 15,348,500.00 14,320,076.32 (3) T1-F14 $ 14,698,500.00 13,657,284.77 (2) T1-V14 $ 14,698,500.00 13,657,284.77 (3) T1-F15 $ 14,077,500.00 13,026,248.27 (2) T1-V15 $ 14,077,500.00 13,026,248.27 (3) T1-F16 $ 13,481,500.00 12,412,228.22 (2) T1-V16 $ 13,481,500.00 12,412,228.22 (3) T1-F17 $ 13,584,500.00 11,806,266.11 (2) T1-V17 $ 13,584,500.00 11,806,266.11 (3) T1-F18 $ 28,835,000.00 11,418,938.20 (2) T1-V18 $ 28,835,000.00 11,418,938.20 (3) T1-F19 $ 32,180,500.00 11,057,858.65 (2) T1-V19 $ 32,180,500.00 11,057,858.65 (3) T1-F20 $ 86,618,500.00 22,983,340.02 (2) T1-V20 $ 86,618,500.00 22,983,340.02 (3) T1-F21 $ 12,007,000.00 147,898,911.34 (2) T1-V21 $ 12,007,000.00 147,898,911.34 (3) T1-F22 $ 10,196,500.00 2,157,670.42 (2) T1-V22 $ 10,196,500.00 2,157,670.42 (3) T1-F23 $ 8,763,000.00 1,917,752.54 (2) T1-V23 $ 8,763,000.00 1,917,752.54 (3) T1-F24 $ 5,195,500.00 410,620.89 (2) T1-V24 $ 5,195,500.00 410,620.89 (3) T1-F25 $ 4,866,000.00 842,769.65 (2) T1-V25 $ 4,866,000.00 842,769.65 (3) T1-F26 $ 4,636,000.00 549,881.48 (2) T1-V26 $ 4,636,000.00 549,881.48 (3) T1-F27 $ 4,418,500.00 516,561.45 (2) T1-V27 $ 4,418,500.00 516,561.45 (3) T1-F28 $ 4,212,500.00 1,243,048.40 (2) T1-V28 $ 4,212,500.00 1,243,048.40 (3) T1-F29 $ 3,032,500.00 328,820.29 (2) T1-V29 $ 3,032,500.00 328,820.29 (3) T1-F30 $ 565,500.00 440,759.47 (2) T1-V30 $ 565,500.00 440,759.47 (3) T1-F31 $ 418,500.00 261,397.23 (2) T1-V31 $ 418,500.00 261,397.23 (3) T1-F32 $ 15,198,000.00 493,515.31 (2) T1-V32 $ 15,198,000.00 493,515.31 (3) T1-F33 $ 2,048,500.00 740,180.36 (2) T1-V33 $ 2,048,500.00 740,180.36 (3) T1-F34 $ 1,958,000.00 132,623.01 (2) T1-V34 $ 1,958,000.00 132,623.01 (3) T1-F35 $ 1,884,500.00 592,792.57 (2) T1-V35 $ 1,884,500.00 592,792.57 (3) T1-F36 $ 1,813,000.00 710,651.16 (2) T1-V36 $ 1,813,000.00 710,651.16 (3) T1-F37 $ 1,745,000.00 269,254.07 (2) T1-V37 $ 1,745,000.00 269,254.07 (3) T1-F38 $ 1,679,500.00 426,656.13 (2) T1-V38 $ 1,679,500.00 426,656.13 (3) T1-F39 $ 1,616,500.00 681,213.66 (2) T1-V39 $ 1,616,500.00 681,213.66 (3) T1-F40 $ 1,556,000.00 404,745.88 (2) T1-V40 $ 1,556,000.00 404,745.88 (3) T1-F41 $ 1,498,000.00 261,840.27 (2) T1-V41 $ 1,498,000.00 261,840.27 (3) T1-F42 $ 1,441,500.00 652,048.70 (2) T1-V42 $ 1,441,500.00 652,048.70 (3) T1-F43 $ 1,388,000.00 637,619.54 (2) T1-V43 $ 1,388,000.00 637,619.54 (3) T1-F44 $ 1,336,500.00 623,315.51 (2) T1-V44 $ 1,336,500.00 623,315.51 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, and REMIC III VI be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V. The REMIC V Regular Interests shall constitute the assets of REMIC VI (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) A-SG1 (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 A-SG2 (3) T1-F2 $ 12,215,000.00 (2) T1-V2 $ 12,215,000.00 (3) T1-F3 $ 13,985,500.00 (2) T1-V3 $ 13,985,500.00 (3) T1-F4 $ 15,699,000.00 (2) T1-V4 $ 15,699,000.00 (3) T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2N/A N/A T1-IO SA-SG1(1) $ 68,909.29 (2) T2-SA-SG1-IO(1) 11/2005 4,590,880.06 T1-SA-SG1(2) $ 79,756.76 (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (iSA-SG1-IO(2) two, and (ii12/2005 4,521,970.77 T1-SA-SG1(3) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
$ 90,421.13 (2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class SA-SG1-IO(3) 1/2006 4,442,214.01 T1-SA-SG1(4) $ 100,839.58 (2) T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of SA-SG1-IO(4) 2/2006 4,351,792.88 T1-SA-SG1(5) $ 110,951.88 (i2) the interest rate for each such REMIC I Regular Interest for such Distribution Date over T2-SA-SG1-IO(5) 3/2006 4,250,953.30 T1-SA-SG1(6) $ 120,695.45 (ii2) the product of T2-SA-SG1-IO(6) 4/2006 4,140,001.42 T1-SA-SG1(7) $ 130,009.59 (a2) two, and T2-SA-SG1-IO(7) 5/2006 4,019,305.97 T1-SA-SG1(8) $ 138,835.15 (b2) Swap LIBOR for such Distribution Date.T2-SA-SG1-IO(8) 6/2006 3,889,296.38 T1-SA-SG1(9) $ 135,155.67 (2) T2-SA-SG1-IO(9) 7/2006 3,750,461.23 T1-SA-SG1(10) $ 131,558.87 (2) T2-SA-SG1-IO(10) 8/2006 3,615,305.56 T1-SA-SG1(11) $ 128,058.55 (2) T2-SA- SG1-IO(11) 9/2006 3,483,746.69 T1-SA-SG1(12) $ 124,651.44 (2) T2-SA- SG1-IO(12) 10/2006 3,355,688.14 T1-SA-SG1(13) $ 121,335.04 (2) T2-SA- SG1-IO(13) 11/2006 3,231,036.70 T1-SA-SG1(14) $ 118,106.95 (2) T2-SA- SG1-IO(14) 12/2006 3,109,701.66 T1-SA-SG1(15) $ 114,964.81 (2) T2-SA- SG1-IO(15) 1/2007 2,991,594.71 T1-SA-SG1(16) $ 111,906.20 (2) T2-SA- SG1-IO(16) 2/2007 2,876,629.90 T1-SA-SG1(17) $ 108,929.15 (2) T2-SA- SG1-IO(17) 3/2007 2,764,723.70 T1-SA-SG1(18) $ 106,031.35 (2) T2-SA- SG1-IO(18) 4/2007 2,655,794.55 T1-SA-SG1(19) $ 103,210.69 (2) T2-SA- SG1-IO(19) 5/2007 2,549,763.20 T1-SA-SG1(20) $ 100,465.12 (2) T2-SA- SG1-IO(20) 6/2007 2,446,552.51 T1-SA-SG1(21) $ 207,246.77 (2) T2-SA- SG1-IO(21) 7/2007 2,346,087.39 T1-SA-SG1(22) $ 194,676.06 (2) T2-SA- SG1-IO(22) 8/2007 2,138,840.62
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI and REMIC III VII be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”)III. The Class R Certificate represents ownership REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the sole class assets of residual interest in each REMIC V. The REMIC V Regular Interests shall constitute the assets of REMIC VI. The REMIC VI Regular Interests shall constitute the assets of REMIC II and the Master REMICVII. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $86,666.67 (2) T2-SA-IO(1) 6/2003 $61,400,000 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 86,666.67 (2) T2-SA-IO(2) 7/2003 60,100,000 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 80,000.00 (2) T2-SA-IO(3) 8/2003 58,800,000 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 80,000.00 (2) T2-SA-IO(4) 9/2003 57,600,000 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 80,000.00 (2) T2-SA-IO(5) 10/2003 56,400,000 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 80,000.00 (2) T2-SA-IO(6) 11/2003 55,200,000 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 73,333.33 (2) T2-SA-IO(7) 12/2003 54,000,000 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 80,000.00 (2) T2-SA-IO(8) 1/2004 52,900,000 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 73,333.33 (2) T2-SA-IO(9) 2/2004 51,700,000 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 66,666.67 (2) T2-SA-IO(10) 3/2004 50,600,000 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 73,333.33 (2) T2-SA-IO(11) 4/2004 49,600,000 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 66,666.67 (2) T2-SA-IO(12) 5/2004 48,500,000 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 66,666.67 (2) T2-SA-IO(13) 6/2004 47,500,000 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 66,666.67 (2) T2-SA-IO(14) 7/2004 46,500,000 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 66,666.67 (2) T2-SA-IO(15) 8/2004 45,500,000 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 60,000.00 (2) T2-SA-IO(16) 9/2004 44,500,000 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 66,666.67 (2) T2-SA-IO(17) 10/2004 43,600,000 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 60,000.00 (2) T2-SA-IO(18) 11/2004 42,600,000 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 60,000.00 (2) T2-SA-IO(19) 12/2004 41,700,000 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 53,333.33 (2) T2-SA-IO(20) 1/2005 40,800,000 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 60,000.00 (2) T2-SA-IO(21) 2/2005 40,000,000 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 53,333.33 (2) T2-SA-IO(22) 3/2005 39,100,000 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 53,333.33 (2) T2-SA-IO(23) 4/2005 38,300,000 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 2,500,000.00(3) (2) T1T2-V25 $ 4,866,000.00 (3SA-IO(24) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 5/2005 37,500,000 R-I (4) (4) ___________________________
N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period)Pool Principal Balance less $4,093,333.33, the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest which is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”)SA interests.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He2)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 47,923,913.23 (1) T1-F1 $ 4,805,500.00 5,618,608.37 (2) T1-V1 $ 4,805,500.00 5,618,608.37 (3) T1-F2 $ 12,215,000.00 6,489,926.00 (2) T1-V2 $ 12,215,000.00 6,489,926.00 (3) T1-F3 $ 13,985,500.00 7,346,223.74 (2) T1-V3 $ 13,985,500.00 7,346,223.74 (3) T1-F4 $ 15,699,000.00 8,182,398.18 (2) T1-V4 $ 15,699,000.00 8,182,398.18 (3) T1-F5 $ 17,164,500.00 8,993,665.47 (2) T1-V5 $ 17,164,500.00 8,993,665.47 (3) T1-F6 $ 18,062,000.00 9,774,848.59 (2) T1-V6 $ 18,062,000.00 9,774,848.59 (3) T1-F7 $ 18,696,000.00 457,063.19 (2) T1-V7 $ 18,696,000.00 457,063.19 (3) T1-F8 $ 19,042,000.00 11,228,336.71 (2) T1-V8 $ 19,042,000.00 11,228,336.71 (3) T1-F9 $ 18,248,500.00 11,885,980.03 (2) T1-V9 $ 18,248,500.00 11,885,980.03 (3) T1-F10 $ 17,475,500.00 12,380,973.17 (2) T1-V10 $ 17,475,500.00 12,380,973.17 (3) T1-F11 $ 16,735,000.00 12,832,999.44 (2) T1-V11 $ 16,735,000.00 12,832,999.44 (3) T1-F12 $ 16,026,500.00 13,238,704.83 (2) T1-V12 $ 16,026,500.00 13,238,704.83 (3) T1-F13 $ 15,348,500.00 13,594,948.89 (2) T1-V13 $ 15,348,500.00 13,594,948.89 (3) T1-F14 $ 14,698,500.00 13,900,001.45 (2) T1-V14 $ 14,698,500.00 13,900,001.45 (3) T1-F15 $ 14,077,500.00 14,151,132.06 (2) T1-V15 $ 14,077,500.00 14,151,132.06 (3) T1-F16 $ 13,481,500.00 14,346,516.03 (2) T1-V16 $ 13,481,500.00 14,346,516.03 (3) T1-F17 $ 13,584,500.00 14,559,815.05 (2) T1-V17 $ 13,584,500.00 14,559,815.05 (3) T1-F18 $ 28,835,000.00 14,559,988.24 (2) T1-V18 $ 28,835,000.00 14,559,988.24 (3) T1-F19 $ 32,180,500.00 14,882,450.80 (2) T1-V19 $ 32,180,500.00 14,882,450.80 (3) T1-F20 $ 86,618,500.00 58,107,662.56 (2) T1-V20 $ 86,618,500.00 58,107,662.56 (3) T1-F21 $ 12,007,000.00 173,025,572.73 (2) T1-V21 $ 12,007,000.00 173,025,572.73 (3) T1-F22 $ 10,196,500.00 1,162,894.71 (2) T1-V22 $ 10,196,500.00 1,162,894.71 (3) T1-F23 $ 8,763,000.00 1,114,853.07 (2) T1-V23 $ 8,763,000.00 1,114,853.07 (3) T1-F24 $ 5,195,500.00 1,068,930.66 (2) T1-V24 $ 5,195,500.00 1,068,930.66 (3) T1-F25 $ 4,866,000.00 1,025,026.95 (2) T1-V25 $ 4,866,000.00 1,025,026.95 (3) T1-F26 $ 4,636,000.00 983,046.51 (2) T1-V26 $ 4,636,000.00 983,046.51 (3) T1-F27 $ 4,418,500.00 809,143.53 (2) T1-V27 $ 4,418,500.00 809,143.53 (3) T1-F28 $ 4,212,500.00 133,755.22 (2) T1-V28 $ 4,212,500.00 133,755.22 (3) T1-F29 $ 3,032,500.00 87,047.65 (2) T1-V29 $ 3,032,500.00 87,047.65 (3) T1-F30 $ 565,500.00 220,145.30 (2) T1-V30 $ 565,500.00 220,145.30 (3) T1-F31 $ 418,500.00 219,079.64 (2) T1-V31 $ 418,500.00 219,079.64 (3) T1-F32 $ 15,198,000.00 217,647.51 (2) T1-V32 $ 15,198,000.00 217,647.51 (3) T1-F33 $ 2,048,500.00 44,976.67 (2) T1-V33 $ 2,048,500.00 44,976.67 (3) T1-F34 $ 1,958,000.00 115,600.89 (2) T1-V34 $ 1,958,000.00 115,600.89 (3) T1-F35 $ 1,884,500.00 55,310.35 (2) T1-V35 $ 1,884,500.00 55,310.35 (3) T1-F36 $ 1,813,000.00 213,827.77 (2) T1-V36 $ 1,813,000.00 213,827.77 (3) T1-F37 $ 1,745,000.00 211,503.93 (2) T1-V37 $ 1,745,000.00 211,503.93 (3) T1-F38 $ 1,679,500.00 208,945.95 (2) T1-V38 $ 1,679,500.00 208,945.95 (3) T1-F39 $ 1,616,500.00 178,173.56 (2) T1-V39 $ 1,616,500.00 178,173.56 (3) T1-F40 $ 1,556,000.00 28,007.54 (2) T1-V40 $ 1,556,000.00 28,007.54 (3) T1-F41 $ 1,498,000.00 203,234.63 (2) T1-V41 $ 1,498,000.00 203,234.63 (3) T1-F42 $ 1,441,500.00 200,129.72 (2) T1-V42 $ 1,441,500.00 200,129.72 (3) T1-F43 $ 1,388,000.00 196,887.78 (2) T1-V43 $ 1,388,000.00 196,887.78 (3) T1-F44 $ 1,336,500.00 193,528.52 (2) T1-V44 $ 1,336,500.00 193,528.52 (3) T1-F45 $ 1,286,500.00 10,824.67 (2) T1-V45 $ 1,286,500.00 10,824.67 (3) F1T1-F46 $ 1,238,500.00 798,977.86 (2) T1-V46 $ 1,238,500.00 798,977.86 (3) T1-F47 $ 1,192,500.00 1,293,118.06 (2) T1-F47 V47 $ 1,192,500.00 1,293,118.06 (3) T1-V48 F48 $ 1,148,500.00 1,996,625.09 (2) T1-F48 V48 $ 1,148,500.00 1,996,625.09 (3) T1-V49 F49 $ 1,106,000.00 2,729,940.81 (2) T1-F49 V49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 2,729,940.81 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F49 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-M11 (1) ½ Corresponding Class balance M-11 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) A-SG1 (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 A-SG2 (3) (4) N/A N/A N/A T1-F2 SA-SG1(1) $ 12,215,000.00 130,338.73 (2) T2-SA-SG1-IO(1) 7/2005 2,990,002.91 T1-V2 SA-SG1(2) $ 12,215,000.00 153,879.70 (32) T2-SA-SG1-IO(2) 8/2005 2,950,901.29 T1-SA-SG1(3) $ 177,122.57 (2) T2-SA-SG1-IO(3) 9/2005 2,904,737.38 T1-SA-SG1(4) $ 199,934.77 (2) T2-SA-SG1-IO(4) 10/2005 2,851,600.61 T1-SA-SG1(5) $ 222,180.67 (2) T2-SA-SG1-IO(5) 11/2005 2,791,620.18 T1-SA-SG1(6) $ 243,725.20 (2) T2-SA-SG1-IO(6) 12/2005 2,724,965.98 T1-SA-SG1(7) $ 264,434.53 (2) T2-SA-SG1-IO(7) 1/2006 2,651,848.42 T1-SA-SG1(8) $ 284,157.00 (2) T2-SA-SG1-IO(8) 2/2006 2,572,518.06 T1-SA-SG1(9) $ 295,716.93 (2) T2-SA-SG1-IO(9) 3/2006 2,487,270.96 T1-SA-SG1(10) $ 287,746.30 (2) T2-SA-SG1-IO(10) 4/2006 2,398,555.88 T1-SA-SG1(11) $ 279,990.37 (2) T2-SA- SG1-IO(11) 5/2006 2,312,231.99 T1-SA-SG1(12) $ 272,443.33 (2) T2-SA- SG1-IO(12) 6/2006 2,228,234.88 T1-SA-SG1(13) $ 265,099.63 (2) T2-SA- SG1-IO(13) 7/2006 2,146,501.88 T1-SA-SG1(14) $ 257,953.70 (2) T2-SA- SG1-IO(14) 8/2006 2,066,971.99 T1-SA-SG1(15) $ 251,000.07 (2) T2-SA- SG1-IO(15) 9/2006 1,989,585.88 T1-SA-SG1(16) $ 244,233.97 (2) T2-SA- SG1-IO(16) 10/2006 1,914,285.86 T1-SA-SG1(17) $ 237,650.10 (2) T2-SA- SG1-IO(17) 11/2006 1,841,015.67 T1-SA-SG1(18) $ 231,243.57 (2) T2-SA- SG1-IO(18) 12/2007 1,769,720.64 T1-SA-SG1(19) $ 225,009.63 (2) T2-SA- SG1-IO(19) 1/2007 1,700,347.57 T1-SA-SG1(20) $ 219,162.13 (2) T2-SA- SG1-IO(20) 2/2007 1,632,844.68 T1-SA-SG1(21) $ 270,421.50 (2) T2-SA- SG1-IO(21) 3/2007 1,567,096.04 T1-SA-SG1(22) $ 451,587.60 (2) T2-SA- SG1-IO(22) 4/2007 1,485,969.59 T1-SA-SG1(23) $ 423,281.37 (2) T2-SA- SG1-IO(23) 5/2007 1,350,493.31 T1-SA-SG1(24) $ 396,656.30 (2) T2-SA- SG1-IO(24) 6/2007 1,223,508.90 T1-SA-SG1(25) $ 337,728.70 (2) T2-SA- SG1-IO(25) 7/2007 1,104,512.01 T1-SA-SG1(26) $ 202,732.60 (2) T2-SA- SG1-IO(26) 8/2007 1,003,193.40 T1-SA-SG1(27) $ 195,773.70 (2) T2-SA- SG1-IO(27) 9/2007 942,373.62 T1-SA-SG1(28) $ 188,843.70 (2) T2-SA- SG1-IO(28) 10/2007 883,641.51 T1-SA-SG1(29) $ 182,379.07 (2) T2-SA- SG1-IO(29) 11/2007 826,988.40 T1-SA-SG1(30) $ 176,138.30 (2) T2-SA- SG1-IO(30) 12/2008 772,274.68 T1-SA-SG1(31) $ 170,113.63 (2) T2-SA- SG1-IO(31) 1/2008 719,433.19 T1-SA-SG1(32) $ 164,297.50 (2) T2-SA-SG1-IO(32) 2/2008 668,399.10 T1-SA-SG1(33) $ 158,676.87 (2) T2-SA-SG1-IO(33) 3/2008 619,109.85 T1-SA-SG1(34) $ 153,210.03 (2) T2-SA-SG1-IO(34) 4/2008 571,506.79 T1-SA-SG1(35) $ 147,980.47 (2) T2-SA-SG1-IO(35) 5/2008 525,543.78 T1-SA-SG1(36) $ 1,603,832.13 (2)(5) T2-SA-SG1-IO(36) 9/2008 481,149.64 T1-SA-SG2(1) $ 48,766.19 (4) T2-SA-SG2-IO(1) 7/2005 3,155,608.81 T1-SA-SG2(2) $ 57,808.88 (4) T2-SA-SG2-IO(2) 8/2005 3,116,595.86 T1-SA-SG2(3) $ 66,748.33 (4) T2-SA-SG2-IO(3) 9/2005 3,070,348.76 T1-SA-SG2(4) $ 75,533.42 (4) T2-SA-SG2-IO(4) 10/2005 3,016,950.10 T1-SA-SG2(5) $ 84,113.63 (4) T2-SA- SG2-IO(5) 11/2005 2,956,523.36 T1-SA-SG2(6) $ 92,438.36 (4) T2-SA- SG2-IO(6) 12/2005 2,889,232.46 T1-SA-SG2(7) $ 100,457.41 (4) T2-SA- SG2-IO(7) 1/2006 2,815,281.77 T1-SA-SG2(8) $ 108,101.09 (4) T2-SA- SG2-IO(8) 2/2006 2,734,915.84 T1-SA-SG2(9) $ 114,151.30 (4) T2-SA- SG2-IO(9) 3/2006 2,648,434.97 T1-SA-SG2(10) $ 111,156.64 (4) T2-SA- SG2-IO(10) 4/2006 2,557,113.93 T1-SA-SG1(11) $ 108,240.85 (4) T2-SA- SG2-IO(11) 5/2006 2,468,188.62 T1-SA-SG2(12) $ 105,401.81 (4) T2-SA- SG2-IO(12) 6/2006 2,381,595.94 T1-SA-SG2(13) $ 102,637.49 (4) T2-SA- SG2-IO(13) 7/2006 2,297,274.49 T1-SA-SG2(14) $ 99,945.95 (4) T2-SA- SG2-IO(14) 8/2006 2,215,164.50 T1-SA-SG2(15) $ 97,325.24 (4) T2-SA- SG2-IO(15) 9/2006 2,135,207.74 T1-SA-SG2(16) $ 94,773.49 (4) T2-SA- SG2-IO(16) 10/2006 2,057,347.55 T1-SA-SG2(17) $ 92,288.89 (4) T2-SA- SG2-IO(17) 11/2006 1,981,528.76 T1-SA-SG2(18) $ 89,869.66 (4) T2-SA- SG2-IO(18) 12/2006 1,907,697.65 T1-SA-SG2(19) $ 87,514.06 (4) T2-SA- SG2-IO(19) 1/2007 1,835,801.92 T1-SA-SG2(20) $ 85,435.89 (4) T2-SA- SG2-IO(20) 2/2007 1,765,790.67 T1-SA-SG2(21) $ 93,586.40 (4) T2-SA- SG2-IO(21) 3/2007 1,697,441.96 T1-SA-SG2(22) $ 165,234.89 (4) T2-SA- SG2-IO(22) 4/2007 1,622,572.84 T1-SA-SG2(23) $ 155,310.10 (4) T2-SA- SG2-IO(23) 5/2007 1,490,384.93 T1-SA-SG2(24) $ 145,881.81 (4) T2-SA- SG2-IO(24) 6/2007 1,366,136.85 T1-SA-SG2(25) $ 130,972.09 (4) T2-SA- SG2-IO(25) 7/2007 1,249,431.40 T1-SA-SG2(26) $ 78,652.28 (4) T1-F3 SA-SG2-IO(26) 8/2007 1,144,653.73 T1-SA-SG2(27) $ 13,985,500.00 76,077.67 (24) T1-V3 SA-SG2-IO(27) 9/2007 1,081,731.91 T1-SA-SG2(28) $ 13,985,500.00 73,529.17 (34) T1-F4 SA-SG2-IO(28) 10/2007 1,020,869.77 T1-SA-SG2(29) $ 15,699,000.00 71,128.60 (24) T1-V4 SA-SG2-IO(29) 11/2007 962,046.43 T1-SA-SG2(30) $ 15,699,000.00 68,808.46 (34) T1-F5 SA-SG2-IO(30) 12/2007 905,143.55 T1-SA-SG2(31) $ 17,164,500.00 66,566.04 (24) T1-V5 SA-SG2-IO(31) 1/2008 850,096.78 T1-SA-SG2(32) $ 17,164,500.00 64,398.66 (34) T1-F6 SA-SG2-IO(32) 2/2008 796,843.95 T1-SA-SG2(33) $ 18,062,000.00 62,296.64 (24) T1-V6 SA-SG2-IO(33) 3/2008 745,325.02 T1-SA-SG2(34) $ 18,062,000.00 60,268.16 (34) T1-F7 SA-SG2-IO(34)) 4/2008 695,487.71 T1-SA-SG2(35) $ 18,696,000.00 58,311.68 (24) T1-V7 SA-SG2-IO(35) 5/2008 647,273.18 T1-SA-SG2(36) $ 18,696,000.00 750,779.80 (34)(6) T1-F8 $ 19,042,000.00 (2SA-SG2-IO(36) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 7/2008 600,623.84 R-I (47) (47) ___________________________N/A N/A N/A
(1) For any Distribution Date This interest shall have an initial principal balance equal to (and i) the related Interest Accrual Period), aggregate principal balance of the interest rate for Mortgage Loans in Subgroup 1 less (ii) the Class aggregate principal balance of the T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA-SG1 interests.
(2) For The T1-A-SG1 interest and each T1-SA-SG1 interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans in Subgroup 1, weighted on the basis of the outstanding principal balances of such Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests shall be the excess, if any, of have an initial principal balance equal to (i) the product aggregate principal balance of (a) the REMIC Net WAC Rate and (b) 2, over Mortgage Loans in Subgroup 2 less (ii) the REMIC Swap Rate for such Distribution Dateaggregate principal balance of the T1-SA-SG2 interests.
(4) The Class T1-A-SG2 interest and each T1-SA-SG2 interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans in Subgroup 2, weighted on the basis of the outstanding principal balances of such Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any distribution of principal in such preceding calendar month to the extent such principal was reflected in the outstanding principal balances as of the beginning of such preceding calendar month.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans in Subgroup 1.
(6) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans in Subgroup 2.
(7) The R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with following order of priority: With respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect such amounts relating to the REMIC I Regular InterestsMortgage Loans in Subgroup 1:
(i) First, first to the Class T1-A Interest A-SG1 interest until its principal balance such interest is reduced to zero, and then sequentiallyand
(ii) Second, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA-SG1 interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on With respect to such amounts relating to the Mortgage Loans shall be allocated among in Subgroup 2:
(i) First, to the REMIC I Regular Interests T1-A-SG2 interest until such interest is reduced to zero, and
(ii) Second, to the outstanding T1-SA-SG2 interest with the lowest numerical denomination until such interest is reduced to zero. The aggregate initial principal balance of the T1-SA-SG1 interests was established to equal approximately 1/30th of the Yield Maintenance Agreement Notional Amount and a T1-SA-SG1 interest was created to equal approximately 1/30th of each reduction in the same manner that Yield Maintenance Agreement Notional Amount. The aggregate initial principal distributions are allocated. On balance of the T1-SA-SG2 interests was established to equal approximately 1/80th of the Yield Maintenance Agreement Notional Amount and a T1-SA-SG2 interest was created to equal approximately 1/80th of each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit reduction in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding Class of Certificates T2-A1 A-SG1-Senior $ 296,500,000.00 (1)(5) X0, X0X, X0X T2-A-SG1-Sub $ 78,386,431.56 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO A-SG2-Senior $ 323,547,000.00 (2)(6) A3, A4, A5 T2-A-SG2-Sub $ 85,443,549.34 (2) N/A T2-SA-SG1 (23) (3) N/A T2-SA-SG2 (4) (4) N/A R-II (37) (37) R ___________________________N/A
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is shall bear interest at a per annum rate equal to the weighted average of the interest rates on of the interests in REMIC I Regular Interests with the term “SG1” in their class designation, provided that the interest rate of any such interest in REMIC I shall be reduced by 1.244% for such Distribution Date, provided, however, that for any each Distribution Date on which interest is distributable on the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “Corresponding REMIC II Net WAC Rate”)interest relating to such interest.
(2) The Class T2-IO is an This interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to bear interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessweighted average of the interest rates of the interests in REMIC I with the term “SG2” in their class designation, if anyprovided that the interest rate of any such interest in REMIC I shall be reduced by 1.728% for each Distribution Date on which interest is distributable on the Corresponding REMIC II interest relating to such interest.
(3) The T2-SA-SG1 interest shall represent 36 REMIC regular interests, each of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 1.224%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 1.224% is equal to 30 times 0.0408%, which corresponds to establishing the T1-SA-SG1 interests as having aggregate principal balances equal to approximately 1/30th of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(4) The T2-SA-SG2 interest shall represent 36 REMIC regular interests, each of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 1.728%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 1.728% is equal to 80 times .0216%, which corresponds to establishing the T1-SA-SG2 interests as having aggregate principal balances equal to approximately 1/80th of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(5) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans in Subgroup 1.
(6) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans in Subgroup 2.
(7) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated in the following order of priority: With respect to such amounts relating to the Mortgage Loans in Subgroup 1:
(i) First, to the T2-A-SG1-Senior interest rate for each until the principal balance of such REMIC I Regular Interest for interest equals the aggregate principal balance of the Class A1, Class A2A, and Class A2B Certificates as of such Distribution Date over Date, and
(ii) Second, to the product T2-SA-SG1-Sub interest until such interest is reduced to zero. With respect to such amounts relating to the Mortgage Loans in Subgroup 2:
(i) First, to the T2-A-SG1-Senior interest until the principal balance of (a) twosuch interest equals the aggregate principal balance of the Class A3, Class A4, and (b) Swap LIBOR for Class A5 Certificates as of such Distribution Date., and
(ii) Second, to the outstanding T2-SA-SG2-Sub interest until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): REMIC Interests Initial Principal Balance Interest Rate Distribution Date of Rate Change Corresponding REMIC IV Interest T3-A-SG1-Senior $ 296,500,000.00 (1)(6) N/A N/A T3-A-SG2-Senior $ 323,547,000.00 (2)(7) N/A N/A T3-A-Sub-A1 $ 125,611.17 (3) 7/2008 T4-A-SG2-Sub-1 T3-A-Sub-A2B $ 272,575.03 (3) 8/2008 T4-A-SG2-Sub-2 T3-A-Sub-A3 $ 263,523.77 (3) 9/2008 T4-A-SG2-Sub-3 T3-A-Sub-A4 $ 4,296,923.37 (3) 10/2008 T4-A-SG2-Sub-4
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI and REMIC III VII be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”)III. The Class R Certificate represents ownership REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the sole class assets of residual interest in each REMIC V. The REMIC V Regular Interests shall constitute the assets of REMIC VI. The REMIC VI Regular Interests shall constitute the assets of REMIC II and the Master REMICVII. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 SA(1) $75,000.00 (2) T2-SA-IO(1) 8/2003 $72,000,000 T1-SA(2) 75,000.00 (2) T2-SA-IO(2) 9/2003 70,500,000 T1-SA(3) 75,000.00 (2) T2-SA-IO(3) 10/2003 69,000,000 T1-SA(4) 70,000.00 (2) T2-SA-IO(4) 11/2003 67,500,000 T1-SA(5) 70,000.00 (2) T2-SA-IO(5) 12/2003 66,100,000 T1-SA(6) 70,000.00 (2) T2-SA-IO(6) 1/2004 64,700,000 T1-SA(7) 65,000.00 (2) T2-SA-IO(7) 2/2004 63,300,000 T1-SA(8) 70,000.00 (2) T2-SA-IO(8) 3/2004 62,000,000 T1-SA(9) 60,000.00 (2) T2-SA-IO(9) 4/2004 60,600,000 T1-SA(10) 65,000.00 (2) T2-SA-IO(10) 5/2004 59,400,000 T1-SA(11) 65,000.00 (2) T2-SA-IO(11) 6/2004 58,100,000 T1-SA(12) 60,000.00 (2) T2-SA-IO(12) 7/2004 56,800,000 T1-SA(13) 55,000.00 (2) T2-SA-IO(13) 8/2004 55,600,000 T1-SA(14) 60,000.00 (2) T2-SA-IO(14) 9/2004 54,500,000 T1-SA(15) 55,000.00 (2) T2-SA-IO(15) 10/2004 53,300,000 T1-SA(16) 60,000.00 (2) T2-SA-IO(16) 11/2004 52,200,000 T1-SA(17) 50,000.00 (2) T2-SA-IO(17) 12/2004 51,000,000 T1-SA(18) 55,000.00 (2) T2-SA-IO(18) 1/2005 50,000,000 T1-SA(19) 50,000.00 (2) T2-SA-IO(19) 2/2005 48,900,000 T1-SA(20) 55,000.00 (2) T2-SA-IO(20) 3/2005 47,900,000 T1-SA(21) 50,000.00 (2) T2-SA-IO(21) 4/2005 46,800,000 T1-SA(22) 45,000.00 (2) T2-SA-IO(22) 5/2005 45,800,000 T1-SA(23) 50,000.00 (2) T2-SA-IO(23) 6/2005 44,900,000 T1-SA(24) 2,195,000.00 (3) T1-F2 $ 12,215,000.00 (2) T1T2-V2 $ 12,215,000.00 (3SA-IO(24) T1-F3 $ 13,985,500.00 (2) T1-V3 $ 13,985,500.00 (3) T1-F4 $ 15,699,000.00 (2) T1-V4 $ 15,699,000.00 (3) T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 7/2005 43,900,000 R-I (4) (4) ___________________________
N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period)Pool Principal Balance less $3,600,000.00, the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest which is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”)SA interests.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He3)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”)III. The Class R Certificate represents ownership REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the sole class assets of residual interest in each of the REMIC II and the Master REMIC. V. REMIC I: The REMIC I Regular Interests shall have the following table sets forth the designations, principal balances, and interest the pass-through rates for each interest in the manner set forth in the following table: REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in Interest Initial Interests Balance Initial Interest Rate Corresponding REMIC I (the “REMIC I Regular Interests”): II Interest Rate Change Date Yield Maintenance Agreement Notional Amount T1-A (51) (2) T2-A N/A N/A T1-SA(1) 160,000.00 (2) T2-SA-IO(1) 2/15/2003 105,900,000.00 T1-SA(2) 160,000.00 (2) T2-SA-IO(2) 3/15/2003 103,900,000.00 T1-SA(3) 152,000.00 (2) T2-SA-IO(3) 4/15/2003 101,900,000.00 T1-SA(4) 160,000.00 (2) T2-SA-IO(4) 5/15/2003 100,000,000.00 T1-SA(5) 144,000.00 (2) T2-SA-IO(5) 6/15/2003 98,000,000.00 T1-SA(6) 152,000.00 (2) T2-SA-IO(6) 7/15/2003 96,200,000.00 T1-SA(7) 144,000.00 (2) T2-SA-IO(7) 8/15/2003 94,300,000.00 T1-SA(8) 144,000.00 (2) T2-SA-IO(8) 9/15/2003 92,500,000.00 T1-SA(9) 136,000.00 (2) T2-SA-IO(9) 10/15/2003 90,700,000.00 T1-SA(10) 136,000.00 (2) T2-SA-IO(10) 11/15/2003 89,000,000.00 T1-SA(11) 136,000.00 (2) T2-SA-IO(11) 12/15/2003 87,300,000.00 T1-SA(12) 128,000.00 (2) T2-SA-IO(12) 1/15/2004 85,600,000.00 T1-SA(13) 128,000.00 (2) T2-SA-IO(13) 2/15/2004 84,000,000.00 T1-SA(14) 128,000.00 (2) T2-SA-IO(14) 3/15/2004 82,400,000.00 T1-SA(15) 128,000.00 (2) T2-SA-IO(15) 4/15/2004 80,800,000.00 T1-SA(16) 120,000.00 (2) T2-SA-IO(16) 5/15/2004 79,200,000.00 T1-SA(17) 120,000.00 (2) T2-SA-IO(17) 6/15/2004 77,700,000.00 T1-SA(18) 112,000.00 (2) T2-SA-IO(18) 7/15/2004 76,200,000.00 T1-SA(19) 120,000.00 (2) T2-SA-IO(19) 8/15/2004 74,800,000.00 T1-SA(20) 112,000.00 (2) T2-SA-IO(20) 9/15/2004 73,300,000.00 T1-SA(21) 112,000.00 (2) T2-SA-IO(21) 10/15/2004 71,900,000.00 T1-SA(22) 104,000.00 (2) T2-SA-IO(22) 11/15/2004 70,500,000.00 T1-SA(23) 112,000.00 (2) T2-SA-IO(23) 12/15/2004 69,200,000.00 T1-SA(24) 104,000.00 (2) T2-SA-IO(24) 1/15/2005 67,800,000.00 T1-SA(25) 104,000.00 (2) T2-SA-IO(25) 2/15/2005 66,500,000.00 T1-SA(26) 96,000.00 (2) T2-SA-IO(26) 3/15/2005 65,200,000.00 T1-SA(27) 96,000.00 (2) T2-SA-IO(27) 4/15/2005 64,000,000.00 T1-SA(28) 104,000.00 (2) T2-SA-IO(28) 5/15/2005 62,800,000.00 T1-SA(29) 88,000.00 (2) T2-SA-IO(29) 6/15/2005 61,500,000.00 T1-SA(30) 4,832,000.00 (2) T2-SA-IO(30) 7/15/2005 60,400,000.00 T1-P $100 (3) N/A N/A N/A (1) T1-F1 $ 4,805,500.00 (2) T1-V1 $ 4,805,500.00 (3) T1-F2 $ 12,215,000.00 (2) T1-V2 $ 12,215,000.00 (3) T1-F3 $ 13,985,500.00 (2) T1-V3 $ 13,985,500.00 (3) T1-F4 $ 15,699,000.00 (2) T1-V4 $ 15,699,000.00 (3) T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and Pool Principal Balance less $8,472,000, which is the related Interest Accrual Period), the interest rate for aggregate principal balance of the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I SA Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equ Loan Tr Ser 2003-He1)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $107,482.96 (2) T2-SA-IO(1) 10/2003 575,000,000 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 109,044.02 (2) T2-SA-IO(2) 11/2003 564,251,704 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 110,630.67 (2) T2-SA-IO(3) 12/2003 553,347,302 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 112,222.12 (2) T2-SA-IO(4) 1/2004 542,284,235 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 113,797.43 (2) T2-SA-IO(5) 2/2004 531,062,023 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 115,335.53 (2) T2-SA-IO(6) 3/2004 519,682,280 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 116,815.55 (2) T2-SA-IO(7) 4/2004 508,148,727 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 118,216.78 (2) T2-SA-IO(8) 5/2004 496,467,172 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 118,256.55 (2) T2-SA-IO(9) 6/2004 484,645,494 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 117,179.64 (2) T2-SA-IO(10) 7/2004 472,819,839 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 116,102.62 (2) T2-SA-IO(11) 8/2004 461,101,875 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 115,015.68 (2) T2-SA-IO(12) 9/2004 449,491,613 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 112,098.89 (2) T2-SA-IO(13) 10/2004 437,990,045 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 109,255.61 (2) T2-SA-IO(14) 11/2004 426,780,156 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 106,483.99 (2) T2-SA-IO(15) 12/2004 415,854,595 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 103,782.23 (2) T2-SA-IO(16) 1/2005 405,206,196 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 101,148.59 (2) T2-SA-IO(17) 2/2005 394,827,973 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 98,581.33 (2) T2-SA-IO(18) 3/2005 384,713,114 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 96,078.83 (2) T2-SA-IO(19) 4/2005 374,854,981 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 93,639.42 (2) T2-SA-IO(20) 5/2005 365,247,098 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 91,261.55 (2) T2-SA-IO(21) 6/2005 355,883,156 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 88,943.65 (2) T2-SA-IO(22) 7/2005 346,757,001 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 86,684.22 (2) T2-SA-IO(23) 8/2005 337,862,636 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 3,291,942.14(3) (2) T1T2-V25 $ 4,866,000.00 (3SA-IO(24) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 9/2005 329,194,214 R-I (4) (4) ___________________________
N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period)Pool Principal Balance less $5,750,000, the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest which is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”)SA interests.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI and REMIC III VII be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”)III. The Class R Certificate represents ownership REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the sole class assets of residual interest in each REMIC V. The REMIC V Regular Interests shall constitute the assets of REMIC VI. The REMIC VI Regular Interests shall constitute the assets of REMIC II and the Master REMICVII. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $65,235.88 (2) T2-SA-IO(1) 10/2003 $50,000,000.00 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 64,784.75 (2) T2-SA-IO(2) 11/2003 48,956,226.00 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 64,366.81 (2) T2-SA-IO(3) 12/2003 47,919,670.00 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 63,976.56 (2) T2-SA-IO(4) 1/2004 46,889,801.00 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 63,608.13 (2) T2-SA-IO(5) 2/2004 45,866,176.00 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 63,256.06 (2) T2-SA-IO(6) 3/2004 44,848,446.00 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 62,914.50 (2) T2-SA-IO(7) 4/2004 43,836,349.00 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 62,578.06 (2) T2-SA-IO(8) 5/2004 42,829,717.00 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 62,241.06 (2) T2-SA-IO(9) 6/2004 41,828,468.00 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 61,898.19 (2) T2-SA-IO(10) 7/2004 40,832,611.00 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 61,544.25 (2) T2-SA-IO(11) 8/2004 39,842,240.00 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 60,032.13 (2) T2-SA-IO(12) 9/2004 38,857,532.00 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 58,557.13 (2) T2-SA-IO(13) 10/2004 37,897,018.00 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 57,118.19 (2) T2-SA-IO(14) 11/2004 36,960,104.00 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 55,714.50 (2) T2-SA-IO(15) 12/2004 36,046,213.00 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 54,345.19 (2) T2-SA-IO(16) 1/2005 35,154,781.00 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 53,009.44 (2) T2-SA-IO(17) 2/2005 34,285,258.00 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 51,706.38 (2) T2-SA-IO(18) 3/2005 33,437,107.00 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 50,435.25 (2) T2-SA-IO(19) 4/2005 32,609,805.00 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 49,195.31 (2) T2-SA-IO(20) 5/2005 31,802,841.00 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 47,985.63 (2) T2-SA-IO(21) 6/2005 31,015,716.00 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 46,805.75 (2) T2-SA-IO(22) 7/2005 30,247,946.00 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 45,654.63 (2) T2-SA-IO(23) 8/2005 29,499,054.00 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 1,798,036.25(3) (2) T1T2-V25 $ 4,866,000.00 (3SA-IO(24) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 9/2005 28,768,580.00 R-I (4) (4) ___________________________
N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period)Pool Principal Balance less $3,125,000.00, the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest which is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”)SA interests.
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Ln Tr Ser 2003he4)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 13,611,000.00 (2) T1-V1 $ 4,805,500.00 13,611,000.00 (3) T1-F2 $ 12,215,000.00 15,506,500.00 (2) T1-V2 $ 12,215,000.00 15,506,500.00 (3) T1-F3 $ 13,985,500.00 17,260,500.00 (2) T1-V3 $ 13,985,500.00 17,260,500.00 (3) T1-F4 $ 15,699,000.00 18,271,000.00 (2) T1-V4 $ 15,699,000.00 18,271,000.00 (3) T1-F5 $ 17,164,500.00 20,346,500.00 (2) T1-V5 $ 17,164,500.00 20,346,500.00 (3) T1-F6 $ 18,062,000.00 20,064,000.00 (2) T1-V6 $ 18,062,000.00 20,064,000.00 (3) T1-F7 $ 18,696,000.00 20,625,000.00 (2) T1-V7 $ 18,696,000.00 20,625,000.00 (3) T1-F8 $ 19,042,000.00 19,977,000.00 (2) T1-V8 $ 19,042,000.00 19,977,000.00 (3) T1-F9 $ 18,248,500.00 19,176,500.00 (2) T1-V9 $ 18,248,500.00 19,176,500.00 (3) T1-F10 $ 17,475,500.00 17,924,500.00 (2) T1-V10 $ 17,475,500.00 17,924,500.00 (3) T1-F11 $ 16,735,000.00 17,890,500.00 (2) T1-V11 $ 16,735,000.00 17,890,500.00 (3) T1-F12 $ 16,026,500.00 17,305,000.00 (2) T1-V12 $ 16,026,500.00 17,305,000.00 (3) T1-F13 $ 15,348,500.00 16,358,500.00 (2) T1-V13 $ 15,348,500.00 16,358,500.00 (3) T1-F14 $ 14,698,500.00 15,631,500.00 (2) T1-V14 $ 14,698,500.00 15,631,500.00 (3) T1-F15 $ 14,077,500.00 14,867,500.00 (2) T1-V15 $ 14,077,500.00 14,867,500.00 (3) T1-F16 $ 13,481,500.00 15,201,000.00 (2) T1-V16 $ 13,481,500.00 15,201,000.00 (3) T1-F17 $ 13,584,500.00 29,597,000.00 (2) T1-V17 $ 13,584,500.00 29,597,000.00 (3) T1-F18 $ 28,835,000.00 25,417,500.00 (2) T1-V18 $ 28,835,000.00 25,417,500.00 (3) T1-F19 $ 32,180,500.00 81,947,500.00 (2) T1-V19 $ 32,180,500.00 81,947,500.00 (3) T1-F20 $ 86,618,500.00 34,217,000.00 (2) T1-V20 $ 86,618,500.00 34,217,000.00 (3) T1-F21 $ 12,007,000.00 10,457,000.00 (2) T1-V21 $ 12,007,000.00 10,457,000.00 (3) T1-F22 $ 10,196,500.00 8,557,000.00 (2) T1-V22 $ 10,196,500.00 8,557,000.00 (3) T1-F23 $ 8,763,000.00 5,762,000.00 (2) T1-V23 $ 8,763,000.00 5,762,000.00 (3) T1-F24 $ 5,195,500.00 5,069,000.00 (2) T1-V24 $ 5,195,500.00 5,069,000.00 (3) T1-F25 $ 4,866,000.00 4,827,500.00 (2) T1-V25 $ 4,866,000.00 4,827,500.00 (3) T1-F26 $ 4,636,000.00 4,598,000.00 (2) T1-V26 $ 4,636,000.00 4,598,000.00 (3) T1-F27 $ 4,418,500.00 4,380,000.00 (2) T1-V27 $ 4,418,500.00 4,380,000.00 (3) T1-F28 $ 4,212,500.00 7,353,500.00 (2) T1-V28 $ 4,212,500.00 7,353,500.00 (3) T1-F29 $ 3,032,500.00 3,783,000.00 (2) T1-V29 $ 3,032,500.00 3,783,000.00 (3) T1-F30 $ 565,500.00 7,946,000.00 (2) T1-V30 $ 565,500.00 7,946,000.00 (3) T1-F31 $ 418,500.00 2,934,000.00 (2) T1-V31 $ 418,500.00 2,934,000.00 (3) T1-F32 $ 15,198,000.00 1,131,500.00 (2) T1-V32 $ 15,198,000.00 1,131,500.00 (3) T1-F33 $ 2,048,500.00 1,647,000.00 (2) T1-V33 $ 2,048,500.00 1,647,000.00 (3) T1-F34 $ 1,958,000.00 59,000.00 (2) T1-V34 $ 1,958,000.00 59,000.00 (3) T1-F35 $ 1,884,500.00 1,642,500.00 (2) T1-V35 $ 1,884,500.00 1,642,500.00 (3) T1-F36 $ 1,813,000.00 292,000.00 (2) T1-V36 $ 1,813,000.00 292,000.00 (3) T1-F37 $ 1,745,000.00 1,303,500.00 (2) T1-V37 $ 1,745,000.00 1,303,500.00 (3) T1-F38 $ 1,679,500.00 1,523,000.00 (2) T1-V38 $ 1,679,500.00 1,523,000.00 (3) T1-F39 $ 1,616,500.00 1,467,000.00 (2) T1-V39 $ 1,616,500.00 1,467,000.00 (3) T1-F40 $ 1,556,000.00 1,416,000.00 (2) T1-V40 $ 1,556,000.00 1,416,000.00 (3) T1-F41 $ 1,498,000.00 1,361,000.00 (2) T1-V41 $ 1,498,000.00 1,361,000.00 (3) T1-F42 $ 1,441,500.00 1,310,500.00 (2) T1-V42 $ 1,441,500.00 1,310,500.00 (3) T1-F43 $ 1,388,000.00 1,263,000.00 (2) T1-V43 $ 1,388,000.00 1,263,000.00 (3) T1-F44 $ 1,336,500.00 1,216,000.00 (2) T1-V44 $ 1,336,500.00 1,216,000.00 (3) T1-F45 $ 1,286,500.00 1,172,000.00 (2) T1-V45 $ 1,286,500.00 1,172,000.00 (3) F1-F46 $ 1,238,500.00 1,129,000.00 (2) T1-V46 $ 1,238,500.00 1,129,000.00 (3) T1-F47 $ 1,192,500.00 1,516,500.00 (2) T1-F47 $ 1,192,500.00 1,516,500.00 (3) T1-V48 $ 1,148,500.00 1,022,000.00 (2) T1-F48 $ 1,148,500.00 1,022,000.00 (3) T1-V49 $ 1,106,000.00 1,131,000.00 (2) T1-F49 $ 1,106,000.00 1,131,000.00 (3) T1-V50 $ 1,064,500.00 940,500.00 (2) T1-F50 $ 1,064,500.00 940,500.00 (3) T1-V51 $ 1,025,500.00 1,112,000.00 (2) T1-F51 $ 1,025,500.00 1,112,000.00 (3) T1-V52 $ 1,103,500.00 862,500.00 (2) T1-F52 $ 1,103,500.00 862,500.00 (3) T1-V53 $ 1,186,500.00 833,500.00 (2) T1-F53 $ 1,186,500.00 833,500.00 (3) T1-V54 $ 1,220,000.00 884,500.00 (2) T1-F54 $ 1,220,000.00 884,500.00 (3) T1-V55 $ 1,129,000.00 1,372,000.00 (2) T1-F55 $ 1,129,000.00 1,372,000.00 (3) T1-V56 $ 1,859,000.00 1,139,500.00 (2) T1-F56 $ 1,859,000.00 1,139,500.00 (3) T1-V57 $ 934,000.00 789,500.00 (2) T1-F57 $ 934,000.00 789,500.00 (3) T1-V58 $ 801,500.00 761,000.00 (2) T1-F58 $ 801,500.00 761,000.00 (3) T1-V59 $ 771,000.00 734,500.00 (2) T1-F59 $ 771,000.00 734,500.00 (3) T1-V60 $ 743,500.00 708,000.00 (2) T1-F60 $ 743,500.00 708,000.00 (3) T1-V61 $ 717,500.00 683,000.00 (2) T1-F61 $ 717,500.00 683,000.00 (3) T1-V62 $ 691,500.00 659,000.00 (2) T1-F62 $ 691,500.00 659,000.00 (3) T1-V63 $ 667,500.00 635,000.00 (2) T1-F63 $ 667,500.00 635,000.00 (3) T1-V64 $ 643,500.00 613,000.00 (2) T1-F64 $ 643,500.00 613,000.00 (3) T1-V65 $ 620,500.00 591,000.00 (2) T1-F65 $ 620,500.00 591,000.00 (3) T1-V66 $ 599,000.00 570,000.00 (2) T1-F66 $ 599,000.00 570,000.00 (3) T1-V67 $ 577,000.00 550,000.00 (2) T1-F67 $ 577,000.00 550,000.00 (3) T1-V68 $ 557,000.00 530,000.00 (2) T1-F68 $ 557,000.00 530,000.00 (3) T1-V69 $ 537,000.00 511,500.00 (2) T1-F69 $ 537,000.00 511,500.00 (3) T1-V70 $ 518,000.00 493,500.00 (2) T1-F70 $ 518,000.00 493,500.00 (3) T1-V71 $ 500,000.00 475,500.00 (2) T1-F71 $ 500,000.00 475,500.00 (3) T1-V72 $ 481,500.00 458,500.00 (2) T1-F72 $ 481,500.00 458,500.00 (3) T1-V73 $ 465,000.00 442,500.00 (2) T1-F73 $ 465,000.00 442,500.00 (3) T1-V74 $ 448,000.00 427,000.00 (2) T1-F74 $ 448,000.00 427,000.00 (3) T1-V75 $ 432,500.00 8,525,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 8,525,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F75 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A1A (1) ½ Corresponding Class balance A-1 A-1A T2-A2 A1B (1) ½ Corresponding Class balance A-2 T2-A3 A-1B
(1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-2
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch3)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $206,731.24 (2) T2-SA-IO(1) 3/2004 $734,434,763 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 206,006.19 (2) T2-SA-IO(2) 4/2004 718,929,920 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 205,341.16 (2) T2-SA-IO(3) 5/2004 703,479,456 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 204,716.01 (2) T2-SA-IO(4) 6/2004 688,078,869 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 204,110.65 (2) T2-SA-IO(5) 7/2004 672,725,168 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 203,505.21 (2) T2-SA-IO(6) 8/2004 657,416,869 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 202,880.13 (2) T2-SA-IO(7) 9/2004 642,153,978 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 202,216.28 (2) T2-SA-IO(8) 10/2004 626,937,968 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 201,495.17 (2) T2-SA-IO(9) 11/2004 611,771,747 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 196,549.93 (2) T2-SA-IO(10) 12/2004 596,659,609 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 191,725.61 (2) T2-SA-IO(11) 1/2005 581,918,364 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 187,019.28 (2) T2-SA-IO(12) 2/2005 567,538,943 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 182,428.05 (2) T2-SA-IO(13) 3/2005 553,512,497 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 177,949.09 (2) T2-SA-IO(14) 4/2005 539,830,393 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 173,579.69 (2) T2-SA-IO(15) 5/2005 526,484,211 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 169,317.19 (2) T2-SA-IO(16) 6/2005 513,465,734 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 165,158.91 (2) T2-SA-IO(17) 7/2005 500,766,945 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 161,102.37 (2) T2-SA-IO(18) 8/2005 488,380,027 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 157,145.07 (2) T2-SA-IO(19) 9/2005 476,297,349 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 153,284.57 (2) T2-SA-IO(20) 10/2005 464,511,469 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 149,518.53 (2) T2-SA-IO(21) 11/2005 453,015,126 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 145,835.13 (2) T2-SA-IO(22) 12/2005 441,801,236 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 142,251.59 (2) T2-SA-IO(23) 1/2006 430,863,601 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 138,755.72 (2) T2-SA-IO(24) 2/2006 420,194,732 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 135,345.41 (2) T2-SA-IO(25) 3/2006 409,788,053 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 132,018.55 (2) T2-SA-IO(26) 4/2006 399,637,147 T1-V27 $ 4,418,500.00 (3SA(27) T1-F28 $ 4,212,500.00 128,773.09 (2) T2-SA-IO(27) 5/2006 389,735,756 T1-V28 $ 4,212,500.00 (3SA(28) T1-F29 $ 3,032,500.00 125,607.07 (2) T2-SA-IO(28) 6/2006 380,077,774 T1-V29 $ 3,032,500.00 (3SA(29) T1-F30 $ 565,500.00 122,518.55 (2) T2-SA-IO(29) 7/2006 370,657,244 T1-V30 $ 565,500.00 (3SA(30) T1-F31 $ 418,500.00 119,505.60 (2) T2-SA-IO(30) 8/2006 361,468,353 T1-V31 $ 418,500.00 (3SA(31) T1-F32 $ 15,198,000.00 116,566.41 (2) T2-SA-IO(31) 9/2006 352,505,433 T1-V32 $ 15,198,000.00 (3SA(32) T1-F33 $ 2,048,500.00 113,699.19 (2) T2-SA-IO(32) 10/2006 343,762,952 T1-V33 $ 2,048,500.00 (3SA(33) T1-F34 $ 1,958,000.00 4,469,806.84 (2) T1T2-V34 $ 1,958,000.00 (3SA-IO(33) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 11/2006 335,235,513 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1.3333% of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1.3333% of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A $689,742,195.10 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A N/A N/A T2-IO A-IO(1) 2,600,000.00 (1) T3-A-IO(1) 2/2004 $60,200,000 T2-A-IO(2) 2,700,000.00 (1) T3-A-IO(2) 3/2004 57,600,000 T2-A-IO(3) 2,700,000.00 (1) T3-A-IO(3) 4/2004 54,900,000 T2-A-IO(4) 2,600,000.00 (1) T3-A-IO(4) 5/2004 52,200,000 T2-A-IO(5) 2,500,000.00 (1) T3-A-IO(5) 6/2004 49,600,000 T2-A-IO(6) 2,600,000.00 (1) T3-A-IO(6) 7/2004 47,100,000 T2-A-IO(7) 2,400,000.00 (1) T3-A-IO(7) 8/2004 44,500,000 T2-A-IO(8) 2,400,000.00 (1) T3-A-IO(8) 9/2004 42,100,000 T2-A-IO(9) 2,400,000.00 (1) T3-A-IO(9) 10/2004 39,700,000 T2-A-IO(10) 2,300,000.00 (1) T3-A-IO(10) 11/2004 37,300,000 T2-A-IO(11) 2,300,000.00 (1) T3-A-IO(11) 12/2004 35,000,000 T2-A-IO(12) 2,200,000.00 (1) T3-A-IO(12) 1/2005 32,700,000 T2-A-IO(13) 30,500,000.00(3) (1) T3-A-IO(13) 7/2005 30,500,000 T2-SA (2) (2) N/A N/A N/A R-II (34) (34) R ___________________________N/A N/A N/A
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessClass A-IO Net WAC Rate.
(2) The T2-SA interest shall represent 33 REMIC regular interests, if anyeach of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 3.60%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 3.60% is equal to 75 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1.3333% of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the outstanding T2-A-IO interest with the lowest numerical denomination until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): REMIC Interests Initial Balance Interest Rate T3-A (1) Class B-IO Cap Rate T3-B1 $35,400,000.00 Class B-IO Cap Rate T3-B2 18,600,000.00(4) Class B-IO Cap Rate T3-SA (2) (2) T3-A-IO (3) (3) R-III (5) (5)
(1) The principal balance is equal to the principal balance of all REMIC II Regular Interest less $54,000,000.
(2) The T3-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T2-SA interest on such Distribution Date.
(3) The T3-A-IO interest shall represent 13 REMIC regular interests, each of which appears under the heading “Corresponding REMIC III Interest” in the table designating the interests in REMIC II above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC II interest to which it corresponds at a per annum rate equal to the rate thereof subject to a maximum rate of 4.00%. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC III interest, such Corresponding REMIC III interest shall not be entitled to receive any interest
(4) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(5) The R-III interest shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T3-A interest until such interest is reduced to zero. After the T3-A interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B1 interest until such interest is reduced to zero. After the T3-B1 interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B2 interest until such interest is reduced to zero. REMIC IV: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC IV, each of which (other than the R-IV interest) is hereby designated as a regular interest in REMIC IV (the “REMIC IV Regular Interests”):
(1) This interest is a REMIC IV Accretion Directed Class.
(2) The T4-P interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(3) The T4-Accrual Interest shall have an initial principal balance equal to the excess of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Pool Principal Balance as of the Cut-off Date over (ii) the product sum of the initial principal balances of the remaining regular interests in REMIC IV.
(4) The T4-A-IO interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-A-IO interest on such Distribution Date.
(5) The T4-B-IO interest shall represent 2 regular interests, both of which are interest-only regular interests. One such regular interest shall have a notional balance equal to the principal balance of the T3-B1 interest, and a per annum Pass-Through Rate equal to: (a) twofrom the Closing Date through the Distribution Date in June 2005, the interest rate of the T3-B1 interest, subject to a maximum rate of 3.50%, and (b) Swap LIBOR for thereafter, 0%. The other such regular interest shall have a notional balance equal to the principal balance of the T3-B2 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in December 2005, the interest rate of the T3-B2 interest, subject to a maximum rate of 3.50%, and (b) thereafter, 0%.
(6) The T4-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-SA interest on such Distribution Date.
(7) The R-IV interest shall not have a principal amount and shall not bear interest. The R-IV interest is hereby designated as the sole class of residual interest in REMIC IV.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 35,357,946.08 (1) T1-F1 $ 4,805,500.00 4,900,431.85 (2) T1-V1 $ 4,805,500.00 4,900,431.85 (3) T1-F2 $ 12,215,000.00 6,377,645.29 (2) T1-V2 $ 12,215,000.00 6,377,645.29 (3) T1-F3 $ 13,985,500.00 7,857,493.02 (2) T1-V3 $ 13,985,500.00 7,857,493.02 (3) T1-F4 $ 15,699,000.00 9,326,808.18 (2) T1-V4 $ 15,699,000.00 9,326,808.18 (3) T1-F5 $ 17,164,500.00 10,771,743.69 (2) T1-V5 $ 17,164,500.00 10,771,743.69 (3) T1-F6 $ 18,062,000.00 4,500,726.25 (2) T1-V6 $ 18,062,000.00 4,500,726.25 (3) T1-F7 $ 18,696,000.00 13,525,732.94 (2) T1-V7 $ 18,696,000.00 13,525,732.94 (3) T1-F8 $ 19,042,000.00 14,775,244.13 (2) T1-V8 $ 19,042,000.00 14,775,244.13 (3) T1-F9 $ 18,248,500.00 15,846,093.65 (2) T1-V9 $ 18,248,500.00 15,846,093.65 (3) T1-F10 $ 17,475,500.00 16,695,022.61 (2) T1-V10 $ 17,475,500.00 16,695,022.61 (3) T1-F11 $ 16,735,000.00 15,921,876.37 (2) T1-V11 $ 16,735,000.00 15,921,876.37 (3) T1-F12 $ 16,026,500.00 15,184,092.89 (2) T1-V12 $ 16,026,500.00 15,184,092.89 (3) T1-F13 $ 15,348,500.00 14,481,136.59 (2) T1-V13 $ 15,348,500.00 14,481,136.59 (3) T1-F14 $ 14,698,500.00 13,811,343.44 (2) T1-V14 $ 14,698,500.00 13,811,343.44 (3) T1-F15 $ 14,077,500.00 13,173,129.54 (2) T1-V15 $ 14,077,500.00 13,173,129.54 (3) T1-F16 $ 13,481,500.00 12,567,575.52 (2) T1-V16 $ 13,481,500.00 12,567,575.52 (3) T1-F17 $ 13,584,500.00 11,988,888.64 (2) T1-V17 $ 13,584,500.00 11,988,888.64 (3) T1-F18 $ 28,835,000.00 11,500,362.41 (2) T1-V18 $ 28,835,000.00 11,500,362.41 (3) T1-F19 $ 32,180,500.00 11,119,964.66 (2) T1-V19 $ 32,180,500.00 11,119,964.66 (3) T1-F20 $ 86,618,500.00 10,901,943.67 (2) T1-V20 $ 86,618,500.00 10,901,943.67 (3) T1-F21 $ 12,007,000.00 22,950,685.62 (2) T1-V21 $ 12,007,000.00 22,950,685.62 (3) T1-F22 $ 10,196,500.00 145,681,634.24 (2) T1-V22 $ 10,196,500.00 145,681,634.24 (3) T1-F23 $ 8,763,000.00 1,984,395.54 (2) T1-V23 $ 8,763,000.00 1,984,395.54 (3) T1-F24 $ 5,195,500.00 1,750,918.01 (2) T1-V24 $ 5,195,500.00 1,750,918.01 (3) T1-F25 $ 4,866,000.00 1,632,484.85 (2) T1-V25 $ 4,866,000.00 1,632,484.85 (3) T1-F26 $ 4,636,000.00 1,548,709.16 (2) T1-V26 $ 4,636,000.00 1,548,709.16 (3) T1-F27 $ 4,418,500.00 1,495,377.10 (2) T1-V27 $ 4,418,500.00 1,495,377.10 (3) T1-F28 $ 4,212,500.00 1,445,157.86 (2) T1-V28 $ 4,212,500.00 1,445,157.86 (3) T1-F29 $ 3,032,500.00 1,410,346.07 (2) T1-V29 $ 3,032,500.00 1,410,346.07 (3) T1-F30 $ 565,500.00 1,355,758.20 (2) T1-V30 $ 565,500.00 1,355,758.20 (3) T1-F31 $ 418,500.00 588,717.88 (2) T1-V31 $ 418,500.00 588,717.88 (3) T1-F32 $ 15,198,000.00 5,232.00 (2) T1-V32 $ 15,198,000.00 5,232.00 (3) T1-F33 $ 2,048,500.00 856,110.93 (2) T1-V33 $ 2,048,500.00 856,110.93 (3) T1-F34 $ 1,958,000.00 192,436.01 (2) T1-V34 $ 1,958,000.00 192,436.01 (3) T1-F35 $ 1,884,500.00 630,351.56 (2) T1-V35 $ 1,884,500.00 630,351.56 (3) T1-F36 $ 1,813,000.00 802,285.99 (2) T1-V36 $ 1,813,000.00 802,285.99 (3) T1-F37 $ 1,745,000.00 635,110.10 (2) T1-V37 $ 1,745,000.00 635,110.10 (3) T1-F38 $ 1,679,500.00 147,039.27 (2) T1-V38 $ 1,679,500.00 147,039.27 (3) T1-F39 $ 1,616,500.00 762,380.85 (2) T1-V39 $ 1,616,500.00 762,380.85 (3) T1-F40 $ 1,556,000.00 742,982.80 (2) T1-V40 $ 1,556,000.00 742,982.80 (3) T1-F41 $ 1,498,000.00 723,957.38 (2) T1-V41 $ 1,498,000.00 723,957.38 (3) T1-F42 $ 1,441,500.00 705,305.50 (2) T1-V42 $ 1,441,500.00 705,305.50 (3) T1-F43 $ 1,388,000.00 687,028.44 (2) T1-V43 $ 1,388,000.00 687,028.44 (3) T1-F44 $ 1,336,500.00 669,126.24 (2) T1-V44 $ 1,336,500.00 669,126.24 (3) T1-F45 $ 1,286,500.00 741,296.19 (2) T1-V45 $ 1,286,500.00 741,296.19 (3) F1T1-F46 $ 1,238,500.00 737,520.00 (2) T1-V46 $ 1,238,500.00 737,520.00 (3) T1-F47 $ 1,192,500.00 715,478.83 (2) T1-F47 V47 $ 1,192,500.00 715,478.83 (3) T1-V48 F48 $ 1,148,500.00 20,750,505.19 (2) T1-F48 V48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 20,750,505.19 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F48 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-M11 (1) ½ Corresponding Class balance M-11 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding REMIC II Interest Distribution Date of Rate Change Yield Maintenance Agreement Notional Amount T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 SA(1) $ 4,805,500.00 (3) T1-F2 $ 12,215,000.00 221,723.30 (2) T2-SA-IO(1) 4/2004 $727,985,529 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 220,883.51 (2) T2-SA-IO(2) 5/2004 712,464,898 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 220,101.06 (2) T2-SA-IO(3) 6/2004 697,003,052 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 219,354.61 (2) T2-SA-IO(4) 7/2004 681,595,978 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 218,623.04 (2) T2-SA-IO(5) 8/2004 666,241,155 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 217,885.41 (2) T2-SA-IO(6) 9/2004 650,937,542 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 217,121.24 (2) T2-SA-IO(7) 10/2004 635,685,563 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 216,310.53 (2) T2-SA-IO(8) 11/2004 620,487,076 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 213,412.03 (2) T2-SA-IO(9) 12/2004 605,345,339 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 208,178.56 (2) T2-SA-IO(10) 1/2005 590,406,497 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 203,072.97 (2) T2-SA-IO(11) 2/2005 575,833,998 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 198,092.19 (2) T2-SA-IO(12) 3/2005 561,618,890 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 193,233.14 (2) T2-SA-IO(13) 4/2005 547,752,437 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 188,492.86 (2) T2-SA-IO(14) 5/2005 534,226,117 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 183,868.46 (2) T2-SA-IO(15) 6/2005 521,031,617 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 179,357.10 (2) T2-SA-IO(16) 7/2005 508,160,825 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 174,956.01 (2) T2-SA-IO(17) 8/2005 495,605,828 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 170,662.54 (2) T2-SA-IO(18) 9/2005 483,358,907 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 166,474.03 (2) T2-SA-IO(19) 10/2005 471,412,529 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 162,387.93 (2) T2-SA-IO(20) 11/2005 459,759,347 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 158,400.61 (2) T2-SA-IO(21) 12/2005 448,392,192 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 154,501.14 (2) T2-SA-IO(22) 1/2006 437,304,149 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 150,708.09 (2) T2-SA-IO(23) 2/2006 426,489,069 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 147,007.77 (2) T2-SA-IO(24) 3/2006 415,939,503 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 143,397.93 (2) T2-SA-IO(25) 4/2006 405,648,959 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 139,876.40 (2) T2-SA-IO(26) 5/2006 395,611,104 T1-V27 $ 4,418,500.00 (3SA(27) T1-F28 $ 4,212,500.00 136,440.96 (2) T2-SA-IO(27) 6/2006 385,819,756 T1-V28 $ 4,212,500.00 (3SA(28) T1-F29 $ 3,032,500.00 133,089.56 (2) T2-SA-IO(28) 7/2006 376,268,889 T1-V29 $ 3,032,500.00 (3SA(29) T1-F30 $ 565,500.00 129,820.13 (2) T2-SA-IO(29) 8/2006 366,952,620 T1-V30 $ 565,500.00 (3SA(30) T1-F31 $ 418,500.00 126,630.66 (2) T2-SA-IO(30) 9/2006 357,865,211 T1-V31 $ 418,500.00 (3SA(31) T1-F32 $ 15,198,000.00 123,519.20 (2) T2-SA-IO(31) 10/2006 349,001,065 T1-V32 $ 15,198,000.00 (3SA(32) T1-F33 $ 2,048,500.00 120,483.87 (2) T2-SA-IO(32) 11/2006 340,354,721 T1-V33 $ 2,048,500.00 (3SA(33) T1-F34 $ 1,958,000.00 4,741,726.43(3) (2) T1T2-V34 $ 1,958,000.00 (3SA-IO(33) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 12/2006 331,920,850 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1/70th of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1/70th of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding REMIC III Interest Distribution Date of Rate Change Notional Balance of the A-IO T2-A1 A $661,670,452.39 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A N/A N/A T2-IO A-IO(1) 2,300,000.00 (1) T3-A-IO(1) 3/2004 $81,900,000 T2-A-IO(2) 2,600,000.00 (1) T3-A-IO(2) 4/2004 79,600,000 T2-A-IO(3) 2,600,000.00 (1) T3-A-IO(3) 5/2004 77,000,000 T2-A-IO(4) 2,600,000.00 (1) T3-A-IO(4) 6/2004 74,400,000 T2-A-IO(5) 2,600,000.00 (1) T3-A-IO(5) 7/2004 71,800,000 T2-A-IO(6) 2,600,000.00 (1) T3-A-IO(6) 8/2004 69,200,000 T2-A-IO(7) 2,600,000.00 (1) T3-A-IO(7) 9/2004 66,600,000 T2-A-IO(8) 2,700,000.00 (1) T3-A-IO(8) 10/2004 64,000,000 T2-A-IO(9) 2,600,000.00 (1) T3-A-IO(9) 11/2004 61,300,000 T2-A-IO(10) 2,700,000.00 (1) T3-A-IO(10) 12/2004 58,700,000 T2-A-IO(11) 2,500,000.00 (1) T3-A-IO(11) 1/2005 56,000,000 T2-A-IO(12) 2,500,000.00 (1) T3-A-IO(12) 2/2005 53,500,000 T2-A-IO(13) 51,000,000.00(3) (1) T3-A-IO(13) 8/2006 51,000,000 T2-SA (2) (2) N/A N/A N/A R-II (34) (34) R ___________________________N/A N/A N/A
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessClass A-IO Net WAC Rate.
(2) The T2-SA interest shall represent 33 REMIC regular interests, if anyeach of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 3.44400%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 3.44400% is equal to 70 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1/70th of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the outstanding T2-A-IO interest with the lowest numerical denomination until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): REMIC Interests Initial Balance Interest Rate T3-A (1) Class B-IO Cap Rate T3-B1 $28,800,000.00 Class B-IO Cap Rate T3-B2 28,800,000.00(4) Class B-IO Cap Rate T3-SA (2) (2) T3-A-IO (3) (3) R-III (5) (5)
(1) The principal balance is equal to the principal balance of all REMIC II Regular Interest less $57,600,000.00.
(2) The T3-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T2-SA interest on such Distribution Date.
(3) The T3-A-IO interest shall represent 13 REMIC regular interests, each of which appears under the heading “Corresponding REMIC III Interest” in the table designating the interests in REMIC II above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC II interest to which it corresponds at a per annum rate equal to the rate thereof subject to a maximum rate of 4.00%. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC III interest, such Corresponding REMIC III interest shall not be entitled to receive any interest
(4) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(5) The R-III interest shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T3-A interest until such interest is reduced to zero. After the T3-A interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B1 interest until such interest is reduced to zero. After the T3-B1 interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B2 interest until such interest is reduced to zero. REMIC IV: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC IV, each of which (other than the R-IV interest) is hereby designated as a regular interest in REMIC IV (the “REMIC IV Regular Interests”): REMIC Interests Initial Balance Interest Rate Corresponding Class of REMIC V Interest
(1) This interest is a REMIC IV Accretion Directed Class.
(2) The T4-P interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(3) The T4-Accrual Interest shall have an initial principal balance equal to the excess of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Pool Principal Balance as of the Cut-off Date over (ii) the product sum of the initial principal balances of the remaining regular interests in REMIC IV.
(4) The T4-A-IO interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-A-IO interest on such Distribution Date.
(5) The T4-B-IO interest shall represent 2 regular interests, both of which are interest-only regular interests. One such regular interest shall have a notional balance equal to the principal balance of the T3-B1 interest, and a per annum Pass-Through Rate equal to: (a) twofrom the Closing Date through the Distribution Date in February 2005, the interest rate of the T3-B1 interest, subject to a maximum rate of 3.50%, and (b) Swap LIBOR for thereafter, 0%. The other such regular interest shall have a notional balance equal to the principal balance of the T3-B2 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in January 2006, the interest rate of the T3-B2 interest, subject to a maximum rate of 3.50%, and (b) thereafter, 0%.
(6) The T4-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-SA interest on such Distribution Date.
(7) The R-IV interest shall not have a principal amount and shall not bear interest. The R-IV interest is hereby designated as the sole class of residual interest in REMIC IV.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 6,773,000.00 (2) T1-V1 $ 4,805,500.00 6,773,000.00 (3) T1-F2 $ 12,215,000.00 8,471,000.00 (2) T1-V2 $ 12,215,000.00 8,471,000.00 (3) T1-F3 $ 13,985,500.00 9,371,500.00 (2) T1-V3 $ 13,985,500.00 9,371,500.00 (3) T1-F4 $ 15,699,000.00 10,397,500.00 (2) T1-V4 $ 15,699,000.00 10,397,500.00 (3) T1-F5 $ 17,164,500.00 10,851,500.00 (2) T1-V5 $ 17,164,500.00 10,851,500.00 (3) T1-F6 $ 18,062,000.00 11,770,500.00 (2) T1-V6 $ 18,062,000.00 11,770,500.00 (3) T1-F7 $ 18,696,000.00 12,628,000.00 (2) T1-V7 $ 18,696,000.00 12,628,000.00 (3) T1-F8 $ 19,042,000.00 13,371,500.00 (2) T1-V8 $ 19,042,000.00 13,371,500.00 (3) T1-F9 $ 18,248,500.00 13,365,500.00 (2) T1-V9 $ 18,248,500.00 13,365,500.00 (3) T1-F10 $ 17,475,500.00 12,859,500.00 (2) T1-V10 $ 17,475,500.00 12,859,500.00 (3) T1-F11 $ 16,735,000.00 12,330,500.00 (2) T1-V11 $ 16,735,000.00 12,330,500.00 (3) T1-F12 $ 16,026,500.00 11,822,000.00 (2) T1-V12 $ 16,026,500.00 11,822,000.00 (3) T1-F13 $ 15,348,500.00 11,451,000.00 (2) T1-V13 $ 15,348,500.00 11,451,000.00 (3) T1-F14 $ 14,698,500.00 10,953,500.00 (2) T1-V14 $ 14,698,500.00 10,953,500.00 (3) T1-F15 $ 14,077,500.00 10,586,000.00 (2) T1-V15 $ 14,077,500.00 10,586,000.00 (3) T1-F16 $ 13,481,500.00 10,150,500.00 (2) T1-V16 $ 13,481,500.00 10,150,500.00 (3) T1-F17 $ 13,584,500.00 9,662,000.00 (2) T1-V17 $ 13,584,500.00 9,662,000.00 (3) T1-F18 $ 28,835,000.00 9,334,500.00 (2) T1-V18 $ 28,835,000.00 9,334,500.00 (3) T1-F19 $ 32,180,500.00 14,405,000.00 (2) T1-V19 $ 32,180,500.00 14,405,000.00 (3) T1-F20 $ 86,618,500.00 90,091,500.00 (2) T1-V20 $ 86,618,500.00 90,091,500.00 (3) T1-F21 $ 12,007,000.00 58,633,500.00 (2) T1-V21 $ 12,007,000.00 58,633,500.00 (3) T1-F22 $ 10,196,500.00 6,823,000.00 (2) T1-V22 $ 10,196,500.00 6,823,000.00 (3) T1-F23 $ 8,763,000.00 561,500.00 (2) T1-V23 $ 8,763,000.00 561,500.00 (3) T1-F24 $ 5,195,500.00 678,500.00 (2) T1-V24 $ 5,195,500.00 678,500.00 (3) T1-F25 $ 4,866,000.00 307,000.00 (2) T1-V25 $ 4,866,000.00 307,000.00 (3) T1-F26 $ 4,636,000.00 338,500.00 (2) T1-V26 $ 4,636,000.00 338,500.00 (3) T1-F27 $ 4,418,500.00 573,000.00 (2) T1-V27 $ 4,418,500.00 573,000.00 (3) T1-F28 $ 4,212,500.00 798,000.00 (2) T1-V28 $ 4,212,500.00 798,000.00 (3) T1-F29 $ 3,032,500.00 238,500.00 (2) T1-V29 $ 3,032,500.00 238,500.00 (3) T1-F30 $ 565,500.00 445,500.00 (2) T1-V30 $ 565,500.00 445,500.00 (3) T1-F31 $ 418,500.00 477,000.00 (2) T1-V31 $ 418,500.00 477,000.00 (3) T1-F32 $ 15,198,000.00 174,500.00 (2) T1-V32 $ 15,198,000.00 174,500.00 (3) T1-F33 $ 2,048,500.00 420,000.00 (2) T1-V33 $ 2,048,500.00 420,000.00 (3) T1-F34 $ 1,958,000.00 211,000.00 (2) T1-V34 $ 1,958,000.00 211,000.00 (3) T1-F35 $ 1,884,500.00 612,000.00 (2) T1-V35 $ 1,884,500.00 612,000.00 (3) T1-F36 $ 1,813,000.00 571,000.00 (2) T1-V36 $ 1,813,000.00 571,000.00 (3) T1-F37 $ 1,745,000.00 21,500.00 (2) T1-V37 $ 1,745,000.00 21,500.00 (3) T1-F38 $ 1,679,500.00 574,500.00 (2) T1-V38 $ 1,679,500.00 574,500.00 (3) T1-F39 $ 1,616,500.00 556,500.00 (2) T1-V39 $ 1,616,500.00 556,500.00 (3) T1-F40 $ 1,556,000.00 199,000.00 (2) T1-V40 $ 1,556,000.00 199,000.00 (3) T1-F41 $ 1,498,000.00 340,500.00 (2) T1-V41 $ 1,498,000.00 340,500.00 (3) T1-F42 $ 1,441,500.00 522,000.00 (2) T1-V42 $ 1,441,500.00 522,000.00 (3) T1-F43 $ 1,388,000.00 506,000.00 (2) T1-V43 $ 1,388,000.00 506,000.00 (3) T1-F44 $ 1,336,500.00 490,000.00 (2) T1-V44 $ 1,336,500.00 490,000.00 (3) T1-F45 $ 1,286,500.00 474,500.00 (2) T1-V45 $ 1,286,500.00 474,500.00 (3) F1T1-F46 $ 1,238,500.00 459,500.00 (2) T1-V46 $ 1,238,500.00 459,500.00 (3) T1-F47 $ 1,192,500.00 445,000.00 (2) T1-F47 V47 $ 1,192,500.00 445,000.00 (3) T1-V48 F48 $ 1,148,500.00 431,000.00 (2) T1-F48 V48 $ 1,148,500.00 431,000.00 (3) T1-V49 F49 $ 1,106,000.00 12,591,000.00 (2) T1-F49 V49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 12,591,000.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F49 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 6,793,595.97 (2) T1-V1 $ 4,805,500.00 6,793,595.97 (3) T1-F2 $ 12,215,000.00 8,787,272.72 (2) T1-V2 $ 12,215,000.00 8,787,272.72 (3) T1-F3 $ 13,985,500.00 11,034,425.69 (2) T1-V3 $ 13,985,500.00 11,034,425.69 (3) T1-F4 $ 15,699,000.00 13,110,419.82 (2) T1-V4 $ 15,699,000.00 13,110,419.82 (3) T1-F5 $ 17,164,500.00 15,071,491.56 (2) T1-V5 $ 17,164,500.00 15,071,491.56 (3) T1-F6 $ 18,062,000.00 17,083,117.79 (2) T1-V6 $ 18,062,000.00 17,083,117.79 (3) T1-F7 $ 18,696,000.00 7,219,533.95 (2) T1-V7 $ 18,696,000.00 7,219,533.95 (3) T1-F8 $ 19,042,000.00 20,760,602.62 (2) T1-V8 $ 19,042,000.00 20,760,602.62 (3) T1-F9 $ 18,248,500.00 22,055,760.52 (2) T1-V9 $ 18,248,500.00 22,055,760.52 (3) T1-F10 $ 17,475,500.00 22,535,175.19 (2) T1-V10 $ 17,475,500.00 22,535,175.19 (3) T1-F11 $ 16,735,000.00 21,496,757.91 (2) T1-V11 $ 16,735,000.00 21,496,757.91 (3) T1-F12 $ 16,026,500.00 20,507,186.18 (2) T1-V12 $ 16,026,500.00 20,507,186.18 (3) T1-F13 $ 15,348,500.00 19,564,131.20 (2) T1-V13 $ 15,348,500.00 19,564,131.20 (3) T1-F14 $ 14,698,500.00 18,665,376.13 (2) T1-V14 $ 14,698,500.00 18,665,376.13 (3) T1-F15 $ 14,077,500.00 17,808,810.69 (2) T1-V15 $ 14,077,500.00 17,808,810.69 (3) T1-F16 $ 13,481,500.00 16,992,426.05 (2) T1-V16 $ 13,481,500.00 16,992,426.05 (3) T1-F17 $ 13,584,500.00 16,216,337.54 (2) T1-V17 $ 13,584,500.00 16,216,337.54 (3) T1-F18 $ 28,835,000.00 15,506,467.63 (2) T1-V18 $ 28,835,000.00 15,506,467.63 (3) T1-F19 $ 32,180,500.00 15,221,027.94 (2) T1-V19 $ 32,180,500.00 15,221,027.94 (3) T1-F20 $ 86,618,500.00 18,799,187.76 (2) T1-V20 $ 86,618,500.00 18,799,187.76 (3) T1-F21 $ 12,007,000.00 82,660,228.89 (2) T1-V21 $ 12,007,000.00 82,660,228.89 (3) T1-F22 $ 10,196,500.00 131,601,399.32 (2) T1-V22 $ 10,196,500.00 131,601,399.32 (3) T1-F23 $ 8,763,000.00 185,462.34 (2) T1-V23 $ 8,763,000.00 185,462.34 (3) T1-F24 $ 5,195,500.00 256,531.77 (2) T1-V24 $ 5,195,500.00 256,531.77 (3) T1-F25 $ 4,866,000.00 294,860.77 (2) T1-V25 $ 4,866,000.00 294,860.77 (3) T1-F26 $ 4,636,000.00 1,882,428.75 (2) T1-V26 $ 4,636,000.00 1,882,428.75 (3) T1-F27 $ 4,418,500.00 2,237,652.90 (2) T1-V27 $ 4,418,500.00 2,237,652.90 (3) T1-F28 $ 4,212,500.00 2,240,200.70 (2) T1-V28 $ 4,212,500.00 2,240,200.70 (3) T1-F29 $ 3,032,500.00 2,163,747.86 (2) T1-V29 $ 3,032,500.00 2,163,747.86 (3) T1-F30 $ 565,500.00 2,100,799.02 (2) T1-V30 $ 565,500.00 2,100,799.02 (3) T1-F31 $ 418,500.00 2,018,661.49 (2) T1-V31 $ 418,500.00 2,018,661.49 (3) T1-F32 $ 15,198,000.00 1,992,045.11 (2) T1-V32 $ 15,198,000.00 1,992,045.11 (3) T1-F33 $ 2,048,500.00 2,717,950.35 (2) T1-V33 $ 2,048,500.00 2,717,950.35 (3) T1-F34 $ 1,958,000.00 2,131,992.49 (2) T1-V34 $ 1,958,000.00 2,131,992.49 (3) T1-F35 $ 1,884,500.00 1,688,736.41 (2) T1-V35 $ 1,884,500.00 1,688,736.41 (3) T1-F36 $ 1,813,000.00 1,634,365.39 (2) T1-V36 $ 1,813,000.00 1,634,365.39 (3) T1-F37 $ 1,745,000.00 1,581,856.86 (2) T1-V37 $ 1,745,000.00 1,581,856.86 (3) T1-F38 $ 1,679,500.00 1,531,140.54 (2) T1-V38 $ 1,679,500.00 1,531,140.54 (3) T1-F39 $ 1,616,500.00 1,482,149.16 (2) T1-V39 $ 1,616,500.00 1,482,149.16 (3) T1-F40 $ 1,556,000.00 1,434,818.30 (2) T1-V40 $ 1,556,000.00 1,434,818.30 (3) T1-F41 $ 1,498,000.00 1,389,086.26 (2) T1-V41 $ 1,498,000.00 1,389,086.26 (3) T1-F42 $ 1,441,500.00 1,344,893.89 (2) T1-V42 $ 1,441,500.00 1,344,893.89 (3) T1-F43 $ 1,388,000.00 1,302,184.55 (2) T1-V43 $ 1,388,000.00 1,302,184.55 (3) T1-F44 $ 1,336,500.00 1,260,903.92 (2) T1-V44 $ 1,336,500.00 1,260,903.92 (3) T1-F45 $ 1,286,500.00 1,220,999.91 (2) T1-V45 $ 1,286,500.00 1,220,999.91 (3) F1T1-F46 $ 1,238,500.00 1,182,422.58 (2) T1-V46 $ 1,238,500.00 1,182,422.58 (3) T1-F47 $ 1,192,500.00 1,145,124.01 (2) T1-F47 V47 $ 1,192,500.00 1,145,124.01 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 12,722,000.00 (2) T1-V1 $ 4,805,500.00 12,722,000.00 (3) T1-F2 $ 12,215,000.00 15,890,500.00 (2) T1-V2 $ 12,215,000.00 15,890,500.00 (3) T1-F3 $ 13,985,500.00 19,521,000.00 (2) T1-V3 $ 13,985,500.00 19,521,000.00 (3) T1-F4 $ 15,699,000.00 22,133,500.00 (2) T1-V4 $ 15,699,000.00 22,133,500.00 (3) T1-F5 $ 17,164,500.00 15,598,500.00 (2) T1-V5 $ 17,164,500.00 15,598,500.00 (3) T1-F6 $ 18,062,000.00 28,051,000.00 (2) T1-V6 $ 18,062,000.00 28,051,000.00 (3) T1-F7 $ 18,696,000.00 30,636,500.00 (2) T1-V7 $ 18,696,000.00 30,636,500.00 (3) T1-F8 $ 19,042,000.00 32,572,500.00 (2) T1-V8 $ 19,042,000.00 32,572,500.00 (3) T1-F9 $ 18,248,500.00 33,803,500.00 (2) T1-V9 $ 18,248,500.00 33,803,500.00 (3) T1-F10 $ 17,475,500.00 32,252,000.00 (2) T1-V10 $ 17,475,500.00 32,252,000.00 (3) T1-F11 $ 16,735,000.00 30,774,000.00 (2) T1-V11 $ 16,735,000.00 30,774,000.00 (3) T1-F12 $ 16,026,500.00 29,364,000.00 (2) T1-V12 $ 16,026,500.00 29,364,000.00 (3) T1-F13 $ 15,348,500.00 28,021,000.00 (2) T1-V13 $ 15,348,500.00 28,021,000.00 (3) T1-F14 $ 14,698,500.00 26,740,500.00 (2) T1-V14 $ 14,698,500.00 26,740,500.00 (3) T1-F15 $ 14,077,500.00 25,520,000.00 (2) T1-V15 $ 14,077,500.00 25,520,000.00 (3) T1-F16 $ 13,481,500.00 24,359,000.00 (2) T1-V16 $ 13,481,500.00 24,359,000.00 (3) T1-F17 $ 13,584,500.00 23,277,500.00 (2) T1-V17 $ 13,584,500.00 23,277,500.00 (3) T1-F18 $ 28,835,000.00 22,686,000.00 (2) T1-V18 $ 28,835,000.00 22,686,000.00 (3) T1-F19 $ 32,180,500.00 26,176,500.00 (2) T1-V19 $ 32,180,500.00 26,176,500.00 (3) T1-F20 $ 86,618,500.00 79,923,500.00 (2) T1-V20 $ 86,618,500.00 79,923,500.00 (3) T1-F21 $ 12,007,000.00 213,260,500.00 (2) T1-V21 $ 12,007,000.00 213,260,500.00 (3) T1-F22 $ 10,196,500.00 2,962,500.00 (2) T1-V22 $ 10,196,500.00 2,962,500.00 (3) T1-F23 $ 8,763,000.00 4,868,000.00 (2) T1-V23 $ 8,763,000.00 4,868,000.00 (3) T1-F24 $ 5,195,500.00 4,666,000.00 (2) T1-V24 $ 5,195,500.00 4,666,000.00 (3) T1-F25 $ 4,866,000.00 4,473,000.00 (2) T1-V25 $ 4,866,000.00 4,473,000.00 (3) T1-F26 $ 4,636,000.00 4,290,000.00 (2) T1-V26 $ 4,636,000.00 4,290,000.00 (3) T1-F27 $ 4,418,500.00 4,129,500.00 (2) T1-V27 $ 4,418,500.00 4,129,500.00 (3) T1-F28 $ 4,212,500.00 3,953,500.00 (2) T1-V28 $ 4,212,500.00 3,953,500.00 (3) T1-F29 $ 3,032,500.00 3,820,500.00 (2) T1-V29 $ 3,032,500.00 3,820,500.00 (3) T1-F30 $ 565,500.00 4,328,000.00 (2) T1-V30 $ 565,500.00 4,328,000.00 (3) T1-F31 $ 418,500.00 5,509,000.00 (2) T1-V31 $ 418,500.00 5,509,000.00 (3) T1-F32 $ 15,198,000.00 3,185,000.00 (2) T1-V32 $ 15,198,000.00 3,185,000.00 (3) T1-F33 $ 2,048,500.00 3,062,500.00 (2) T1-V33 $ 2,048,500.00 3,062,500.00 (3) T1-F34 $ 1,958,000.00 2,946,000.00 (2) T1-V34 $ 1,958,000.00 2,946,000.00 (3) T1-F35 $ 1,884,500.00 2,833,500.00 (2) T1-V35 $ 1,884,500.00 2,833,500.00 (3) T1-F36 $ 1,813,000.00 2,726,500.00 (2) T1-V36 $ 1,813,000.00 2,726,500.00 (3) T1-F37 $ 1,745,000.00 2,624,000.00 (2) T1-V37 $ 1,745,000.00 2,624,000.00 (3) T1-F38 $ 1,679,500.00 2,658,500.00 (2) T1-V38 $ 1,679,500.00 2,658,500.00 (3) T1-F39 $ 1,616,500.00 2,589,500.00 (2) T1-V39 $ 1,616,500.00 2,589,500.00 (3) T1-F40 $ 1,556,000.00 2,493,500.00 (2) T1-V40 $ 1,556,000.00 2,493,500.00 (3) T1-F41 $ 1,498,000.00 2,401,500.00 (2) T1-V41 $ 1,498,000.00 2,401,500.00 (3) T1-F42 $ 1,441,500.00 2,313,000.00 (2) T1-V42 $ 1,441,500.00 2,313,000.00 (3) T1-F43 $ 1,388,000.00 2,229,000.00 (2) T1-V43 $ 1,388,000.00 2,229,000.00 (3) T1-F44 $ 1,336,500.00 2,147,500.00 (2) T1-V44 $ 1,336,500.00 2,147,500.00 (3) T1-F45 $ 1,286,500.00 2,069,500.00 (2) T1-V45 $ 1,286,500.00 2,069,500.00 (3) F1T1-F46 $ 1,238,500.00 55,159,000.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 55,159,000.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F46 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A1A (1) ½ Corresponding Class balance A-1 A-1A T2-A2 A1B (1) ½ Corresponding Class balance A-2 T2-A3 A-1B
(1) ½ Corresponding Class balance A-3 T2-A4 A-2
(1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 7,919,500.00 (2) T1-V1 $ 4,805,500.00 7,919,500.00 (3) T1-F2 $ 12,215,000.00 8,840,000.00 (2) T1-V2 $ 12,215,000.00 8,840,000.00 (3) T1-F3 $ 13,985,500.00 9,603,500.00 (2) T1-V3 $ 13,985,500.00 9,603,500.00 (3) T1-F4 $ 15,699,000.00 10,196,000.00 (2) T1-V4 $ 15,699,000.00 10,196,000.00 (3) T1-F5 $ 17,164,500.00 10,697,500.00 (2) T1-V5 $ 17,164,500.00 10,697,500.00 (3) T1-F6 $ 18,062,000.00 6,198,500.00 (2) T1-V6 $ 18,062,000.00 6,198,500.00 (3) T1-F7 $ 18,696,000.00 9,959,500.00 (2) T1-V7 $ 18,696,000.00 9,959,500.00 (3) T1-F8 $ 19,042,000.00 9,541,000.00 (2) T1-V8 $ 19,042,000.00 9,541,000.00 (3) T1-F9 $ 18,248,500.00 9,139,500.00 (2) T1-V9 $ 18,248,500.00 9,139,500.00 (3) T1-F10 $ 17,475,500.00 8,756,000.00 (2) T1-V10 $ 17,475,500.00 8,756,000.00 (3) T1-F11 $ 16,735,000.00 8,388,500.00 (2) T1-V11 $ 16,735,000.00 8,388,500.00 (3) T1-F12 $ 16,026,500.00 8,037,000.00 (2) T1-V12 $ 16,026,500.00 8,037,000.00 (3) T1-F13 $ 15,348,500.00 7,700,000.00 (2) T1-V13 $ 15,348,500.00 7,700,000.00 (3) T1-F14 $ 14,698,500.00 7,377,500.00 (2) T1-V14 $ 14,698,500.00 7,377,500.00 (3) T1-F15 $ 14,077,500.00 7,069,000.00 (2) T1-V15 $ 14,077,500.00 7,069,000.00 (3) T1-F16 $ 13,481,500.00 7,235,500.00 (2) T1-V16 $ 13,481,500.00 7,235,500.00 (3) T1-F17 $ 13,584,500.00 62,052,000.00 (2) T1-V17 $ 13,584,500.00 62,052,000.00 (3) T1-F18 $ 28,835,000.00 18,427,000.00 (2) T1-V18 $ 28,835,000.00 18,427,000.00 (3) T1-F19 $ 32,180,500.00 6,434,500.00 (2) T1-V19 $ 32,180,500.00 6,434,500.00 (3) T1-F20 $ 86,618,500.00 5,436,500.00 (2) T1-V20 $ 86,618,500.00 5,436,500.00 (3) T1-F21 $ 12,007,000.00 3,143,500.00 (2) T1-V21 $ 12,007,000.00 3,143,500.00 (3) T1-F22 $ 10,196,500.00 2,639,000.00 (2) T1-V22 $ 10,196,500.00 2,639,000.00 (3) T1-F23 $ 8,763,000.00 2,516,000.00 (2) T1-V23 $ 8,763,000.00 2,516,000.00 (3) T1-F24 $ 5,195,500.00 2,399,000.00 (2) T1-V24 $ 5,195,500.00 2,399,000.00 (3) T1-F25 $ 4,866,000.00 2,288,000.00 (2) T1-V25 $ 4,866,000.00 2,288,000.00 (3) T1-F26 $ 4,636,000.00 2,182,500.00 (2) T1-V26 $ 4,636,000.00 2,182,500.00 (3) T1-F27 $ 4,418,500.00 2,082,500.00 (2) T1-V27 $ 4,418,500.00 2,082,500.00 (3) T1-F28 $ 4,212,500.00 1,988,000.00 (2) T1-V28 $ 4,212,500.00 1,988,000.00 (3) T1-F29 $ 3,032,500.00 11,974,000.00 (2) T1-V29 $ 3,032,500.00 11,974,000.00 (3) T1-F30 $ 565,500.00 12,000.00 (2) T1-V30 $ 565,500.00 12,000.00 (3) T1-F31 $ 418,500.00 817,500.00 (2) T1-V31 $ 418,500.00 817,500.00 (3) T1-F32 $ 15,198,000.00 429,000.00 (2) T1-V32 $ 15,198,000.00 429,000.00 (3) T1-F33 $ 2,048,500.00 375,500.00 (2) T1-V33 $ 2,048,500.00 375,500.00 (3) T1-F34 $ 1,958,000.00 779,500.00 (2) T1-V34 $ 1,958,000.00 779,500.00 (3) T1-F35 $ 1,884,500.00 663,000.00 (2) T1-V35 $ 1,884,500.00 663,000.00 (3) T1-F36 $ 1,813,000.00 92,500.00 (2) T1-V36 $ 1,813,000.00 92,500.00 (3) T1-F37 $ 1,745,000.00 732,500.00 (2) T1-V37 $ 1,745,000.00 732,500.00 (3) T1-F38 $ 1,679,500.00 710,500.00 (2) T1-V38 $ 1,679,500.00 710,500.00 (3) T1-F39 $ 1,616,500.00 688,500.00 (2) T1-V39 $ 1,616,500.00 688,500.00 (3) T1-F40 $ 1,556,000.00 667,500.00 (2) T1-V40 $ 1,556,000.00 667,500.00 (3) T1-F41 $ 1,498,000.00 647,000.00 (2) T1-V41 $ 1,498,000.00 647,000.00 (3) T1-F42 $ 1,441,500.00 627,500.00 (2) T1-V42 $ 1,441,500.00 627,500.00 (3) T1-F43 $ 1,388,000.00 608,500.00 (2) T1-V43 $ 1,388,000.00 608,500.00 (3) T1-F44 $ 1,336,500.00 589,500.00 (2) T1-V44 $ 1,336,500.00 589,500.00 (3) T1-F45 $ 1,286,500.00 572,000.00 (2) T1-V45 $ 1,286,500.00 572,000.00 (3) F1T1-F46 $ 1,238,500.00 554,000.00 (2) T1-V46 $ 1,238,500.00 554,000.00 (3) T1-F47 $ 1,192,500.00 537,500.00 (2) T1-F47 V47 $ 1,192,500.00 537,500.00 (3) T1-V48 F48 $ 1,148,500.00 17,146,500.00 (2) T1-F48 V48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 17,146,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F48 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 62,459,165.57 (1) T1-F1 $ 4,805,500.00 5,202,500.00 (2) T1-V1 $ 4,805,500.00 5,202,500.00 (3) T1-F2 $ 12,215,000.00 6,127,500.00 (2) T1-V2 $ 12,215,000.00 6,127,500.00 (3) T1-F3 $ 13,985,500.00 7,040,500.00 (2) T1-V3 $ 13,985,500.00 7,040,500.00 (3) T1-F4 $ 15,699,000.00 7,936,500.00 (2) T1-V4 $ 15,699,000.00 7,936,500.00 (3) T1-F5 $ 17,164,500.00 5,966,500.00 (2) T1-V5 $ 17,164,500.00 5,966,500.00 (3) T1-F6 $ 18,062,000.00 2,844,000.00 (2) T1-V6 $ 18,062,000.00 2,844,000.00 (3) T1-F7 $ 18,696,000.00 7,625,000.00 (2) T1-V7 $ 18,696,000.00 7,625,000.00 (3) T1-F8 $ 19,042,000.00 11,244,500.00 (2) T1-V8 $ 19,042,000.00 11,244,500.00 (3) T1-F9 $ 18,248,500.00 11,977,000.00 (2) T1-V9 $ 18,248,500.00 11,977,000.00 (3) T1-F10 $ 17,475,500.00 12,636,000.00 (2) T1-V10 $ 17,475,500.00 12,636,000.00 (3) T1-F11 $ 16,735,000.00 13,119,500.00 (2) T1-V11 $ 16,735,000.00 13,119,500.00 (3) T1-F12 $ 16,026,500.00 13,558,500.00 (2) T1-V12 $ 16,026,500.00 13,558,500.00 (3) T1-F13 $ 15,348,500.00 13,950,500.00 (2) T1-V13 $ 15,348,500.00 13,950,500.00 (3) T1-F14 $ 14,698,500.00 14,291,000.00 (2) T1-V14 $ 14,698,500.00 14,291,000.00 (3) T1-F15 $ 14,077,500.00 14,579,000.00 (2) T1-V15 $ 14,077,500.00 14,579,000.00 (3) T1-F16 $ 13,481,500.00 14,811,500.00 (2) T1-V16 $ 13,481,500.00 14,811,500.00 (3) T1-F17 $ 13,584,500.00 14,988,000.00 (2) T1-V17 $ 13,584,500.00 14,988,000.00 (3) T1-F18 $ 28,835,000.00 15,105,500.00 (2) T1-V18 $ 28,835,000.00 15,105,500.00 (3) T1-F19 $ 32,180,500.00 15,163,000.00 (2) T1-V19 $ 32,180,500.00 15,163,000.00 (3) T1-F20 $ 86,618,500.00 15,162,000.00 (2) T1-V20 $ 86,618,500.00 15,162,000.00 (3) T1-F21 $ 12,007,000.00 15,099,500.00 (2) T1-V21 $ 12,007,000.00 15,099,500.00 (3) T1-F22 $ 10,196,500.00 14,674,000.00 (2) T1-V22 $ 10,196,500.00 14,674,000.00 (3) T1-F23 $ 8,763,000.00 204,548,500.00 (2) T1-V23 $ 8,763,000.00 204,548,500.00 (3) T1-F24 $ 5,195,500.00 1,426,500.00 (2) T1-V24 $ 5,195,500.00 1,426,500.00 (3) T1-F25 $ 4,866,000.00 546,000.00 (2) T1-V25 $ 4,866,000.00 546,000.00 (3) T1-F26 $ 4,636,000.00 441,000.00 (2) T1-V26 $ 4,636,000.00 441,000.00 (3) T1-F27 $ 4,418,500.00 380,500.00 (2) T1-V27 $ 4,418,500.00 380,500.00 (3) T1-F28 $ 4,212,500.00 1,310,000.00 (2) T1-V28 $ 4,212,500.00 1,310,000.00 (3) T1-F29 $ 3,032,500.00 823,500.00 (2) T1-V29 $ 3,032,500.00 823,500.00 (3) T1-F30 $ 565,500.00 295,500.00 (2) T1-V30 $ 565,500.00 295,500.00 (3) T1-F31 $ 418,500.00 137,000.00 (2) T1-V31 $ 418,500.00 137,000.00 (3) T1-F32 $ 15,198,000.00 156,500.00 (2) T1-V32 $ 15,198,000.00 156,500.00 (3) T1-F33 $ 2,048,500.00 291,500.00 (2) T1-V33 $ 2,048,500.00 291,500.00 (3) T1-F34 $ 1,958,000.00 289,000.00 (2) T1-V34 $ 1,958,000.00 289,000.00 (3) T1-F35 $ 1,884,500.00 286,000.00 (2) T1-V35 $ 1,884,500.00 286,000.00 (3) T1-F36 $ 1,813,000.00 181,500.00 (2) T1-V36 $ 1,813,000.00 181,500.00 (3) T1-F37 $ 1,745,000.00 101,500.00 (2) T1-V37 $ 1,745,000.00 101,500.00 (3) T1-F38 $ 1,679,500.00 279,500.00 (2) T1-V38 $ 1,679,500.00 279,500.00 (3) T1-F39 $ 1,616,500.00 275,000.00 (2) T1-V39 $ 1,616,500.00 275,000.00 (3) T1-F40 $ 1,556,000.00 271,500.00 (2) T1-V40 $ 1,556,000.00 271,500.00 (3) T1-F41 $ 1,498,000.00 227,000.00 (2) T1-V41 $ 1,498,000.00 227,000.00 (3) T1-F42 $ 1,441,500.00 40,000.00 (2) T1-V42 $ 1,441,500.00 40,000.00 (3) T1-F43 $ 1,388,000.00 263,000.00 (2) T1-V43 $ 1,388,000.00 263,000.00 (3) T1-F44 $ 1,336,500.00 258,000.00 (2) T1-V44 $ 1,336,500.00 258,000.00 (3) T1-F45 $ 1,286,500.00 253,000.00 (2) T1-V45 $ 1,286,500.00 253,000.00 (3) F1T1-F46 $ 1,238,500.00 293,000.00 (2) T1-V46 $ 1,238,500.00 293,000.00 (3) T1-F47 $ 1,192,500.00 1,061,500.00 (2) T1-F47 V47 $ 1,192,500.00 1,061,500.00 (3) T1-V48 F48 $ 1,148,500.00 1,018,500.00 (2) T1-F48 V48 $ 1,148,500.00 1,018,500.00 (3) T1-V49 F49 $ 1,106,000.00 6,415,500.00 (2) T1-F49 V49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 6,415,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F49 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee Master Servicer shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding REMIC II Interest Distribution Date of Rate Change Yield Maintenance Agreement Notional Amount T1-A (5) A-SG1 (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 A-SG2 (3) T1-F2 $ 12,215,000.00 (2) T1-V2 $ 12,215,000.00 (3) T1-F3 $ 13,985,500.00 (2) T1-V3 $ 13,985,500.00 (3) T1-F4 $ 15,699,000.00 (2) T1-V4 $ 15,699,000.00 (3) T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2N/A N/A T1-IO SA-SG1(1) $ 71,374.11 (2) T2-SA-SG1-IO(1) 3/2005 $565,089,286 T1-SA-SG1(2) $ 84,552.21 (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (iSA-SG1-IO(2) two, and (ii4/2005 557,951,875 T1-SA-SG1(3) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
$ 97,572.34 (2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class SA-SG1-IO(3) 5/2005 549,496,654 T1-SA-SG1(4) $ 110,360.12 (2) T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of SA-SG1-IO(4) 6/2005 539,739,420 T1-SA-SG1(5) $ 122,840.41 (i2) the interest rate for each such REMIC I Regular Interest for such Distribution Date over T2-SA-SG1-IO(5) 7/2005 528,703,408 T1-SA-SG1(6) $ 134,938.01 (ii2) the product of T2-SA-SG1-IO(6) 8/2005 516,419,367 T1-SA-SG1(7) $ 146,578.32 (a2) two, and T2-SA-SG1-IO(7) 9/2005 502,925,566 T1-SA-SG1(8) $ 157,688.00 (b2) Swap LIBOR for such Distribution Date.T2-SA-SG1-IO(8) 10/2005 488,267,734 T1-SA-SG1(9) $ 166,464.36 (2) T2-SA-SG1-IO(9) 11/2005 472,498,934 T1-SA-SG1(10) $ 161,991.99 (2) T2-SA-SG1-IO(10) 12/2005 455,852,498 T1-SA-SG1(11) $ 157,639.71 (2) T2-SA- SG1-IO(11) 1/2006 439,653,299 T1-SA-SG1(12) $ 153,404.31 (2) T2-SA- SG1-IO(12) 2/2006 423,889,328 T1-SA-SG1(13) $ 149,282.61 (2) T2-SA- SG1-IO(13) 3/2006 408,548,897 T1-SA-SG1(14) $ 145,271.59 (2) T2-SA- SG1-IO(14) 4/2006 393,620,636 T1-SA-SG1(15) $ 141,368.27 (2) T2-SA- SG1-IO(15) 5/2006 379,093,477 T1-SA-SG1(16) $ 137,569.75 (2) T2-SA- SG1-IO(16) 6/2006 364,956,650 T1-SA-SG1(17) $ 133,873.24 (2) T2-SA- SG1-IO(17) 7/2006 351,199,675 T1-SA-SG1(18) $ 130,275.96 (2) T2-SA- SG1-IO(18) 8/2006 337,812,351 T1-SA-SG1(19) $ 126,775.29 (2) T2-SA- SG1-IO(19) 9/2006 324,784,755 T1-SA-SG1(20) $ 123,368.60 (2) T2-SA- SG1-IO(20) 10/2006 312,107,226 T1-SA-SG1(21) $ 139,093.17 (2) T2-SA- SG1-IO(21) 11/2006 299,770,366 T1-SA-SG1(22) $ 252,519.47 (2) T2-SA- SG1-IO(22) 12/2006 285,861,049 T1-SA-SG1(23) $ 236,749.35 (2) T2-SA- SG1-IO(23) 1/2007 260,609,102 T1-SA-SG1(24) $ 221,989.01 (2) T2-SA- SG1-IO(24) 2/2007 236,934,167 T1-SA-SG1(25) $ 197,053.62 (2) T2-SA- SG1-IO(25) 3/2007 214,735,266 T1-SA-SG1(26) $ 114,618.39 (2) T2-SA- SG1-IO(26) 4/2007 195,029,904
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He8)
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding REMIC II Interest Distribution Date of Rate Change Yield Maintenance Agreement Notional Amount T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $206,731.24 (2) T2-SA-IO(1) 3/2004 $734,434,763 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 206,006.19 (2) T2-SA-IO(2) 4/2004 718,929,920 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 205,341.16 (2) T2-SA-IO(3) 5/2004 703,479,456 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 204,716.01 (2) T2-SA-IO(4) 6/2004 688,078,869 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 204,110.65 (2) T2-SA-IO(5) 7/2004 672,725,168 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 203,505.21 (2) T2-SA-IO(6) 8/2004 657,416,869 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 202,880.13 (2) T2-SA-IO(7) 9/2004 642,153,978 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 202,216.28 (2) T2-SA-IO(8) 10/2004 626,937,968 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 201,495.17 (2) T2-SA-IO(9) 11/2004 611,771,747 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 196,549.93 (2) T2-SA-IO(10) 12/2004 596,659,609 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 191,725.61 (2) T2-SA-IO(11) 1/2005 581,918,364 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 187,019.28 (2) T2-SA-IO(12) 2/2005 567,538,943 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 182,428.05 (2) T2-SA-IO(13) 3/2005 553,512,497 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 177,949.09 (2) T2-SA-IO(14) 4/2005 539,830,393 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 173,579.69 (2) T2-SA-IO(15) 5/2005 526,484,211 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 169,317.19 (2) T2-SA-IO(16) 6/2005 513,465,734 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 165,158.91 (2) T2-SA-IO(17) 7/2005 500,766,945 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 161,102.37 (2) T2-SA-IO(18) 8/2005 488,380,027 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 157,145.07 (2) T2-SA-IO(19) 9/2005 476,297,349 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 153,284.57 (2) T2-SA-IO(20) 10/2005 464,511,469 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 149,518.53 (2) T2-SA-IO(21) 11/2005 453,015,126 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 145,835.13 (2) T2-SA-IO(22) 12/2005 441,801,236 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 142,251.59 (2) T2-SA-IO(23) 1/2006 430,863,601 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 138,755.72 (2) T2-SA-IO(24) 2/2006 420,194,732 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 135,345.41 (2) T2-SA-IO(25) 3/2006 409,788,053 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 132,018.55 (2) T2-SA-IO(26) 4/2006 399,637,147 T1-V27 $ 4,418,500.00 (3SA(27) T1-F28 $ 4,212,500.00 128,773.09 (2) T2-SA-IO(27) 5/2006 389,735,756 T1-V28 $ 4,212,500.00 (3SA(28) T1-F29 $ 3,032,500.00 125,607.07 (2) T2-SA-IO(28) 6/2006 380,077,774 T1-V29 $ 3,032,500.00 (3SA(29) T1-F30 $ 565,500.00 122,518.55 (2) T2-SA-IO(29) 7/2006 370,657,244 T1-V30 $ 565,500.00 (3SA(30) T1-F31 $ 418,500.00 119,505.60 (2) T2-SA-IO(30) 8/2006 361,468,353 T1-V31 $ 418,500.00 (3SA(31) T1-F32 $ 15,198,000.00 116,566.41 (2) T2-SA-IO(31) 9/2006 352,505,433 T1-V32 $ 15,198,000.00 (3SA(32) T1-F33 $ 2,048,500.00 113,699.19 (2) T2-SA-IO(32) 10/2006 343,762,952 T1-V33 $ 2,048,500.00 (3SA(33) T1-F34 $ 1,958,000.00 4,469,806.84 (2) T1T2-V34 $ 1,958,000.00 (3SA-IO(33) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 11/2006 335,235,513 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1.3333% of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1.3333% of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): REMIC Interest Initial Principal Balance of REMIC Interest Interest Rate Corresponding REMIC III Interest Distribution Date of Rate Change Notional Balance of the A-IO T2-A1 A $689,742,195.10 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A N/A N/A T2-IO A-IO(1) 2,600,000.00 (1) T3-A-IO(1) 2/2004 $60,200,000 T2-A-IO(2) 2,700,000.00 (1) T3-A-IO(2) 3/2004 57,600,000 T2-A-IO(3) 2,700,000.00 (1) T3-A-IO(3) 4/2004 54,900,000 T2-A-IO(4) 2,600,000.00 (1) T3-A-IO(4) 5/2004 52,200,000 T2-A-IO(5) 2,500,000.00 (1) T3-A-IO(5) 6/2004 49,600,000 T2-A-IO(6) 2,600,000.00 (1) T3-A-IO(6) 7/2004 47,100,000 T2-A-IO(7) 2,400,000.00 (1) T3-A-IO(7) 8/2004 44,500,000 T2-A-IO(8) 2,400,000.00 (1) T3-A-IO(8) 9/2004 42,100,000 T2-A-IO(9) 2,400,000.00 (1) T3-A-IO(9) 10/2004 39,700,000 T2-A-IO(10) 2,300,000.00 (1) T3-A-IO(10) 11/2004 37,300,000 T2-A-IO(11) 2,300,000.00 (1) T3-A-IO(11) 12/2004 35,000,000 T2-A-IO(12) 2,200,000.00 (1) T3-A-IO(12) 1/2005 32,700,000 T2-A-IO(13) 30,500,000.00(3) (1) T3-A-IO(13) 7/2005 30,500,000 T2-SA (2) (2) N/A N/A N/A R-II (34) (34) R ____________N/A N/A N/A _______________
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessClass A-IO Net WAC Rate.
(2) The T2-SA interest shall represent 33 REMIC regular interests, if anyeach of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 3.60%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 3.60% is equal to 75 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1.3333% of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the outstanding T2-A-IO interest with the lowest numerical denomination until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): REMIC Interests Initial Balance Interest Rate T3-A (1) Class B-IO Cap Rate T3-B1 $35,400,000.00 Class B-IO Cap Rate T3-B2 18,600,000.00(4) Class B-IO Cap Rate T3-SA (2) (2) T3-A-IO (3) (3) R-III (5) (5)
(1) The principal balance is equal to the principal balance of all REMIC II Regular Interest less $54,000,000.
(2) The T3-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T2-SA interest on such Distribution Date.
(3) The T3-A-IO interest shall represent 13 REMIC regular interests, each of which appears under the heading “Corresponding REMIC III Interest” in the table designating the interests in REMIC II above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC II interest to which it corresponds at a per annum rate equal to the rate thereof subject to a maximum rate of 4.00%. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC III interest, such Corresponding REMIC III interest shall not be entitled to receive any interest
(4) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(5) The R-III interest shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T3-A interest until such interest is reduced to zero. After the T3-A interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B1 interest until such interest is reduced to zero. After the T3-B1 interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B2 interest until such interest is reduced to zero. REMIC IV: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC IV, each of which (other than the R-IV interest) is hereby designated as a regular interest in REMIC IV (the “REMIC IV Regular Interests”): REMIC Interests Initial Balance Interest Rate Corresponding Class of REMIC V Interest _______________
(1) This interest is a REMIC IV Accretion Directed Class.
(2) The T4-P interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(3) The T4-Accrual Interest shall have an initial principal balance equal to the excess of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Pool Principal Balance as of the Cut-off Date over (ii) the product sum of the initial principal balances of the remaining regular interests in REMIC IV.
(4) The T4-A-IO interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-A-IO interest on such Distribution Date.
(5) The T4-B-IO interest shall represent 2 regular interests, both of which are interest-only regular interests. One such regular interest shall have a notional balance equal to the principal balance of the T3-B1 interest, and a per annum Pass-Through Rate equal to: (a) twofrom the Closing Date through the Distribution Date in June 2005, the interest rate of the T3-B1 interest, subject to a maximum rate of 3.50%, and (b) Swap LIBOR for thereafter, 0%. The other such regular interest shall have a notional balance equal to the principal balance of the T3-B2 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in December 2005, the interest rate of the T3-B2 interest, subject to a maximum rate of 3.50%, and (b) thereafter, 0%.
(6) The T4-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-SA interest on such Distribution Date.
(7) The R-IV interest shall not have a principal amount and shall not bear interest. The R-IV interest is hereby designated as the sole class of residual interest in REMIC IV.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 54,129,362.56 (1) T1-F1 $ 4,805,500.00 5,666,057.81 (2) T1-V1 $ 4,805,500.00 5,666,057.81 (3) T1-F2 $ 12,215,000.00 7,643,447.52 (2) T1-V2 $ 12,215,000.00 7,643,447.52 (3) T1-F3 $ 13,985,500.00 9,622,817.17 (2) T1-V3 $ 13,985,500.00 9,622,817.17 (3) T1-F4 $ 15,699,000.00 12,212,740.54 (2) T1-V4 $ 15,699,000.00 12,212,740.54 (3) T1-F5 $ 17,164,500.00 13,526,515.32 (2) T1-V5 $ 17,164,500.00 13,526,515.32 (3) T1-F6 $ 18,062,000.00 15,425,866.66 (2) T1-V6 $ 18,062,000.00 15,425,866.66 (3) T1-F7 $ 18,696,000.00 6,657,184.70 (2) T1-V7 $ 18,696,000.00 6,657,184.70 (3) T1-F8 $ 19,042,000.00 18,971,284.68 (2) T1-V8 $ 19,042,000.00 18,971,284.68 (3) T1-F9 $ 18,248,500.00 20,334,859.97 (2) T1-V9 $ 18,248,500.00 20,334,859.97 (3) T1-F10 $ 17,475,500.00 21,532,253.20 (2) T1-V10 $ 17,475,500.00 21,532,253.20 (3) T1-F11 $ 16,735,000.00 20,519,873.48 (2) T1-V11 $ 16,735,000.00 20,519,873.48 (3) T1-F12 $ 16,026,500.00 19,555,761.34 (2) T1-V12 $ 16,026,500.00 19,555,761.34 (3) T1-F13 $ 15,348,500.00 18,637,595.14 (2) T1-V13 $ 15,348,500.00 18,637,595.14 (3) T1-F14 $ 14,698,500.00 17,763,165.52 (2) T1-V14 $ 14,698,500.00 17,763,165.52 (3) T1-F15 $ 14,077,500.00 16,930,369.93 (2) T1-V15 $ 14,077,500.00 16,930,369.93 (3) T1-F16 $ 13,481,500.00 16,137,207.47 (2) T1-V16 $ 13,481,500.00 16,137,207.47 (3) T1-F17 $ 13,584,500.00 15,381,773.96 (2) T1-V17 $ 13,584,500.00 15,381,773.96 (3) T1-F18 $ 28,835,000.00 14,663,527.06 (2) T1-V18 $ 28,835,000.00 14,663,527.06 (3) T1-F19 $ 32,180,500.00 13,990,812.93 (2) T1-V19 $ 32,180,500.00 13,990,812.93 (3) T1-F20 $ 86,618,500.00 13,727,460.04 (2) T1-V20 $ 86,618,500.00 13,727,460.04 (3) T1-F21 $ 12,007,000.00 29,057,754.80 (2) T1-V21 $ 12,007,000.00 29,057,754.80 (3) T1-F22 $ 10,196,500.00 180,543,844.31 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 180,543,844.31 (3) T1-F27 $ 4,418,500.00 1,149,478.74 (2) T1-V27 $ 4,418,500.00 1,149,478.74 (3) T1-F28 $ 4,212,500.00 1,920,574.38 (2) T1-V28 $ 4,212,500.00 1,920,574.38 (3) T1-F29 $ 3,032,500.00 1,941,712.09 (2) T1-V29 $ 3,032,500.00 1,941,712.09 (3) T1-F30 $ 565,500.00 1,869,038.94 (2) T1-V30 $ 565,500.00 1,869,038.94 (3) T1-F31 $ 418,500.00 1,792,066.51 (2) T1-V31 $ 418,500.00 1,792,066.51 (3) T1-F32 $ 15,198,000.00 1,718,671.25 (2) T1-V32 $ 15,198,000.00 1,718,671.25 (3) T1-F33 $ 2,048,500.00 1,781,593.39 (2) T1-V33 $ 2,048,500.00 1,781,593.39 (3) T1-F34 $ 1,958,000.00 3,729,574.62 (2) T1-V34 $ 1,958,000.00 3,729,574.62 (3) T1-F35 $ 1,884,500.00 1,379,913.40 (2) T1-V35 $ 1,884,500.00 1,379,913.40 (3) T1-F36 $ 1,813,000.00 1,327,456.90 (2) T1-V36 $ 1,813,000.00 1,327,456.90 (3) T1-F37 $ 1,745,000.00 1,277,245.84 (2) T1-V37 $ 1,745,000.00 1,277,245.84 (3) T1-F38 $ 1,679,500.00 1,229,172.04 (2) T1-V38 $ 1,679,500.00 1,229,172.04 (3) T1-F39 $ 1,616,500.00 1,183,133.05 (2) T1-V39 $ 1,616,500.00 1,183,133.05 (3) T1-F40 $ 1,556,000.00 1,139,031.80 (2) T1-V40 $ 1,556,000.00 1,139,031.80 (3) T1-F41 $ 1,498,000.00 1,096,776.33 (2) T1-V41 $ 1,498,000.00 1,096,776.33 (3) T1-F42 $ 1,441,500.00 1,056,279.48 (2) T1-V42 $ 1,441,500.00 1,056,279.48 (3) T1-F43 $ 1,388,000.00 1,017,458.64 (2) T1-V43 $ 1,388,000.00 1,017,458.64 (3) T1-F44 $ 1,336,500.00 980,235.48 (2) T1-V44 $ 1,336,500.00 980,235.48 (3) T1-F45 $ 1,286,500.00 944,535.73 (2) T1-V45 $ 1,286,500.00 944,535.73 (3) F1T1-F46 $ 1,238,500.00 910,288.97 (2) T1-V46 $ 1,238,500.00 910,288.97 (3) T1-F47 $ 1,192,500.00 23,352,524.73 (2) T1-F47 V47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 23,352,524.73 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F47 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III and REMIC III IV be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $189,864.91 (2) T2-SA-IO(1) 7/2004 $858,097,238 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 188,883.84 (2) T2-SA-IO(2) 8/2004 839,110,747 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 187,957.84 (2) T2-SA-IO(3) 9/2004 820,222,363 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 187,069.58 (2) T2-SA-IO(4) 10/2004 801,426,579 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 186,201.82 (2) T2-SA-IO(5) 11/2004 782,719,621 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 185,337.56 (2) T2-SA-IO(6) 12/2004 764,099,439 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 184,457.00 (2) T2-SA-IO(7) 1/2005 745,565,683 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 183,547.14 (2) T2-SA-IO(8) 2/2005 727,119,983 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 181,308.12 (2) T2-SA-IO(9) 3/2005 708,765,269 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 176,845.18 (2) T2-SA-IO(10) 4/2005 690,634,457 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 172,489.10 (2) T2-SA-IO(11) 5/2005 672,949,939 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 168,239.91 (2) T2-SA-IO(12) 6/2005 655,701,029 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 164,094.98 (2) T2-SA-IO(13) 7/2005 638,877,038 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 160,051.79 (2) T2-SA-IO(14) 8/2005 622,467,540 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 156,107.81 (2) T2-SA-IO(15) 9/2005 606,462,361 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 152,260.64 (2) T2-SA-IO(16) 10/2005 590,851,580 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 148,507.88 (2) T2-SA-IO(17) 11/2005 575,625,516 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 144,847.24 (2) T2-SA-IO(18) 12/2005 560,774,728 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 141,276.46 (2) T2-SA-IO(19) 1/2006 546,290,004 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 137,793.33 (2) T2-SA-IO(20) 2/2006 532,162,358 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 134,395.21 (2) T2-SA-IO(21) 3/2006 518,383,025 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 131,073.45 (2) T2-SA-IO(22) 4/2006 504,943,504 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 127,841.01 (2) T2-SA-IO(23) 5/2006 491,836,159 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 124,687.94 (2) T2-SA-IO(24) 6/2006 479,052,058 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 121,612.30 (2) T2-SA-IO(25) 7/2006 466,583,264 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 118,612.16 (2) T2-SA-IO(26) 8/2006 454,422,034 T1-V27 $ 4,418,500.00 (3SA(27) T1-F28 $ 4,212,500.00 115,685.71 (2) T2-SA-IO(27) 9/2006 442,560,818 T1-V28 $ 4,212,500.00 (3SA(28) T1-F29 $ 3,032,500.00 112,831.13 (2) T2-SA-IO(28) 10/2006 430,992,247 T1-V29 $ 3,032,500.00 (3SA(29) T1-F30 $ 565,500.00 110,046.66 (2) T2-SA-IO(29) 11/2006 419,709,134 T1-V30 $ 565,500.00 (3SA(30) T1-F31 $ 418,500.00 107,330.57 (2) T2-SA-IO(30) 12/2006 408,704,468 T1-V31 $ 418,500.00 (3SA(31) T1-F32 $ 15,198,000.00 104,681.20 (2) T2-SA-IO(31) 1/2007 397,971,411 T1-V32 $ 15,198,000.00 (3SA(32) T1-F33 $ 2,048,500.00 102,096.92 (2) T2-SA-IO(32) 2/2007 387,503,291 T1-V33 $ 2,048,500.00 SA(33) 3,772,935.99 (32)(3) T1T2-F34 $ 1,958,000.00 (2SA-IO(33) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 3/2007 377,293,599 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1/100th of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1/100th of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A $790,681,106.46 (1) ½ Corresponding Class balance A-1 T2-A2 BIO 109,000,000.00 (11)(3) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO SA (2) (2) N/A R-II (34) (3) R ___________________________4)
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessNet WAC Rate, if anycomputed without regard to any distributions to the Class B-IO Certificates.
(2) The T2-SA interest shall represent 33 REMIC regular interests, each of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 2.70%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 2.70% is equal to 100 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1/100th of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(i3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest rate shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the T2-B-IO interest until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each such interest in REMIC I III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interest for such Distribution Date over Interests”): (ii1) the product of (a) two, and (b) Swap LIBOR for such Distribution DateThis interest is a REMIC III Accretion Directed Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Asset Back Pass-THR Certs Ser 2004-He2)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 2,073,758.36 (2) T1-V1 $ 4,805,500.00 2,073,758.36 (3) T1-F2 $ 12,215,000.00 2,943,005.99 (2) T1-V2 $ 12,215,000.00 2,943,005.99 (3) T1-F3 $ 13,985,500.00 3,819,587.46 (2) T1-V3 $ 13,985,500.00 3,819,587.46 (3) T1-F4 $ 15,699,000.00 4,695,747.15 (2) T1-V4 $ 15,699,000.00 4,695,747.15 (3) T1-F5 $ 17,164,500.00 5,563,442.07 (2) T1-V5 $ 17,164,500.00 5,563,442.07 (3) T1-F6 $ 18,062,000.00 6,414,337.88 (2) T1-V6 $ 18,062,000.00 6,414,337.88 (3) T1-F7 $ 18,696,000.00 7,235,508.22 (2) T1-V7 $ 18,696,000.00 7,235,508.22 (3) T1-F8 $ 19,042,000.00 8,019,685.84 (2) T1-V8 $ 19,042,000.00 8,019,685.84 (3) T1-F9 $ 18,248,500.00 8,703,080.13 (2) T1-V9 $ 18,248,500.00 8,703,080.13 (3) T1-F10 $ 17,475,500.00 8,976,623.65 (2) T1-V10 $ 17,475,500.00 8,976,623.65 (3) T1-F11 $ 16,735,000.00 9,195,283.26 (2) T1-V11 $ 16,735,000.00 9,195,283.26 (3) T1-F12 $ 16,026,500.00 8,794,233.03 (2) T1-V12 $ 16,026,500.00 8,794,233.03 (3) T1-F13 $ 15,348,500.00 8,394,268.69 (2) T1-V13 $ 15,348,500.00 8,394,268.69 (3) T1-F14 $ 14,698,500.00 8,012,951.25 (2) T1-V14 $ 14,698,500.00 8,012,951.25 (3) T1-F15 $ 14,077,500.00 7,649,396.85 (2) T1-V15 $ 14,077,500.00 7,649,396.85 (3) T1-F16 $ 13,481,500.00 7,302,764.04 (2) T1-V16 $ 13,481,500.00 7,302,764.04 (3) T1-F17 $ 13,584,500.00 6,972,251.57 (2) T1-V17 $ 13,584,500.00 6,972,251.57 (3) T1-F18 $ 28,835,000.00 6,671,605.66 (2) T1-V18 $ 28,835,000.00 6,671,605.66 (3) T1-F19 $ 32,180,500.00 6,815,464.19 (2) T1-V19 $ 32,180,500.00 6,815,464.19 (3) T1-F20 $ 86,618,500.00 10,747,010.98 (2) T1-V20 $ 86,618,500.00 10,747,010.98 (3) T1-F21 $ 12,007,000.00 23,441,571.37 (2) T1-V21 $ 12,007,000.00 23,441,571.37 (3) T1-F22 $ 10,196,500.00 9,865,493.40 (2) T1-V22 $ 10,196,500.00 9,865,493.40 (3) T1-F23 $ 8,763,000.00 16,279,842.73 (2) T1-V23 $ 8,763,000.00 16,279,842.73 (3) T1-F24 $ 5,195,500.00 6,675,636.20 (2) T1-V24 $ 5,195,500.00 6,675,636.20 (3) T1-F25 $ 4,866,000.00 5,131,068.21 (2) T1-V25 $ 4,866,000.00 5,131,068.21 (3) T1-F26 $ 4,636,000.00 4,645,814.81 (2) T1-V26 $ 4,636,000.00 4,645,814.81 (3) T1-F27 $ 4,418,500.00 158,469.08 (2) T1-V27 $ 4,418,500.00 158,469.08 (3) T1-F28 $ 4,212,500.00 100,157.74 (2) T1-V28 $ 4,212,500.00 100,157.74 (3) T1-F29 $ 3,032,500.00 1,264,693.75 (2) T1-V29 $ 3,032,500.00 1,264,693.75 (3) T1-F30 $ 565,500.00 2,209,386.53 (2) T1-V30 $ 565,500.00 2,209,386.53 (3) T1-F31 $ 418,500.00 2,101,005.09 (2) T1-V31 $ 418,500.00 2,101,005.09 (3) T1-F32 $ 15,198,000.00 2,060,918.86 (2) T1-V32 $ 15,198,000.00 2,060,918.86 (3) T1-F33 $ 2,048,500.00 1,906,047.68 (2) T1-V33 $ 2,048,500.00 1,906,047.68 (3) T1-F34 $ 1,958,000.00 588,334.56 (2) T1-V34 $ 1,958,000.00 588,334.56 (3) T1-F35 $ 1,884,500.00 18,078,237.30 (2) T1-V35 $ 1,884,500.00 18,078,237.30 (3) T1-F36 $ 1,813,000.00 942,094.50 (2) T1-V36 $ 1,813,000.00 942,094.50 (3) T1-F37 $ 1,745,000.00 688,487.77 (2) T1-V37 $ 1,745,000.00 688,487.77 (3) T1-F38 $ 1,679,500.00 667,604.07 (2) T1-V38 $ 1,679,500.00 667,604.07 (3) T1-F39 $ 1,616,500.00 647,365.48 (2) T1-V39 $ 1,616,500.00 647,365.48 (3) T1-F40 $ 1,556,000.00 627,751.36 (2) T1-V40 $ 1,556,000.00 627,751.36 (3) T1-F41 $ 1,498,000.00 608,741.67 (2) T1-V41 $ 1,498,000.00 608,741.67 (3) T1-F42 $ 1,441,500.00 590,317.14 (2) T1-V42 $ 1,441,500.00 590,317.14 (3) T1-F43 $ 1,388,000.00 572,459.14 (2) T1-V43 $ 1,388,000.00 572,459.14 (3) T1-F44 $ 1,336,500.00 555,149.63 (2) T1-V44 $ 1,336,500.00 555,149.63 (3) T1-F45 $ 1,286,500.00 538,371.24 (2) T1-V45 $ 1,286,500.00 538,371.24 (3) F1T1-F46 $ 1,238,500.00 522,107.12 (2) T1-V46 $ 1,238,500.00 522,107.12 (3) T1-F47 $ 1,192,500.00 506,341.04 (2) T1-F47 V47 $ 1,192,500.00 506,341.04 (3) T1-V48 F48 $ 1,148,500.00 517,660.30 (2) T1-F48 V48 $ 1,148,500.00 517,660.30 (3) T1-V49 F49 $ 1,106,000.00 515,729.55 (2) T1-F49 V49 $ 1,106,000.00 515,729.55 (3) T1-V50 F50 $ 1,064,500.00 500,174.03 (2) T1-F50 V50 $ 1,064,500.00 500,174.03 (3) T1-V51 F51 $ 1,025,500.00 485,093.12 (2) T1-F51 V51 $ 1,025,500.00 485,093.12 (3) T1-V52 F52 $ 1,103,500.00 14,308,805.81 (2) T1-F52 V52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 14,308,805.81 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F52 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 A-2
(1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest AccountFund), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 (2) N/A N/A N/A T1-V1 $ 4,805,500.00 (3SA(1) T1-F2 $ 12,215,000.00 $76,401.77 (2) T2-SA-IO(1) 2/2004 818,392,498 T1-V2 $ 12,215,000.00 (3SA(2) T1-F3 $ 13,985,500.00 86,602.25 (2) T2-SA-IO(2) 3/2004 810,752,321 T1-V3 $ 13,985,500.00 (3SA(3) T1-F4 $ 15,699,000.00 96,636.25 (2) T2-SA-IO(3) 4/2004 802,092,096 T1-V4 $ 15,699,000.00 (3SA(4) T1-F5 $ 17,164,500.00 106,463.62 (2) T2-SA-IO(4) 5/2004 792,428,471 T1-V5 $ 17,164,500.00 (3SA(5) T1-F6 $ 18,062,000.00 116,044.44 (2) T2-SA-IO(5) 6/2004 781,782,109 T1-V6 $ 18,062,000.00 (3SA(6) T1-F7 $ 18,696,000.00 125,339.26 (2) T2-SA-IO(6) 7/2004 770,177,665 T1-V7 $ 18,696,000.00 (3SA(7) T1-F8 $ 19,042,000.00 134,309.47 (2) T2-SA-IO(7) 8/2004 757,643,739 T1-V8 $ 19,042,000.00 (3SA(8) T1-F9 $ 18,248,500.00 142,906.73 (2) T2-SA-IO(8) 9/2004 744,212,792 T1-V9 $ 18,248,500.00 (3SA(9) T1-F10 $ 17,475,500.00 147,839.95 (2) T2-SA-IO(9) 10/2004 729,922,119 T1-V10 $ 17,475,500.00 (3SA(10) T1-F11 $ 16,735,000.00 151,619.52 (2) T2-SA-IO(10) 11/2004 715,138,124 T1-V11 $ 16,735,000.00 (3SA(11) T1-F12 $ 16,026,500.00 155,155.10 (2) T2-SA-IO(11) 12/2004 699,976,172 T1-V12 $ 16,026,500.00 (3SA(12) T1-F13 $ 15,348,500.00 158,428.33 (2) T2-SA-IO(12) 1/2005 684,460,662 T1-V13 $ 15,348,500.00 (3SA(13) T1-F14 $ 14,698,500.00 161,422.01 (2) T2-SA-IO(13) 2/2005 668,617,829 T1-V14 $ 14,698,500.00 (3SA(14) T1-F15 $ 14,077,500.00 164,120.34 (2) T2-SA-IO(14) 3/2005 652,475,628 T1-V15 $ 14,077,500.00 (3SA(15) T1-F16 $ 13,481,500.00 166,508.95 (2) T2-SA-IO(15) 4/2005 636,063,594 T1-V16 $ 13,481,500.00 (3SA(16) T1-F17 $ 13,584,500.00 168,575.06 (2) T2-SA-IO(16) 5/2005 619,412,699 T1-V17 $ 13,584,500.00 (3SA(17) T1-F18 $ 28,835,000.00 170,307.52 (2) T2-SA-IO(17) 6/2005 602,555,193 T1-V18 $ 28,835,000.00 (3SA(18) T1-F19 $ 32,180,500.00 171,696.96 (2) T2-SA-IO(18) 7/2005 585,524,441 T1-V19 $ 32,180,500.00 (3SA(19) T1-F20 $ 86,618,500.00 172,735.82 (2) T2-SA-IO(19) 8/2005 568,354,745 T1-V20 $ 86,618,500.00 (3SA(20) T1-F21 $ 12,007,000.00 173,389.95 (2) T2-SA-IO(20) 9/2005 551,081,163 T1-V21 $ 12,007,000.00 (3SA(21) T1-F22 $ 10,196,500.00 168,497.63 (2) T2-SA-IO(21) 10/2005 533,742,168 T1-V22 $ 10,196,500.00 (3SA(22) T1-F23 $ 8,763,000.00 162,992.22 (2) T2-SA-IO(22) 11/2005 516,892,405 T1-V23 $ 8,763,000.00 (3SA(23) T1-F24 $ 5,195,500.00 157,671.69 (2) T2-SA-IO(23) 12/2005 500,593,183 T1-V24 $ 5,195,500.00 (3SA(24) T1-F25 $ 4,866,000.00 152,529.67 (2) T2-SA-IO(24) 1/2006 484,826,014 T1-V25 $ 4,866,000.00 (3SA(25) T1-F26 $ 4,636,000.00 147,560.08 (2) T2-SA-IO(25) 2/2006 469,573,047 T1-V26 $ 4,636,000.00 (3SA(26) T1-F27 $ 4,418,500.00 4,548,170.39(3) (2) T1T2-V27 $ 4,418,500.00 (3SA-IO(26) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 3/2006 454,817,039 R-I (4) (4) ___________________________N/A N/A N/A
(1) For any Distribution Date (and Pool Principal Balance less the related Interest Accrual Period), aggregate principal balance of the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”)SA interests.
(2) For The T1-A interest and each T1-SA interest shall bear interest at a per annum rate equal to the weighted average Net Mortgage Rate of the Mortgage Loans, weighted on the basis of the outstanding principal balances of the Mortgage Loans as of the beginning of the preceding calendar month and adjusted to take into account any Distribution Date (and distribution of principal in such preceding calendar month to the related Interest Accrual Period), extent such principal was reflected in the interest rate for each outstanding principal balances as of these interests shall be the lesser beginning of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2preceding calendar month.
(3) For any Distribution Date (and This interest shall also be entitled to all Prepayment Premiums received in respect of the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution DateMortgage Loans.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee all Realized Losses and all payments of principal shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described be allocated in the preceding paragraph) with respect to each following order of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Datepriority: First, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest interest until its principal balance such interest is reduced to zero, and then sequentiallySecond, to the other REMIC I Regular Interests in ascending order of their outstanding T1-SA interest with the lowest numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each denomination until such class, until the principal balance of each such class interest is reduced to zero. All losses on The aggregate initial principal balance of the Mortgage Loans shall be allocated among T1-SA interests was established to equal approximately 1.00% of the REMIC I Regular Interests Yield Maintenance Agreement Notional Amount and a T1-SA interest was created to equal approximately 1.00% of each reduction in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 InterestYield Maintenance Agreement Notional Amount. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A $752,456,881.97 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A N/A N/A T2-IO A-IO(1) 700,000.00 (1) T3-A-IO(1) 1/2004 $69,800,000 T2-A-IO(2) 900,000.00 (1) T3-A-IO(2) 2/2004 69,100,000 T2-A-IO(3) 1,100,000.00 (1) T3-A-IO(3) 3/2004 68,200,000 T2-A-IO(4) 1,200,000.00 (1) T3-A-IO(4) 4/2004 67,100,000 T2-A-IO(5) 1,400,000.00 (1) T3-A-IO(5) 5/2004 65,900,000 T2-A-IO(6) 1,600,000.00 (1) T3-A-IO(6) 6/2004 64,500,000 T2-A-IO(7) 1,700,000.00 (1) T3-A-IO(7) 7/2004 62,900,000 T2-A-IO(8) 1,900,000.00 (1) T3-A-IO(8) 8/2004 61,200,000 T2-A-IO(9) 2,000,000.00 (1) T3-A-IO(9) 9/2004 59,300,000 T2-A-IO(10) 20,400,000.00 (1) T3-A-IO(10) 10/2004 57,300,000 T2-A-IO(11) 1,900,000.00 (1) T3-A-IO(11) 11/2004 36,900,000 T2-A-IO(12) 2,000,000.00 (1) T3-A-IO(12) 12/2004 35,000,000 T2-A-IO(13) 2,100,000.00 (1) T3-A-IO(13) 1/2005 33,000,000 T2-A-IO(14) 2,200,000.00 (1) T3-A-IO(14) 2/2005 30,900,000 T2-A-IO(15) 2,200,000.00 (1) T3-A-IO(15) 3/2005 28,700,000 T2-A-IO(16) 2,200,000.00 (1) T3-A-IO(16) 4/2005 26,500,000 T2-A-IO(17) 2,300,000.00 (1) T3-A-IO(17) 5/2005 24,300,000 T2-A-IO(18) 2,400,000.00 (1) T3-A-IO(18) 6/2005 22,000,000 T2-A-IO(19) 2,400,000.00 (1) T3-A-IO(19) 7/2005 19,600,000 T2-A-IO(20) 2,500,000.00 (1) T3-A-IO(20) 8/2005 17,200,000 T2-A-IO(21) 2,500,000.00 (1) T3-A-IO(21) 9/2005 14,700,000 T2-A-IO(22) 2,500,000.00 (1) T3-A-IO(22) 10/2005 12,200,000 T2-A-IO(23) 2,500,000.00 (1) T3-A-IO(23) 11/2005 9,700,000 T2-A-IO(24) 7,200,000.00(3) (1) T3-A-IO(24) 6/2006 7,200,000 T2-SA (2) (2) N/A N/A R-II (34) (34) R ___________________________N/A N/A
(1) For any Distribution Date (and the related Interest Accrual Period), the This interest rate for each of these interests is a per annum rate equal to the weighted average of the shall bear interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excessClass A-IO Net WAC Rate.
(2) The T2-SA interest shall represent 26 REMIC regular interests, if anyeach of which appears under the heading “Corresponding REMIC II Interest” in the table designating the interests in REMIC I above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC I interest to which it corresponds at a per annum rate equal to 3.24%, provided that, on the first Distribution Date, no interest shall be distributable on any such regular interest. The rate of 3.24% is equal to 100 times the Strip Amount Rate, which corresponds to establishing the T1-SA interests as having aggregate principal balances equal to approximately 1.00% of the Yield Maintenance Agreement Notional Amount. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC II interest, such Corresponding REMIC II interest shall not be entitled to receive any interest.
(i3) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(4) The R-II interest shall not have a principal amount and shall not bear interest. The R-II interest is hereby designated as the sole class of residual interest in REMIC II. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T2-A interest until such interest is reduced to zero. After the T2-A interest is reduced to zero, all Realized Losses and all payments of principal shall be made to the outstanding T2-A-IO interest with the lowest numerical denomination until such interest is reduced to zero. REMIC III: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC III, each of which (other than the R-III interest) is hereby designated as a regular interest in REMIC III (the “REMIC III Regular Interests”): T3-A (1) Class B-IO Cap Rate T3-B1 $3,000,000.00 Class B-IO Cap Rate T3-B2 74,200,000.00(4) Class B-IO Cap Rate T3-SA (2) (2) T3-A-IO (3) (3) R-III (5) (5)
(1) The principal balance is equal to the principal balance of all REMIC II Regular Interest less $77,200,000.00.
(2) The T3-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T2-SA interest on such Distribution Date.
(3) The T3-A-IO interest shall represent 24 REMIC regular interests, each of which appears under the heading “Corresponding REMIC III Interest” in the table designating the interests in REMIC II above. Each such regular interest shall be entitled to receive, on each Distribution Date before the applicable Distribution Date of Rate Change, interest that accrues on the REMIC II interest to which it corresponds at a per annum rate equal to the rate thereof subject to a maximum rate of 4.00%. On and after the applicable Distribution Date of Rate Change for a Corresponding REMIC III interest, such Corresponding REMIC III interest shall not be entitled to receive any interest
(4) This interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(5) The R-III interest shall not have a principal amount and shall not bear interest. The R-III interest is hereby designated as the sole class of residual interest in REMIC III. On each Distribution Date, all Realized Losses and all payments of principal shall be allocated to the T3-A interest until such interest is reduced to zero. After the T3-A interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B1 interest until such interest is reduced to zero. After the T3-B1 interest is reduced to zero, all Realized Losses and payments of principal shall be allocated to the T3-B2 interest until such interest is reduced to zero. REMIC IV: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC IV, each of which (other than the R-IV interest) is hereby designated as a regular interest in REMIC IV (the “REMIC IV Regular Interests”):
(1) This interest is a REMIC IV Accretion Directed Class.
(2) The T4-P interest shall also be entitled to all Prepayment Premiums received in respect of the Mortgage Loans.
(3) The T4-A-IO interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-A-IO interest on such Distribution Date.
(4) The T4-B-IO interest shall represent 2 regular interests, both of which are interest-only regular interests. One such regular interest shall have a notional balance equal to the principal balance of the T3-B1 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in February 2004, the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) of the product T3-B1 interest, subject to a maximum rate of (a) two3.50%, and (b) Swap LIBOR for thereafter, 0%. The other such regular interest shall have a notional balance equal to the principal balance of the T3-B2 interest, and a per annum Pass-Through Rate equal to: (a) from the Closing Date through the Distribution Date in November 2005, the interest rate of the T3-B2 interest, subject to a maximum rate of 3.50%, and (b) thereafter, 0%.
(5) The T4-SA interest shall not have a principal balance, but shall be entitled to receive, on each Distribution Date, 100% of the interest distributable on the T3-SA interest on such Distribution Date.
(6) The R-IV interest shall not have a principal amount and shall not bear interest. The R-IV interest is hereby designated as the sole class of residual interest in REMIC IV.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 6,857,000.00 (2) T1-V1 $ 4,805,500.00 6,857,000.00 (3) T1-F2 $ 12,215,000.00 8,377,000.00 (2) T1-V2 $ 12,215,000.00 8,377,000.00 (3) T1-F3 $ 13,985,500.00 9,910,500.00 (2) T1-V3 $ 13,985,500.00 9,910,500.00 (3) T1-F4 $ 15,699,000.00 11,968,500.00 (2) T1-V4 $ 15,699,000.00 11,968,500.00 (3) T1-F5 $ 17,164,500.00 11,533,000.00 (2) T1-V5 $ 17,164,500.00 11,533,000.00 (3) T1-F6 $ 18,062,000.00 7,987,000.00 (2) T1-V6 $ 18,062,000.00 7,987,000.00 (3) T1-F7 $ 18,696,000.00 13,616,500.00 (2) T1-V7 $ 18,696,000.00 13,616,500.00 (3) T1-F8 $ 19,042,000.00 14,558,500.00 (2) T1-V8 $ 19,042,000.00 14,558,500.00 (3) T1-F9 $ 18,248,500.00 15,399,500.00 (2) T1-V9 $ 18,248,500.00 15,399,500.00 (3) T1-F10 $ 17,475,500.00 14,770,000.00 (2) T1-V10 $ 17,475,500.00 14,770,000.00 (3) T1-F11 $ 16,735,000.00 14,156,500.00 (2) T1-V11 $ 16,735,000.00 14,156,500.00 (3) T1-F12 $ 16,026,500.00 13,569,000.00 (2) T1-V12 $ 16,026,500.00 13,569,000.00 (3) T1-F13 $ 15,348,500.00 13,006,500.00 (2) T1-V13 $ 15,348,500.00 13,006,500.00 (3) T1-F14 $ 14,698,500.00 12,466,500.00 (2) T1-V14 $ 14,698,500.00 12,466,500.00 (3) T1-F15 $ 14,077,500.00 11,949,000.00 (2) T1-V15 $ 14,077,500.00 11,949,000.00 (3) T1-F16 $ 13,481,500.00 11,496,000.00 (2) T1-V16 $ 13,481,500.00 11,496,000.00 (3) T1-F17 $ 13,584,500.00 11,277,500.00 (2) T1-V17 $ 13,584,500.00 11,277,500.00 (3) T1-F18 $ 28,835,000.00 10,537,500.00 (2) T1-V18 $ 28,835,000.00 10,537,500.00 (3) T1-F19 $ 32,180,500.00 10,072,000.00 (2) T1-V19 $ 32,180,500.00 10,072,000.00 (3) T1-F20 $ 86,618,500.00 11,290,000.00 (2) T1-V20 $ 86,618,500.00 11,290,000.00 (3) T1-F21 $ 12,007,000.00 180,689,000.00 (2) T1-V21 $ 12,007,000.00 180,689,000.00 (3) T1-F22 $ 10,196,500.00 1,945,000.00 (2) T1-V22 $ 10,196,500.00 1,945,000.00 (3) T1-F23 $ 8,763,000.00 1,183,000.00 (2) T1-V23 $ 8,763,000.00 1,183,000.00 (3) T1-F24 $ 5,195,500.00 350,000.00 (2) T1-V24 $ 5,195,500.00 350,000.00 (3) T1-F25 $ 4,866,000.00 390,000.00 (2) T1-V25 $ 4,866,000.00 390,000.00 (3) T1-F26 $ 4,636,000.00 185,000.00 (2) T1-V26 $ 4,636,000.00 185,000.00 (3) T1-F27 $ 4,418,500.00 850,500.00 (2) T1-V27 $ 4,418,500.00 850,500.00 (3) T1-F28 $ 4,212,500.00 34,500.00 (2) T1-V28 $ 4,212,500.00 34,500.00 (3) T1-F29 $ 3,032,500.00 547,000.00 (2) T1-V29 $ 3,032,500.00 547,000.00 (3) T1-F30 $ 565,500.00 565,000.00 (2) T1-V30 $ 565,500.00 565,000.00 (3) T1-F31 $ 418,500.00 237,500.00 (2) T1-V31 $ 418,500.00 237,500.00 (3) T1-F32 $ 15,198,000.00 310,500.00 (2) T1-V32 $ 15,198,000.00 310,500.00 (3) T1-F33 $ 2,048,500.00 531,000.00 (2) T1-V33 $ 2,048,500.00 531,000.00 (3) T1-F34 $ 1,958,000.00 243,500.00 (2) T1-V34 $ 1,958,000.00 243,500.00 (3) T1-F35 $ 1,884,500.00 172,500.00 (2) T1-V35 $ 1,884,500.00 172,500.00 (3) T1-F36 $ 1,813,000.00 100,000.00 (2) T1-V36 $ 1,813,000.00 100,000.00 (3) T1-F37 $ 1,745,000.00 500,000.00 (2) T1-V37 $ 1,745,000.00 500,000.00 (3) T1-F38 $ 1,679,500.00 485,000.00 (2) T1-V38 $ 1,679,500.00 485,000.00 (3) T1-F39 $ 1,616,500.00 128,000.00 (2) T1-V39 $ 1,616,500.00 128,000.00 (3) T1-F40 $ 1,556,000.00 342,000.00 (2) T1-V40 $ 1,556,000.00 342,000.00 (3) T1-F41 $ 1,498,000.00 456,000.00 (2) T1-V41 $ 1,498,000.00 456,000.00 (3) T1-F42 $ 1,441,500.00 372,000.00 (2) T1-V42 $ 1,441,500.00 372,000.00 (3) T1-F43 $ 1,388,000.00 70,000.00 (2) T1-V43 $ 1,388,000.00 70,000.00 (3) T1-F44 $ 1,336,500.00 429,000.00 (2) T1-V44 $ 1,336,500.00 429,000.00 (3) T1-F45 $ 1,286,500.00 415,000.00 (2) T1-V45 $ 1,286,500.00 415,000.00 (3) F1T1-F46 $ 1,238,500.00 214,500.00 (2) T1-V46 $ 1,238,500.00 214,500.00 (3) T1-F47 $ 1,192,500.00 188,500.00 (2) T1-F47 V47 $ 1,192,500.00 188,500.00 (3) T1-V48 F48 $ 1,148,500.00 12,000,500.00 (2) T1-F48 V48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 12,000,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F48 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A1A (1) ½ Corresponding Class balance A-1 A-1A T2-A2 A1B (1) ½ Corresponding Class balance A-2 T2-A3 A-1B
(1) ½ Corresponding Class balance A-3 T2-A4 A-2
(1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) (1) T1-F1 $ 4,805,500.00 4,726,831.11 (2) T1-V1 $ 4,805,500.00 4,726,831.11 (3) T1-F2 $ 12,215,000.00 5,913,162.79 (2) T1-V2 $ 12,215,000.00 5,913,162.79 (3) T1-F3 $ 13,985,500.00 7,093,287.37 (2) T1-V3 $ 13,985,500.00 7,093,287.37 (3) T1-F4 $ 15,699,000.00 8,255,996.02 (2) T1-V4 $ 15,699,000.00 8,255,996.02 (3) T1-F5 $ 17,164,500.00 9,389,625.82 (2) T1-V5 $ 17,164,500.00 9,389,625.82 (3) T1-F6 $ 18,062,000.00 10,482,203.05 (2) T1-V6 $ 18,062,000.00 10,482,203.05 (3) T1-F7 $ 18,696,000.00 3,620,486.08 (2) T1-V7 $ 18,696,000.00 3,620,486.08 (3) T1-F8 $ 19,042,000.00 12,473,889.56 (2) T1-V8 $ 19,042,000.00 12,473,889.56 (3) T1-F9 $ 18,248,500.00 12,993,382.13 (2) T1-V9 $ 18,248,500.00 12,993,382.13 (3) T1-F10 $ 17,475,500.00 12,737,651.14 (2) T1-V10 $ 17,475,500.00 12,737,651.14 (3) T1-F11 $ 16,735,000.00 12,152,174.35 (2) T1-V11 $ 16,735,000.00 12,152,174.35 (3) T1-F12 $ 16,026,500.00 11,580,277.36 (2) T1-V12 $ 16,026,500.00 11,580,277.36 (3) T1-F13 $ 15,348,500.00 11,035,654.08 (2) T1-V13 $ 15,348,500.00 11,035,654.08 (3) T1-F14 $ 14,698,500.00 10,516,992.84 (2) T1-V14 $ 14,698,500.00 10,516,992.84 (3) T1-F15 $ 14,077,500.00 10,023,045.42 (2) T1-V15 $ 14,077,500.00 10,023,045.42 (3) T1-F16 $ 13,481,500.00 9,552,623.89 (2) T1-V16 $ 13,481,500.00 9,552,623.89 (3) T1-F17 $ 13,584,500.00 9,118,246.60 (2) T1-V17 $ 13,584,500.00 9,118,246.60 (3) T1-F18 $ 28,835,000.00 8,927,988.07 (2) T1-V18 $ 28,835,000.00 8,927,988.07 (3) T1-F19 $ 32,180,500.00 11,625,407.61 (2) T1-V19 $ 32,180,500.00 11,625,407.61 (3) T1-F20 $ 86,618,500.00 42,904,583.41 (2) T1-V20 $ 86,618,500.00 42,904,583.41 (3) T1-F21 $ 12,007,000.00 64,276,913.06 (2) T1-V21 $ 12,007,000.00 64,276,913.06 (3) T1-F22 $ 10,196,500.00 3,943,347.44 (2) T1-V22 $ 10,196,500.00 3,943,347.44 (3) T1-F23 $ 8,763,000.00 3,403,101.35 (2) T1-V23 $ 8,763,000.00 3,403,101.35 (3) T1-F24 $ 5,195,500.00 2,893,445.27 (2) T1-V24 $ 5,195,500.00 2,893,445.27 (3) T1-F25 $ 4,866,000.00 2,569,115.78 (2) T1-V25 $ 4,866,000.00 2,569,115.78 (3) T1-F26 $ 4,636,000.00 1,693,423.01 (2) T1-V26 $ 4,636,000.00 1,693,423.01 (3) T1-F27 $ 4,418,500.00 1,578,646.87 (2) T1-V27 $ 4,418,500.00 1,578,646.87 (3) T1-F28 $ 4,212,500.00 1,503,999.23 (2) T1-V28 $ 4,212,500.00 1,503,999.23 (3) T1-F29 $ 3,032,500.00 1,433,242.10 (2) T1-V29 $ 3,032,500.00 1,433,242.10 (3) T1-F30 $ 565,500.00 1,366,158.88 (2) T1-V30 $ 565,500.00 1,366,158.88 (3) T1-F31 $ 418,500.00 1,365,136.42 (2) T1-V31 $ 418,500.00 1,365,136.42 (3) T1-F32 $ 15,198,000.00 1,318,156.86 (2) T1-V32 $ 15,198,000.00 1,318,156.86 (3) T1-F33 $ 2,048,500.00 1,581,021.25 (2) T1-V33 $ 2,048,500.00 1,581,021.25 (3) T1-F34 $ 1,958,000.00 8,831,622.58 (2) T1-V34 $ 1,958,000.00 8,831,622.58 (3) T1-F35 $ 1,884,500.00 971,940.82 (2) T1-V35 $ 1,884,500.00 971,940.82 (3) T1-F36 $ 1,813,000.00 616,116.48 (2) T1-V36 $ 1,813,000.00 616,116.48 (3) T1-F37 $ 1,745,000.00 595,633.32 (2) T1-V37 $ 1,745,000.00 595,633.32 (3) T1-F38 $ 1,679,500.00 575,886.35 (2) T1-V38 $ 1,679,500.00 575,886.35 (3) T1-F39 $ 1,616,500.00 556,846.04 (2) T1-V39 $ 1,616,500.00 556,846.04 (3) T1-F40 $ 1,556,000.00 538,484.18 (2) T1-V40 $ 1,556,000.00 538,484.18 (3) T1-F41 $ 1,498,000.00 520,773.86 (2) T1-V41 $ 1,498,000.00 520,773.86 (3) T1-F42 $ 1,441,500.00 503,689.32 (2) T1-V42 $ 1,441,500.00 503,689.32 (3) T1-F43 $ 1,388,000.00 487,206.03 (2) T1-V43 $ 1,388,000.00 487,206.03 (3) T1-F44 $ 1,336,500.00 471,300.49 (2) T1-V44 $ 1,336,500.00 471,300.49 (3) T1-F45 $ 1,286,500.00 455,950.26 (2) T1-V45 $ 1,286,500.00 455,950.26 (3) F1T1-F46 $ 1,238,500.00 12,264,860.41 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 12,264,860.41 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F46 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 A-2
(1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee shall elect that each of REMIC I, REMIC II, II and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund Fund, the Swap Agreement and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 27,649,179.73
(1) T1-F1 $ 4,805,500.00 1,679,863.50
(2) T1-V1 $ 4,805,500.00 1,679,863.50
(3) T1-F2 $ 12,215,000.00 (2) 1,886,578.50 T1-V2 $ 12,215,000.00 (3) 1,886,578.50 T1-F3 $ 13,985,500.00 (2) 2,089,127.50 T1-V3 $ 13,985,500.00 (3) 2,089,127.50 T1-F4 $ 15,699,000.00 (2) 2,287,035.50 T1-V4 $ 15,699,000.00 (3) 2,287,035.50 T1-F5 $ 17,164,500.00 (2) T1-V5 $ 17,164,500.00 (3) T1-F6 $ 18,062,000.00 (2) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.2,478,903.00
Appears in 1 contract
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee Master Servicer shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A-SG1 (1) (2) N/A N/A N/A T1-A-SG2 (3) (4) X/X X/X X/X X0-XX-XX0X (5) (12)(6) T2-SA-SG1A-IO N/A N/A T1-SA-SG2(1) $43,897.35 (4) T2-SA-SG2-IO(1) 8/2005 3,462,551.46 T1-SA-SG2(2) $52,074.68 (4) T2-SA-SG2-IO(2) 9/2005 3,418,654.11 T1-SA-SG2(3) $60,157.29 (4) T2-SA-SG2-IO(3) 10/2005 3,366,579.43 T1-SA-SG2(4) $68,099.39 (4) T2-SA-SG2-IO(4) 11/2005 3,306,422.14 T1-SA-SG2(5) $75,854.71 (4) T2-SA- SG2-IO(5) 12/2005 3,238,322.75 T1-SA-SG2(6) $83,376.91 (4) T2-SA- SG2-IO(6) 1/2006 3,162,468.04 T1-SA-SG2(7) $90,619.98 (4) T2-SA- SG2-IO(7) 2/2006 3,079,091.13 T1-SA-SG2(8) $97,536.34 (4) T2-SA- SG2-IO(8) 3/2006 2,988,471.15 T1-SA-SG2(9) $103,855.23 (4) T2-SA- SG2-IO(9) 4/2006 2,890,934.81 T1-SA-SG2(10) $101,076.55 (4) T2-SA- SG2-IO(10) 5/2006 2,787,079.58 T1-SA-SG1(11) $98,372.20 (4) T2-SA- SG2-IO(11) 6/2006 2,686,003.03 T1-SA-SG2(12) $95,740.19 (4) T2-SA- SG2-IO(12) 7/2006 2,587,630.83 T1-SA-SG2(13) $93,178.60 (4) T2-SA- SG2-IO(13) 8/2006 2,491,890.64 T1-SA-SG2(14) $90,685.51 (4) T2-SA- SG2-IO(14) 9/2006 2,398,712.04 T1-SA-SG2(15) $88,259.11 (4) T2-SA- SG2-IO(15) 10/2006 2,308,026.53 T1-SA-SG2(16) $85,897.62 (4) T2-SA- SG2-IO(16) 11/2006 2,219,767.42 T1-SA-SG2(17) $83,599.29 (4) T2-SA- SG2-IO(17) 12/2006 2,133,869.80 T1-SA-SG2(18) $81,362.43 (4) T2-SA- SG2-IO(18) 1/2007 2,050,270.51 T1-SA-SG2(19) $79,185.40 (4) T2-SA- SG2-IO(19) 2/2007 1,968,908.08 T1-SA-SG2(20) $77,066.60 (4) T2-SA- SG2-IO(20) 3/2007 1,889,722.68 T1-SA-SG2(21) $75,460.28 (4) T2-SA- SG2-IO(21) 4/2007 1,812,656.08 T1-SA-SG2(22) $155,646.05 (4) T2-SA- SG2-IO(22) 5/2007 1,737,195.80 T1-SA-SG2(23) $146,023.34 (4) T2-SA- SG2-IO(23) 6/2007 1,581,549.75 T1-SA-SG2(24) $137,014.07 (4) T2-SA- SG2-IO(24) 7/2007 1,435,526.41 T1-SA-SG2(25) $128,306.61 (4) T2-SA- SG2-IO(25) 8/2007 1,298,512.34 T1-SA-SG2(26) $71,369.15 (4) T1-F1 $ 4,805,500.00 SA-SG2-IO(26) 9/2007 1,170,205.73 T1-SA-SG2(27) $68,954.06 (24) T1-V1 $ 4,805,500.00 SA-SG2-IO(27) 10/2007 1,098,836.58 T1-SA-SG2(28) $66,537.23 (34) T1-F2 $ 12,215,000.00 SA-SG2-IO(28) 11/2007 1,029,882.52 T1-SA-SG2(29) $64,291.06 (24) T1-V2 $ 12,215,000.00 SA-SG2-IO(29) 12/2007 963,345.29 T1-SA-SG2(30) $62,121.94 (34) T1-F3 $ 13,985,500.00 SA-SG2-IO(30) 1/2008 899,054.23 T1-SA-SG2(31) $60,027.22 (24) T1-V3 $ 13,985,500.00 SA-SG2-IO(31) 2/2008 836,932.29 T1-SA-SG2(32) $58,004.32 (34) T1-F4 $ 15,699,000.00 SA-SG2-IO(32) 3/2008 776,905.07 T1-SA-SG2(33) $56,050.75 (24) T1-V4 $ 15,699,000.00 SA-SG2-IO(33) 4/2008 718,900.75 T1-SA-SG2(34) $54,167.48 (34) T1-F5 $ 17,164,500.00 SA-SG2-IO(34) 5/2008 662,850.00 T1-SA-SG2(35) $52,345.27 (24) T1-V5 $ 17,164,500.00 SA-SG2-IO(35) 6/2008 608,682.52 T1-SA-SG2(36) $556,337.25 (34)(7) T1-F6 $ 18,062,000.00 (2SA-SG2-IO(36) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 10/2008 556,337.25 R-I (4) 8) (4) ___________________________
8) N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of (i) the aggregate Stated Principal Balance principal balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group Subgroup 1 less (net of expenses described in the preceding paragraphii) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the RSA-II SG1A interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 37,819,489.45 (1) T1-F1 $ 4,805,500.00 12,306,506.23 (2) T1-V1 $ 4,805,500.00 12,306,506.23 (3) T1-F2 $ 12,215,000.00 11,909,686.22 (2) T1-V2 $ 12,215,000.00 11,909,686.22 (3) T1-F3 $ 13,985,500.00 11,904,436.76 (2) T1-V3 $ 13,985,500.00 11,904,436.76 (3) T1-F4 $ 15,699,000.00 11,260,908.32 (2) T1-V4 $ 15,699,000.00 11,260,908.32 (3) T1-F5 $ 17,164,500.00 10,792,354.32 (2) T1-V5 $ 17,164,500.00 10,792,354.32 (3) T1-F6 $ 18,062,000.00 1,458,185.92 (2) T1-V6 $ 18,062,000.00 1,458,185.92 (3) T1-F7 $ 18,696,000.00 10,138,239.65 (2) T1-V7 $ 18,696,000.00 10,138,239.65 (3) T1-F8 $ 19,042,000.00 9,827,316.27 (2) T1-V8 $ 19,042,000.00 9,827,316.27 (3) T1-F9 $ 18,248,500.00 9,497,757.83 (2) T1-V9 $ 18,248,500.00 9,497,757.83 (3) T1-F10 $ 17,475,500.00 9,087,541.15 (2) T1-V10 $ 17,475,500.00 9,087,541.15 (3) T1-F11 $ 16,735,000.00 8,694,863.02 (2) T1-V11 $ 16,735,000.00 8,694,863.02 (3) T1-F12 $ 16,026,500.00 8,319,242.63 (2) T1-V12 $ 16,026,500.00 8,319,242.63 (3) T1-F13 $ 15,348,500.00 8,055,617.68 (2) T1-V13 $ 15,348,500.00 8,055,617.68 (3) T1-F14 $ 14,698,500.00 9,001,816.36 (2) T1-V14 $ 14,698,500.00 9,001,816.36 (3) T1-F15 $ 14,077,500.00 12,290,602.60 (2) T1-V15 $ 14,077,500.00 12,290,602.60 (3) T1-F16 $ 13,481,500.00 6,682,174.70 (2) T1-V16 $ 13,481,500.00 6,682,174.70 (3) T1-F17 $ 13,584,500.00 6,711,026.86 (2) T1-V17 $ 13,584,500.00 6,711,026.86 (3) T1-F18 $ 28,835,000.00 6,104,655.12 (2) T1-V18 $ 28,835,000.00 6,104,655.12 (3) T1-F19 $ 32,180,500.00 7,826,406.26 (2) T1-V19 $ 32,180,500.00 7,826,406.26 (3) T1-F20 $ 86,618,500.00 65,945,626.43 (2) T1-V20 $ 86,618,500.00 65,945,626.43 (3) T1-F21 $ 12,007,000.00 33,123,269.55 (2) T1-V21 $ 12,007,000.00 33,123,269.55 (3) T1-F22 $ 10,196,500.00 1,076,970.46 (2) T1-V22 $ 10,196,500.00 1,076,970.46 (3) T1-F23 $ 8,763,000.00 1,037,882.46 (2) T1-V23 $ 8,763,000.00 1,037,882.46 (3) T1-F24 $ 5,195,500.00 1,041,586.31 (2) T1-V24 $ 5,195,500.00 1,041,586.31 (3) T1-F25 $ 4,866,000.00 962,093.57 (2) T1-V25 $ 4,866,000.00 962,093.57 (3) T1-F26 $ 4,636,000.00 1,007,277.52 (2) T1-V26 $ 4,636,000.00 1,007,277.52 (3) T1-F27 $ 4,418,500.00 924,077.42 (2) T1-V27 $ 4,418,500.00 924,077.42 (3) T1-F28 $ 4,212,500.00 856,199.59 (2) T1-V28 $ 4,212,500.00 856,199.59 (3) T1-F29 $ 3,032,500.00 1,117,864.59 (2) T1-V29 $ 3,032,500.00 1,117,864.59 (3) T1-F30 $ 565,500.00 600,348.31 (2) T1-V30 $ 565,500.00 600,348.31 (3) T1-F31 $ 418,500.00 117,765.63 (2) T1-V31 $ 418,500.00 117,765.63 (3) T1-F32 $ 15,198,000.00 63,969.85 (2) T1-V32 $ 15,198,000.00 63,969.85 (3) T1-F33 $ 2,048,500.00 304,078.23 (2) T1-V33 $ 2,048,500.00 304,078.23 (3) T1-F34 $ 1,958,000.00 356,190.08 (2) T1-V34 $ 1,958,000.00 356,190.08 (3) T1-F35 $ 1,884,500.00 344,695.72 (2) T1-V35 $ 1,884,500.00 344,695.72 (3) T1-F36 $ 1,813,000.00 69,456.04 (2) T1-V36 $ 1,813,000.00 69,456.04 (3) T1-F37 $ 1,745,000.00 264,102.77 (2) T1-V37 $ 1,745,000.00 264,102.77 (3) T1-F38 $ 1,679,500.00 322,766.05 (2) T1-V38 $ 1,679,500.00 322,766.05 (3) T1-F39 $ 1,616,500.00 312,310.38 (2) T1-V39 $ 1,616,500.00 312,310.38 (3) T1-F40 $ 1,556,000.00 43,985.00 (2) T1-V40 $ 1,556,000.00 43,985.00 (3) T1-F41 $ 1,498,000.00 1,578.56 (2) T1-V41 $ 1,498,000.00 1,578.56 (3) T1-F42 $ 1,441,500.00 256,616.04 (2) T1-V42 $ 1,441,500.00 256,616.04 (3) T1-F43 $ 1,388,000.00 292,365.92 (2) T1-V43 $ 1,388,000.00 292,365.92 (3) T1-F44 $ 1,336,500.00 282,857.57 (2) T1-V44 $ 1,336,500.00 282,857.57 (3) T1-F45 $ 1,286,500.00 220,826.61 (2) T1-V45 $ 1,286,500.00 220,826.61 (3) F1T1-F46 $ 1,238,500.00 52,820.75 (2) T1-V46 $ 1,238,500.00 52,820.75 (3) T1-F47 $ 1,192,500.00 264,725.52 (2) T1-F47 V47 $ 1,192,500.00 264,725.52 (3) T1-V48 F48 $ 1,148,500.00 256,084.92 (2) T1-F48 V48 $ 1,148,500.00 256,084.92 (3) T1-V49 F49 $ 1,106,000.00 61,720.68 (2) T1-F49 V49 $ 1,106,000.00 61,720.68 (3) T1-V50 F50 $ 1,064,500.00 219,456.29 (2) T1-F50 V50 $ 1,064,500.00 219,456.29 (3) T1-V51 F51 $ 1,025,500.00 238,083.36 (2) T1-F51 V51 $ 1,025,500.00 238,083.36 (3) T1-V52 F52 $ 1,103,500.00 155,280.87 (2) T1-F52 V52 $ 1,103,500.00 155,280.87 (3) T1-V53 F53 $ 1,186,500.00 75,023.63 (2) T1-F53 V53 $ 1,186,500.00 75,023.63 (3) T1-V54 F54 $ 1,220,000.00 6,630,483.44 (2) T1-F54 V54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 6,630,483.44 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F54 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-M11 (1) ½ Corresponding Class balance M-11 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2006-He1)
Designation of Interests in REMIC. The Trustee Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Swap Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A (5) $ 62,447,506.18 (1) T1-F1 $ 4,805,500.00 5,622,589.50 (2) T1-V1 $ 4,805,500.00 5,622,589.50 (3) T1-F2 $ 12,215,000.00 6,534,617.50 (2) T1-V2 $ 12,215,000.00 6,534,617.50 (3) T1-F3 $ 13,985,500.00 7,431,478.00 (2) T1-V3 $ 13,985,500.00 7,431,478.00 (3) T1-F4 $ 15,699,000.00 8,308,131.50 (2) T1-V4 $ 15,699,000.00 8,308,131.50 (3) T1-F5 $ 17,164,500.00 8,246,271.00 (2) T1-V5 $ 17,164,500.00 8,246,271.00 (3) T1-F6 $ 18,062,000.00 912,864.00 (2) T1-V6 $ 18,062,000.00 912,864.00 (3) T1-F7 $ 18,696,000.00 11,285,927.00 (2) T1-V7 $ 18,696,000.00 11,285,927.00 (3) T1-F8 $ 19,042,000.00 11,464,524.50 (2) T1-V8 $ 19,042,000.00 11,464,524.50 (3) T1-F9 $ 18,248,500.00 12,155,207.50 (2) T1-V9 $ 18,248,500.00 12,155,207.50 (3) T1-F10 $ 17,475,500.00 12,511,001.00 (2) T1-V10 $ 17,475,500.00 12,511,001.00 (3) T1-F11 $ 16,735,000.00 12,824,432.50 (2) T1-V11 $ 16,735,000.00 12,824,432.50 (3) T1-F12 $ 16,026,500.00 13,102,562.00 (2) T1-V12 $ 16,026,500.00 13,102,562.00 (3) T1-F13 $ 15,348,500.00 13,342,662.00 (2) T1-V13 $ 15,348,500.00 13,342,662.00 (3) T1-F14 $ 14,698,500.00 13,542,414.50 (2) T1-V14 $ 14,698,500.00 13,542,414.50 (3) T1-F15 $ 14,077,500.00 13,699,771.50 (2) T1-V15 $ 14,077,500.00 13,699,771.50 (3) T1-F16 $ 13,481,500.00 13,813,056.00 (2) T1-V16 $ 13,481,500.00 13,813,056.00 (3) T1-F17 $ 13,584,500.00 13,880,806.50 (2) T1-V17 $ 13,584,500.00 13,880,806.50 (3) T1-F18 $ 28,835,000.00 13,902,067.50 (2) T1-V18 $ 28,835,000.00 13,902,067.50 (3) T1-F19 $ 32,180,500.00 13,876,234.00 (2) T1-V19 $ 32,180,500.00 13,876,234.00 (3) T1-F20 $ 86,618,500.00 13,803,025.00 (2) T1-V20 $ 86,618,500.00 13,803,025.00 (3) T1-F21 $ 12,007,000.00 13,680,456.50 (2) T1-V21 $ 12,007,000.00 13,680,456.50 (3) T1-F22 $ 10,196,500.00 12,938,139.00 (2) T1-V22 $ 10,196,500.00 12,938,139.00 (3) T1-F23 $ 8,763,000.00 12,208,034.00 (2) T1-V23 $ 8,763,000.00 12,208,034.00 (3) T1-F24 $ 5,195,500.00 11,522,999.50 (2) T1-V24 $ 5,195,500.00 11,522,999.50 (3) T1-F25 $ 4,866,000.00 129,958,644.00 (2) T1-V25 $ 4,866,000.00 129,958,644.00 (3) T1-F26 $ 4,636,000.00 3,068,406.00 (2) T1-V26 $ 4,636,000.00 3,068,406.00 (3) T1-F27 $ 4,418,500.00 2,930,169.50 (2) T1-V27 $ 4,418,500.00 2,930,169.50 (3) T1-F28 $ 4,212,500.00 2,798,611.00 (2) T1-V28 $ 4,212,500.00 2,798,611.00 (3) T1-F29 $ 3,032,500.00 2,673,385.50 (2) T1-V29 $ 3,032,500.00 2,673,385.50 (3) T1-F30 $ 565,500.00 2,554,169.00 (2) T1-V30 $ 565,500.00 2,554,169.00 (3) T1-F31 $ 418,500.00 1,782,064.00 (2) T1-V31 $ 418,500.00 1,782,064.00 (3) T1-F32 $ 15,198,000.00 658,587.50 (2) T1-V32 $ 15,198,000.00 658,587.50 (3) T1-F33 $ 2,048,500.00 2,332,544.00 (2) T1-V33 $ 2,048,500.00 2,332,544.00 (3) T1-F34 $ 1,958,000.00 569,324.50 (2) T1-V34 $ 1,958,000.00 569,324.50 (3) T1-F35 $ 1,884,500.00 631,525.00 (2) T1-V35 $ 1,884,500.00 631,525.00 (3) T1-F36 $ 1,813,000.00 1,028,715.50 (2) T1-V36 $ 1,813,000.00 1,028,715.50 (3) T1-F37 $ 1,745,000.00 138,038.00 (2) T1-V37 $ 1,745,000.00 138,038.00 (3) T1-F38 $ 1,679,500.00 1,124,387.00 (2) T1-V38 $ 1,679,500.00 1,124,387.00 (3) T1-F39 $ 1,616,500.00 868,154.00 (2) T1-V39 $ 1,616,500.00 868,154.00 (3) T1-F40 $ 1,556,000.00 215,424.50 (2) T1-V40 $ 1,556,000.00 215,424.50 (3) T1-F41 $ 1,498,000.00 1,044,269.00 (2) T1-V41 $ 1,498,000.00 1,044,269.00 (3) T1-F42 $ 1,441,500.00 1,006,404.00 (2) T1-V42 $ 1,441,500.00 1,006,404.00 (3) T1-F43 $ 1,388,000.00 969,928.00 (2) T1-V43 $ 1,388,000.00 969,928.00 (3) T1-F44 $ 1,336,500.00 934,789.00 (2) T1-V44 $ 1,336,500.00 934,789.00 (3) T1-F45 $ 1,286,500.00 900,937.50 (2) T1-V45 $ 1,286,500.00 900,937.50 (3) F1T1-F46 $ 1,238,500.00 868,325.50 (2) T1-V46 $ 1,238,500.00 868,325.50 (3) T1-F47 $ 1,192,500.00 836,905.00 (2) T1-F47 V47 $ 1,192,500.00 836,905.00 (3) T1-V48 F48 $ 1,148,500.00 806,634.00 (2) T1-F48 V48 $ 1,148,500.00 806,634.00 (3) T1-V49 F49 $ 1,106,000.00 777,467.50 (2) T1-F49 V49 $ 1,106,000.00 777,467.50 (3) T1-V50 F50 $ 1,064,500.00 749,365.00 (2) T1-F50 V50 $ 1,064,500.00 749,365.00 (3) T1-V51 F51 $ 1,025,500.00 20,029,158.50 (2) T1-F51 V51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 20,029,158.50 (3) R-I (4) (4) ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee Securities Administrator shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination PaymentPayment required to be made from the Trust Fund. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Interest Remittance Amount for each Group (net of expenses described in the preceding paragraph) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee Securities Administrator shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 F51 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the R-II interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 A1A (1) ½ Corresponding Class balance A-1 A-1A T2-A2 A1B (1) ½ Corresponding Class balance A-2 T2-A3 A-1B
(1) ½ Corresponding Class balance A-3 T2-A4 A-2
(1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________A-3
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2)
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): T1-A-SG1 (1) (2) N/A N/A N/A T1-A-SG2 (3) (4) X/X X/X X/X X0-XX-XX0X (5) (12)(6) T2-SA-SG1A-IO N/A N/A T1-SA-SG2(1) $ 47,310.26 (4) T2-SA-SG2-IO(1) 9/2005 $3,762,927.46 T1-SA-SG2(2) $ 56,273.68 (4) T2-SA-SG2-IO(2) 10/2005 $3,715,617.60 T1-SA-SG2(3) $ 65,136.50 (4) T2-SA-SG2-IO(3) 11/2005 $3,659,343.92 T1-SA-SG2(4) $ 73,845.78 (4) T2-SA-SG2-IO(4) 12/2005 $3,594,207.42 T1-SA-SG2(5) $ 82,354.53 (4) T2-SA- SG2-IO(5) 1/2006 $3,520,361.64 T1-SA-SG2(6) $ 90,609.36 (4) T2-SA-SG2-IO(6) 2/2006 $3,438,007.11 T1-SA-SG2(7) $ 8,551.96 (4) T2-SA-SG2-IO(7) 3/2006 $3,347,397.75 T1-SA-SG2(8) $ 16,134.87 (4) T2-SA-SG2-IO(8) 4/2006 $3,248,845.79 T1-SA-SG2(9) $ 13,252.45 (4) T2-SA-SG2-IO(9) 5/2006 $3,142,710.92 T1-SA-SG2(10) $ 110,198.75 (4) T2-SA-SG2-IO(10) 6/2006 $3,029,458.47 T1-SA-SG1(11) $ 107,228.87 (4) T2-SA-SG2-IO(11) 7/2006 $2,919,259.72 T1-SA-SG2(12) $ 104,338.95 (4) T2-SA-SG2-IO(12) 8/2006 $2,812,030.85 T1-SA-SG2(13) $ 101,526.86 (4) T2-SA-SG2-IO(13) 9/2006 $2,707,691.90 T1-SA-SG2(14) $ 98,790.34 (4) T2-SA-SG2-IO(14) 10/2006 $2,606,165.04 T1-SA-SG2(15) $ 96,127.64 (4) T2-SA-SG2-IO(15) 11/2006 $2,507,374.70 T1-SA-SG2(16) $ 93,535.51 (4) T2-SA-SG2-IO(16) 12/2006 $2,411,247.06 T1-SA-SG2(17) $ 91,014.34 (4) T2-SA-SG2-IO(17) 1/2007 $2,317,711.55 T1-SA-SG2(18) $ 88,561.04 (4) T2-SA-SG2-IO(18) 2/2007 $2,226,697.21 T1-SA-SG2(19) $ 86,252.64 (4) T2-SA-SG2-IO(19) 3/2007 $2,138,136.17 T1-SA-SG2(20) $ 83,961.72 (4) T2-SA-SG2-IO(20) 4/2007 $2,051,883.53 T1-SA-SG2(21) $ 81,691.01 (4) T2-SA-SG2-IO(21) 5/2007 $1,967,921.81 T1-SA-SG2(22) $ 173,710.68 (4) T2-SA-SG2-IO(22) 6/2007 $1,886,230.80 T1-SA-SG2(23) $ 162,795.44 (4) T2-SA-SG2-IO(23) 7/2007 $1,712,520.12 T1-SA-SG2(24) $ 152,603.25 (4) T2-SA-SG2-IO(24) 8/2007 $1,549,724.68 T1-SA-SG2(25) $ 143,086.40 (4) T2-SA-SG2-IO(25) 9/2007 $1,397,121.43 T1-SA-SG2(26) $ 77,633.00 (4) T1-F1 SA-SG2-IO(26) 10/2007 $1,254,035.03 T1-SA-SG2(27) $ 4,805,500.00 74,976.52 (24) T1-V1 SA-SG2-IO(27) 11/2007 $1,176,402.03 T1-SA-SG2(28) $ 4,805,500.00 72,380.78 (34) T1-F2 SA-SG2-IO(28) 12/2007 $1,101,425.51 T1-SA-SG2(29) $ 12,215,000.00 69,907.07 (24) T1-V2 SA-SG2-IO(29) 1/2008 $1,029,044.73 T1-SA-SG2(30) $ 12,215,000.00 67,518.92 (34) T1-F3 SA-SG2-IO(30) 2/2008 $959,137.66 T1-SA-SG2(31) $ 13,985,500.00 65,213.31 (24) T1-V3 SA-SG2-IO(31) 3/2008 $891,618.74 T1-SA-SG2(32) $ 13,985,500.00 62,987.39 (34) T1-F4 SA-SG2-IO(32) 4/2008 $826,405.43 T1-SA-SG2(33) $ 15,699,000.00 60,838.37 (24) T1-V4 SA-SG2-IO(33) 5/2008 $763,418.04 T1-SA-SG2(34) $ 15,699,000.00 58,743.04 (34) T1-F5 SA-SG2-IO(34) 6/2008 $702,579.67 T1-SA-SG2(35) $ 17,164,500.00 56,741.29 (24) T1-V5 SA-SG2-IO(35) 7/2008 $643,836.63 T1-SA-SG2(36) $ 17,164,500.00 587,095.34 (34)(7) T1-F6 $ 18,062,000.00 (2SA-SG2-IO(36) T1-V6 $ 18,062,000.00 (3) T1-F7 $ 18,696,000.00 (2) T1-V7 $ 18,696,000.00 (3) T1-F8 $ 19,042,000.00 (2) T1-V8 $ 19,042,000.00 (3) T1-F9 $ 18,248,500.00 (2) T1-V9 $ 18,248,500.00 (3) T1-F10 $ 17,475,500.00 (2) T1-V10 $ 17,475,500.00 (3) T1-F11 $ 16,735,000.00 (2) T1-V11 $ 16,735,000.00 (3) T1-F12 $ 16,026,500.00 (2) T1-V12 $ 16,026,500.00 (3) T1-F13 $ 15,348,500.00 (2) T1-V13 $ 15,348,500.00 (3) T1-F14 $ 14,698,500.00 (2) T1-V14 $ 14,698,500.00 (3) T1-F15 $ 14,077,500.00 (2) T1-V15 $ 14,077,500.00 (3) T1-F16 $ 13,481,500.00 (2) T1-V16 $ 13,481,500.00 (3) T1-F17 $ 13,584,500.00 (2) T1-V17 $ 13,584,500.00 (3) T1-F18 $ 28,835,000.00 (2) T1-V18 $ 28,835,000.00 (3) T1-F19 $ 32,180,500.00 (2) T1-V19 $ 32,180,500.00 (3) T1-F20 $ 86,618,500.00 (2) T1-V20 $ 86,618,500.00 (3) T1-F21 $ 12,007,000.00 (2) T1-V21 $ 12,007,000.00 (3) T1-F22 $ 10,196,500.00 (2) T1-V22 $ 10,196,500.00 (3) T1-F23 $ 8,763,000.00 (2) T1-V23 $ 8,763,000.00 (3) T1-F24 $ 5,195,500.00 (2) T1-V24 $ 5,195,500.00 (3) T1-F25 $ 4,866,000.00 (2) T1-V25 $ 4,866,000.00 (3) T1-F26 $ 4,636,000.00 (2) T1-V26 $ 4,636,000.00 (3) T1-F27 $ 4,418,500.00 (2) T1-V27 $ 4,418,500.00 (3) T1-F28 $ 4,212,500.00 (2) T1-V28 $ 4,212,500.00 (3) T1-F29 $ 3,032,500.00 (2) T1-V29 $ 3,032,500.00 (3) T1-F30 $ 565,500.00 (2) T1-V30 $ 565,500.00 (3) T1-F31 $ 418,500.00 (2) T1-V31 $ 418,500.00 (3) T1-F32 $ 15,198,000.00 (2) T1-V32 $ 15,198,000.00 (3) T1-F33 $ 2,048,500.00 (2) T1-V33 $ 2,048,500.00 (3) T1-F34 $ 1,958,000.00 (2) T1-V34 $ 1,958,000.00 (3) T1-F35 $ 1,884,500.00 (2) T1-V35 $ 1,884,500.00 (3) T1-F36 $ 1,813,000.00 (2) T1-V36 $ 1,813,000.00 (3) T1-F37 $ 1,745,000.00 (2) T1-V37 $ 1,745,000.00 (3) T1-F38 $ 1,679,500.00 (2) T1-V38 $ 1,679,500.00 (3) T1-F39 $ 1,616,500.00 (2) T1-V39 $ 1,616,500.00 (3) T1-F40 $ 1,556,000.00 (2) T1-V40 $ 1,556,000.00 (3) T1-F41 $ 1,498,000.00 (2) T1-V41 $ 1,498,000.00 (3) T1-F42 $ 1,441,500.00 (2) T1-V42 $ 1,441,500.00 (3) T1-F43 $ 1,388,000.00 (2) T1-V43 $ 1,388,000.00 (3) T1-F44 $ 1,336,500.00 (2) T1-V44 $ 1,336,500.00 (3) T1-F45 $ 1,286,500.00 (2) T1-V45 $ 1,286,500.00 (3) F1-F46 $ 1,238,500.00 (2) T1-V46 $ 1,238,500.00 (3) T1-F47 $ 1,192,500.00 (2) T1-F47 $ 1,192,500.00 (3) T1-V48 $ 1,148,500.00 (2) T1-F48 $ 1,148,500.00 (3) T1-V49 $ 1,106,000.00 (2) T1-F49 $ 1,106,000.00 (3) T1-V50 $ 1,064,500.00 (2) T1-F50 $ 1,064,500.00 (3) T1-V51 $ 1,025,500.00 (2) T1-F51 $ 1,025,500.00 (3) T1-V52 $ 1,103,500.00 (2) T1-F52 $ 1,103,500.00 (3) T1-V53 $ 1,186,500.00 (2) T1-F53 $ 1,186,500.00 (3) T1-V54 $ 1,220,000.00 (2) T1-F54 $ 1,220,000.00 (3) T1-V55 $ 1,129,000.00 (2) T1-F55 $ 1,129,000.00 (3) T1-V56 $ 1,859,000.00 (2) T1-F56 $ 1,859,000.00 (3) T1-V57 $ 934,000.00 (2) T1-F57 $ 934,000.00 (3) T1-V58 $ 801,500.00 (2) T1-F58 $ 801,500.00 (3) T1-V59 $ 771,000.00 (2) T1-F59 $ 771,000.00 (3) T1-V60 $ 743,500.00 (2) T1-F60 $ 743,500.00 (3) T1-V61 $ 717,500.00 (2) T1-F61 $ 717,500.00 (3) T1-V62 $ 691,500.00 (2) T1-F62 $ 691,500.00 (3) T1-V63 $ 667,500.00 (2) T1-F63 $ 667,500.00 (3) T1-V64 $ 643,500.00 (2) T1-F64 $ 643,500.00 (3) T1-V65 $ 620,500.00 (2) T1-F65 $ 620,500.00 (3) T1-V66 $ 599,000.00 (2) T1-F66 $ 599,000.00 (3) T1-V67 $ 577,000.00 (2) T1-F67 $ 577,000.00 (3) T1-V68 $ 557,000.00 (2) T1-F68 $ 557,000.00 (3) T1-V69 $ 537,000.00 (2) T1-F69 $ 537,000.00 (3) T1-V70 $ 518,000.00 (2) T1-F70 $ 518,000.00 (3) T1-V71 $ 500,000.00 (2) T1-F71 $ 500,000.00 (3) T1-V72 $ 481,500.00 (2) T1-F72 $ 481,500.00 (3) T1-V73 $ 465,000.00 (2) T1-F73 $ 465,000.00 (3) T1-V74 $ 448,000.00 (2) T1-F74 $ 448,000.00 (3) T1-V75 $ 432,500.00 (2) T1-F75 $ 432,500.00 (3) T1-V76 $ 416,500.00 (2) T1-F76 $ 416,500.00 (3) T1-V77 $ 8,416,500.00 (2) T1-F77 $ 8,416,500.00 (3) 10/2008 $587,095.34 R-I (4) 8) (4) ___________________________
8) N/A N/A N/A (1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for the Class T1-A Interest shall be the Net WAC Rate, determined without regard to the Swap Agreement (the “REMIC Net WAC Rate”).
(2) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the lesser of (i) the REMIC Swap Rate for such Distribution Date, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.
(3) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) the REMIC Swap Rate for such Distribution Date.
(4) The Class R-I interest shall not have a principal amount and shall not bear interest. The Class R-I interest is hereby designated as the sole class of residual interest in REMIC I.
(5) This interest shall have an initial principal balance equal to the excess of (i) the aggregate Stated Principal Balance principal balance of the Mortgage Loans as of the Cut-off Date over the aggregate initial principal balance of each other interest in REMIC I. On each Distribution Date, the Trustee shall first pay or charge as an expense of REMIC I all expenses of the Trust Fund for such Distribution Date, other than any Net Swap Payment or Swap Termination Payment. On each Distribution Date, the Trustee shall distribute the aggregate Interest Remittance Amount for each Group Subgroup 1 less (net of expenses described in the preceding paragraphii) with respect to each of the REMIC I Regular Interests based on the above-described interest rates. On each Distribution Date, the Trustee shall distribute the aggregate Principal Remittance Amount with respect to each Group with respect to the REMIC I Regular Interests, first to the Class T1-A Interest until its principal balance is reduced to zero, and then sequentially, to the other REMIC I Regular Interests in ascending order of their numerical class designation, and, with respect to each pair of classes having the same numerical designation, in equal amounts to each such class, until the principal balance of each such class is reduced to zero. All losses on the Mortgage Loans shall be allocated among the REMIC I Regular Interests in the same manner that principal distributions are allocated. On each Distribution Date, the Trustee shall distribute an amount equal to the amount then on deposit in the Distribution Account that represents Prepayment Premiums to the Class T1-F77 Interest. REMIC II: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC II, each of which (other than the RSA-II SG1A interest) is hereby designated as a regular interest in REMIC II (the “REMIC II Regular Interests”): T2-A1 (1) ½ Corresponding Class balance A-1 T2-A2 (1) ½ Corresponding Class balance A-2 T2-A3 (1) ½ Corresponding Class balance A-3 T2-A4 (1) ½ Corresponding Class balance A-4 T2-A5 (1) ½ Corresponding Class balance A-5 T2-M1 (1) ½ Corresponding Class balance M-1 T2-M2 (1) ½ Corresponding Class balance M-2 T2-M3 (1) ½ Corresponding Class balance M-3 T2-M4 (1) ½ Corresponding Class balance M-4 T2-M5 (1) ½ Corresponding Class balance M-5 T2-M6 (1) ½ Corresponding Class balance M-6 T2-M7 (1) ½ Corresponding Class balance M-7 T2-M8 (1) ½ Corresponding Class balance M-8 T2-M9 (1) ½ Corresponding Class balance M-9 T2-M10 (1) ½ Corresponding Class balance M-10 T2-Accrual (1) (4) N/A T2-IO (2) (2) N/A R-II (3) (3) R ___________________________
(1) For any Distribution Date (and the related Interest Accrual Period), the interest rate for each of these interests is a per annum rate equal to the weighted average of the interest rates on the REMIC I Regular Interests for such Distribution Date, provided, however, that for any Distribution Date on which the T2-IO Interest is entitled to a portion of the interest accruals on a REMIC I Regular Interest having an “F” in its class designation, as described in footnote two below, such weighted average shall be computed by first subjecting the rate on such REMIC I Regular Interest to a cap equal to the product of (i) two, and (ii) Swap LIBOR for such Distribution Date (the “REMIC II Net WAC Rate”).
(2) The Class T2-IO is an interest only class that does not have a principal balance. For the applicable Distribution Date listed in the first column in the table below, the Class T2-IO shall be entitled to interest accrued on each REMIC I Regular Interest listed in the second column in the table below at a per annum rate equal to the excess, if any, of (i) the interest rate for each such REMIC I Regular Interest for such Distribution Date over (ii) the product of (a) two, and (b) Swap LIBOR for such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
